"Romney to fundraiser: 'Big business is doing fine in many places'" at the Hill

[applegrove]

Romney to fundraiser: 'Big business is doing fine in many places'

By Alicia M. Cohn at The Hill

http://thehill.com/blogs/blog-briefing-room/news/245119-romney-big-business-is-doing-fine-in-many-places-

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“Big business is doing fine in many places,” Romney said during a fundraiser in Minnesota, according to reports. “They get the loans they need; they can deal with all the regulation. They know how to find ways to get through the tax code, save money by putting various things in the places where there are low tax havens around the world for their businesses.”

Corporate profits increased every quarter since the latest recession until the second quarter of this year, when they declined, according to a recent report in The New York Times. Still, corporations are sitting on cash they have declined to invest in new employees or businesses because of uncertainty about the economy. Many businesses also criticize uncertainty over the tax code, given tax hikes that could take effect in January.

But the high profits, and Romney's business background, have given President Obama's campaign an attack line on its Republican rival. The Obama campaign has hammered Romney, who founded the private equity firm Bain Capital, for getting around the tax code in many of the ways he described in his Thursday remarks.

Obama's campaign has charged Romney with profiting from business practices that stepped on employees and cast his use of offshore accounts as unacceptable to average Americans.

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