Daily Kos: UPDATE: Even More on Bain Moving Sensata to China

 

UPDATE: Even More on Bain Moving Sensata to China

by ZwoofFollow

 

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Here is more info on Romney/Bain moving Sensata factory to China.

But first, watch this 10 second video.

And then watch the video below the fold...

•    Romney makes $450,000 per week from his blind trust.
•    Bain is closing a factory and shipping equipment and jobs to China
•    The US government has paid $780,000 retraining fired Sensata workers.
•    Bain can deduct the expense of moving to China from US taxes.
•    US workers at the Sensata factory have to train their Chinese replacements.
•    Romney owns about $8 million worth of Bain funds that hold 51 percent of Sensata’s shares.

•    These are high-tech, well paid jobs performed by skilled American workers.
•    Workers in the Sensata factory in China make 99 cents an hour.
•    Chinese laborers work 12 hour shifts, 7 days per week.
•    Chinese workers are housed 2 to 3 to a room in barracks
•    The American workers set records for profits for Sensata

UPDATE
How Mitt Romney will benefit from closing Sesnata.

As mentioned in the bullet-points above, Bain/Romney will receive tax deductions after closing the factory in Freeport. Huffington Post takes a closer look at the tax benefits for Romney.

•    Romney transferred $701,703 worth of Sensata stock to the Tyler Charitable Foundation, a 501(c)3 tax-exempt nonprofit controlled by Romney.
•    Moving the stock to his nonprofit brings Romney twin benefits. First, he gets to deduct the full value of the stock. At a 35 percent tax rate, that's nearly a $250,000 benefit. At 15 percent, it's just over $100,000.
•    Romney is able to avoid paying capital gains taxes on the stock price increase. Romney's returns list no cost for the stock, and indicate he obtained them as part of a partnership interest in Bain. Avoiding capital gains taxes on the full increase would save an additional $100,000.
•    In 2010, Romney gifted $170,000 worth of Sensata stock to his charity, saving $25,000 in capital gains taxes that year.

Originally posted to Z. Woof on Sat Oct 13, 2012 at 08:40 AM PDT.

Also republished by The Bain Files.

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