Mitt Romney has another Bain outsourcing public relations embarrassment on his hands as Ryan Grim and Dave Jamieson, of Huffingtonpost report that Mitt Romney Gets Tax Break Off Firm Sending Jobs To China. Romney still receives millions of dollars from Bain Capital, and his holdings include Sensata Technologies of Illinois, which is being shut down, to transfer production, and jobs to China, apparently yielding Romney a substantial profit.
This article is chock full of details of the numerous tax deductions, capital gains advantages, trust funds, and other high finance maneuvers we've come to expect from Romney, and Bain capital.
WASHINGTON -- Sensata Technologies is a healthy manufacturing company that employs nearly 200 workers at a factory in northern Illinois. The company has become the focus of national attention because it has been taken over by Bain Capital, which plans to shut the factory down, lay off the workers, and outsource the production to China before the end of the year.
The workers have pleaded with GOP presidential candidate Mitt Romney, the founder of Bain Capital, to exert his considerable influence to save their jobs. Romney still makes millions each year in income from Bain. So far, he has declined to weigh in, and the factory is scheduled to close by the end of the year.
While the workers and the town may suffer, Romney himself has done well as a result of Bain's work with the company. According to his recently released 2011 tax returns, Romney transferred $701,703 worth of Sensata stock to the Tyler Charitable Foundation, a 501(c)3 tax-exempt nonprofit controlled by Romney. The gift is listed on page 323 of the pdf, on form 8283 (below).
Grim and Jamieson then include heartfelt pleas to Romney from the Illinois Sensata workers about to lose their jobs to use his influence to save them.
The timing of this story breaking just a week before the first debate may help revive the issues of Bain's predatory capitalism, taxation, and lack of empathy and leadership for American workers losing jobs to off-shoring,