Mitt Romney does an interesting little tap dance here when confronted by an Occupy New Hampshire protester about corporate personhood:
AMY GOODMAN: And in a moment, we’re going to have a very interesting discussion about what’s going on in Indiana around worker rights. But I wanted to turn to one last clip. A day after narrowly winning the Iowa caucus, Mitt Romney came under intense questioning in New Hampshire Wednesday by a member of Occupy Boston and Occupy New Hampshire over his past comment that corporations are people. The exchange took place at a televised town hall during which Senator John McCain endorsed Romney.
MARK PROVOST: You’ve said that corporations are people. But in the last two years, corporate profits have surged to record highs, directly at the expense of wages. That’s in a JPMorgan report. Now, it seems that the U.S., it’s a great place to be a corporation then, but increasingly a desperate place to live and work. So would you refine your earlier statement from “corporations are people” to “corporations are abusive people”? And would you be willing to reverse the policies of both the Obama administration and his predecessors around corporate-centric economic policies that only see wealth and income, you know, just go to the top, at record highs seemingly, every—faster every year? And the people in this country are in a permanent economic stagnation. So, I just want to see some color on that.
MITT ROMNEY: Where do you think corporations’ profit goes? When you hear that a corporation has profit, where does it go?
MARK PROVOST: [inaudible] profit, I mean, it depends—
MITT ROMNEY: Yeah, but where does it go?
MARK PROVOST: Well, it depends. If they retain it, there’s retained earnings, that means that they’re not spending it on—they’re not distributing it as dividends, and that means they’re not using it for capex, capital expenditure. You know, so they could just hoard it. That’s retained earnings. Right? But as profits, it goes to shareholders. So it goes to the 1 percent of Americans that own 90 percent of the stocks.
MITT ROMNEY: OK, not let’s get to facts, all right? There are two places they can go. Hold on. It’s my turn. You’ve had your turn. Now it’s my turn, all right? First of all, you’re right it goes to dividends, all right, which is to the owners. But they’re not the 1 percent. All right? They’re not only the 1 percent. I’m sure, among the dividends, go to the 1 percent, but also go to the people who have pensions. All right? There’s a guy. You don’t—are you in the 1 percent? No. He’s got dividends and retirement plans, 401(k)s. They’re filled of the dividends that come out from corporations. That’s number one.
Number two, you are right, they can go into retained earnings, which then can be used for capital expenditures or growing the business or hiring people or working capital. When a business has profit, it can do good things: give it to the shareholders and grow the enterprise. And by the way, the only way it can hire people is if it grows the enterprise.
Now, corporations, they’re made up of people, and then, of course, the buildings that people work in. The buildings don’t pay taxes. The only people that—the only entities that pay taxes are people. And so, corporations are collections of people that are trying to have good jobs for themselves and promote the future. And so, corporations are made up of people, and the money goes to people, either to hire people or to pay shareholders. And so, they’re made up of people. So, somehow thinking that there’s something else out there that we could just grab money from and get taxes from, and everything could be better, that doesn’t involve people, well, they’re still people. And what I want to do is make America a place where those corporations that have that money decide to invest here.