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In his letter "Romney and Jobs" (Oct. 29), Frank Makozy wrote that "the reason people invest overseas is because our corporate tax rate is 35 percent." That statement is completely inaccurate! General Electric, the largest corporation in the world, paid no income tax in 2010 and actually received a tax benefit of $3.2 billion, but at the same time, GE is moving jobs to China!
In addition, in 2011, U.S. corporations actually paid an effective tax rate of 12.1 percent, which was a 40-year low. The reason corporations move overseas is that foreign governments subsidize corporations and allow them to pay their workers less than a living wage.
It's all about corporate greed, and this is one of the few areas where Mitt Romney actually has expertise.
First Published November 4, 2012 12:00 am