Governor Mitt Romney On Immigration Reform Research Briefing: American Prosperity * The Romney Vision Vs. The Clinton Vision Romney's Political Fortunes Tied To Riches He Gained In Business

 

Governor Mitt Romney On Immigration Reform

Monday, Jun 04, 2007

 

 

 

Boston, MA – Today, Governor Mitt Romney issued the following statement on Senator John McCain's (R*AZ) immigration remarks in Miami, Florida:

 

"The policies we enact have important consequences on the American public with regard to economic and national security.

 

"The immigration approach proposed by Senators McCain and Kennedy falls short of a workable solution to an important problem. I respect Senator McCain, but my opposition to his bill is a matter of principled disagreement about policies and priorities related to enforcement of our immigration laws.

 

"In reforming our immigration system, we must meet three priorities. First, we can and must secure our borders. Second, our country must have an enforceable employment verification system. Third, in reforming our immigration system, we must do so in a way that rewards immigrants who obey the laws and guards against providing special incentives for those who show no regard for them."

 

Governor Romney's Immigration Reform Priorities:

 

First, Securing Our Border. GOVERNOR ROMNEY: "We're going to have to secure our border first." ("Mike Gallagher Show," 5/21/07)

 

Second, Putting In Place An Enforceable Employment Verification System. GOVERNOR ROMNEY: "Two, put in place an employment verification system to make sure we're giving jobs only to those people who come legally." ("Mike Gallagher Show," 5/21/07)

 

Third, No Special Privilege Or Special Pathway To Citizenship For Those Here Illegally. GOVERNOR ROMNEY: "And number three, for the 12 million, we can't allow them to have a special privilege of being able to stay here indefinitely." ("Mike Gallagher Show," 5/21/07)

 

Governor Romney: Border Security Is Number One. GOVERNOR ROMNEY: "You've got to have a wall or fence or electronic surveillance. You have got to make sure we secure our border, that's first." (Fox News' "The O'Reilly Factor," 9/19/06)

 

Governor Romney: "I believe it's important to end illegal immigration so we can maintain and encourage legal immigration. Immigration is good for this country; it's helped us over our history. We need immigration to provide some of the skills that we may miss, migrant workers, cultural advantages. It's a great source of vitality for America to have legal immigration, but illegal immigration – that we need to bring an end to." (KCMO's "Morning Show With Chris Stigall," 5/22/07)

 

Research Briefing: American Prosperity * The Romney Vision Vs. The Clinton Vision

Monday, Jun 04, 2007

 

"The differences between us and the Republicans are major. And I don't want anybody in America to be confused about that." – Sen. Hillary Clinton (D*NY) (CNN, Democratic Presidential Debate, Manchester, NH, 6/3/07)

 

At Last Night's Democrat Presidential Debate, Sen. Hillary Clinton (D*NY) Laid Out Her Vision For American Prosperity:

 

Sen. Clinton Promised She Would Do The "Hard Work" Of Increasing Taxes On The American People. "I think it's important to remember that six years ago, we had a balanced budget and a surplus. And we did that the old*fashioned way, by cutting spending and raising revenue. There is no free lunch. We're going to have to do that hard work again." (CNN, Democratic Presidential Debate, Manchester, NH, 6/3/07)

 

• Click Here To Watch Sen. Hillary Clinton At Last Night's Debate.

 

The Clinton Vision: Higher Taxes And Slower Economic Growth

 

In 2004, Sen. Clinton Said Democrats Would Roll Back Tax Cuts: "We're Going To Take Things Away From You On Behalf Of The Common Good." "'Many of you are well enough off that ... the tax cuts may have helped you,' Sen. Hillary Clinton said. 'We're saying that for America to get back on track, we're probably going to cut that short and not give it to you. We're going to take things away from you on behalf of the common good.'" (Beth Fouhy, "San Francisco Rolls Out Red Carpet For The Clintons," The Associated Press, 6/28/04)

 

Sen. Clinton Will Take "A Hard Look At Corporate Tax Reform" To Require "Corporations To Pay Their Fair Share." "And let's take a hard look at corporate tax reform. It's simply not fair that as corporate profits have skyrocketed, the percentage of taxes paid by corporations have fallen. It's time we restored the balance and required corporations to pay their fair share. Under the law, after all, they are citizens of the United States, with many of the responsibilities, I would argue, that goes with citizenship." (Senator Hillary Clinton, Remarks At The Manchester School Of Technology, Manchester, NH, 5/29/07)

 

Sen. Clinton Says "The Right Government Policies" Are Required To Ensure "Fairness" In America. "'There is no greater force for economic growth than free markets. But markets work best with rules that promote our values, protect our workers and give all people a chance to succeed,' she said. 'Fairness doesn't just happen. It requires the right government policies.'" (Holly Ramer, "Presidential Hopeful Clinton Says Idea Of Shared Prosperity Should Replace 'On Your Own' Society," The Associated Press, 5/29/07)

 

The Romney Vision: Lowering Taxes On The American People And Pro*Growth Economic Policies

 

To Ensure America's Continued Economic Growth, Governor Romney Will Fight To Cut Taxes For All Americans. Lower taxes are a key to ensuring continued economic growth and job creation.

 

• Governor Romney Was The First 2008 Presidential Candidate To Sign The "Taxpayer Protection Pledge" Promising To Oppose Any Effort To Increase Taxes.

 

• Governor Romney Will Make The Bush Tax Cuts Permanent. Governor Romney believes that making the Bush Tax Cuts permanent is the first step to ensuring that Americans are able to keep more of their hard*earned money.

 

• Governor Romney Proposes Lower Tax Rates For All Americans. This approach is fair, simple and extends the pro*growth benefits of tax rate cuts to all Americans.

 

• Governor Romney Will Fight To Abolish The Death Tax. It is unfair to tax the American people three times: once when they earn it; second when they invest and receive income from those investments; and third when they die.

 

• Governor Romney Proposes A Savings Incentive Plan. Middle*class Americans will be able to save and earn interest, dividends and capital gains tax free. We need to end tax penalties on savings and investments for middle class families.

 

• Governor Romney Believes Our Corporate Tax Rate Must Be Competitive With The Rest Of The World. The United States has one of the highest corporate tax rates in the world. We simply cannot afford for future economic growth to have a tax rate that is out of alignment with the other major economies of the world.

 

• Governor Romney Has A Record Of Fighting For Lower Taxes. As Governor of Massachusetts, he closed a $3 billion budget gap without raising taxes or borrowing more money. He turned a $250 million retroactive capital gains tax increase into a $250 million refund, made the investment tax credit permanent, passed sales tax holidays, gave property tax breaks to seniors, and in each of his last three years in office, submitted a budget that cut the income tax.

 

Romney's Political Fortunes Tied To Riches He Gained In Business

 

By: David Kirkpatrick

The New York Times

Monday, Jun 04, 2007

 

"Mitt Romney owes his nearly $350 million fortune and his political career to a delicate negotiation with his boss in the summer of 1983.

 

"His boss, Bill Bain, founder of the Boston consulting firm Bain & Company, called Mr. Romney into his corner office to say that the partners had picked him to start an investment fund to cash in on the huge gains their clients were making in the stock market.

 

"To Mr. Bain's surprise, Mr. Romney, then 36, seemed wary. He worried about giving up his comfortable salary for a venture that might fail and, later, that investing would pose conflicts for a consulting firm.

 

"Mr. Bain had been determined not to cede any control of the investment fund, but over months of talks Mr. Romney persuaded him to do just that. Mr. Romney emerged as head of an independent sister company, Bain Capital. And Mr. Bain protected him financially while assuming the most risk.

 

"Two decades later, Bain Capital is one of the nation's five largest private equity firms, and Mr. Romney, who left its management eight years ago, is making his success there a cornerstone of his campaign for the Republican presidential nomination.

 

"Citing his business experience, he urges voters to reject 'lifetime politicians' who 'have never run a corner store, let alone the largest enterprise in the world.'"

 

...

 

"Supporters of Mr. Romney argue that those skills also equip him for public office, whether as governor of Massachusetts, which he was for four years, or as president.

 

"'In private equity and in consulting, a lot of what you rely on is trust and confidence and persuasion,' said Mr. Kriss, who worked in Mr. Romney's cabinet when he was governor. "It is the same in the public sphere, and over many decades that is what Mitt has proven to be good at.'"

 

...

 

"Mr. Romney started his early career intending to run a company, not buy and sell them. As a boy, he had accompanied his father, George W. Romney, to work as chief executive of American Motors, where he said they discussed the new models, corporate strategy and even union contract talks.

 

"'He would pretend to be very interested in the things I would say,' Mr. Romney recalled.

 

"After graduating from Brigham Young University, Mr. Romney finished near the top of his class at Harvard Business School in 1975 with a law degree as well. He soon joined Bain & Company, a training ground for aspiring corporate chieftains. Among the consultants when he arrived were the future chief executives of American Express, eBay and Dell, for example.

 

"Mr. Romney's academic credentials were competitive with any of them, but he had something more, Mr. Bain recalled."

 

...

 

"By around 1981, however, Mr. Romney was restless for a company to run. He nearly accepted a job at an electronics conglomerate in hope of eventually running one of its businesses. He stayed when Mr. Bain wrote him a check for $200,000 and promised to get him a better position, Mr. Bain said.

 

"When Mr. Bain proposed starting Bain Capital about two years later, Mr. Romney said, 'I loved the idea,' adding that he was cautious at first because 'it is my nature to study things extensively before I jump.'"

 

...

 

"Mr. Bain took the lead in raising money from his partners and rich friends, including Mortimer B. Zuckerman, the Boston real estate mogul, and Robert K. Kraft, owner of the New England Patriots football team. But he always took Mr. Romney along to help seal the deal. The younger man would stand in front of a string of skeptical multimillionaires, flipping overhead projector slides that highlighted Bain Capital's plans, honing the knack for opening wallets that would help him become the top Republican presidential fund-raiser this year.

 

"The political fund-raising 'was a lot easier than raising some of the first Bain funds, I can assure you,' said Mr. Kriss, the former Bain partner. 'Mitt is very, very good at that, and he has done it for a long time.'

 

"When Mr. Romney finally set up shop just across the hall from Bain consulting in 1984, his initial plan centered on providing venture capital - seed money - for ideas spun off by Bain consultants. The first investment, a chain of eye-surgery centers, was a modest success.

 

"A year later, Mr. Romney hit on a big winner: the office supply chain Staples. To evaluate the business plan, he insisted on reading invoices to find out what small businesses were spending on notepads, paper clips and pens - a demonstration of his devotion to data that he brings up often on the stump.

 

"But the investment was primarily a sales job. The founder of Staples, Thomas G. Stemberg, had already sold a successful grocery business. Investors were lining up to get in on his next venture. Mr. Romney's achievement was persuading Mr. Stemberg to let Bain Capital take the lead.

 

"'Mitt was just really nice, humble, listened, asked questions,' Mr. Stemberg said in an interview. 'And he talked about how at Bain, unlike other venture capitalists, they would actually help you run the business.'"

 

...

 

"Bain invested in more than 150 companies under Mr. Romney. Most were in industries like oil drilling or medical waste, but the firm also acquired household names like Dominos Pizza, Brookstone stores, Mattress Discounters and Artisan Entertainment (in time to cash on its 'Blair Witch Project' hit).

 

"By the time Mr. Romney left the firm in 1999, the investments it had sold off had made enough money to deliver an average annual return that amounted to as much as 100 percent before fees, several of its investors said. (Later sales were less lucrative, the investors said.)

 

"By then, the firm had expanded to 18 partners from 5, with $4 billion under management and 115 employees. (A spokesman for Bain Capital declined to comment on its profits.)"

 

...

 

"Running Bain Capital, he said, has more in common with being a candidate, governor or even president than many people realize. The job of a chief executive also involves persuading fractious constituencies – investors, bankers and even 'people who want your job' - to pull together, he said.

 

"'There is a popular conception that being a C.E.O. you have no boss and that people just do what you tell them to do, like the captain of a ship,' he said. 'Nothing could be further from the truth.'"

 

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