This is wonderful. President Obama smacked Mr. Romney hard and I love it. Barack Obama is a fighter.
On taxes, Obama said across the board cuts would cost $5 trillion, 40 percent of which would go to the top tier of income earners. The president then charged that Romney’s tax proposals would create 800,000 jobs. “There’s only one problem,” he said. “The jobs wouldn’t be in America. They’d be in other countries.”
“This shouldn’t be a surprise,” he said because of Romney’s experience as a “pioneer” in outsourcing.
Politico: Obama holds Ohio town hall
That one left a mark! :-)
I like this!!!
I like this!!!
Here's the exact quote:
"There is a new study out by a non-partisan economist that Gov. Romney's economic plan would in fact create 800,000 jobs," Obama said. "There's only one problem. The jobs wouldn't be in America."
USA Today
Update I: Found more on the Obama website:
Right now, the U.S. tax code gives multinational corporations tax breaks for moving jobs overseas. President Obama not only wants to eliminate those tax breaks, but plans to create a new tax credit for companies that bring jobs back home.
In contrast, Mitt Romney’s tax plan would not only protect those existing tax breaks, but would create larger incentives for companies to ship U.S. jobs overseas. In fact, according to a new economic analysis, Romney’s economic plan could actually create 800,000 jobs in foreign countries.
Here’s how:
1. Romney would eliminate all taxes on the foreign profits of U.S. companies. Currently, U.S. corporations don’t have to pay U.S. taxes on profits earned overseas until those profits are brought back into the United States. If elected, Romney would completely eliminate all U.S. taxes on these profits. Therefore, for the first time in modern history, an American company could move a factory overseas and never pay a single dollar in U.S. taxes on the profits generated by that factory.
2. Eliminating taxes on foreign profits could create 800,000 jobs overseas. No longer required to pay taxes on foreign profits, companies would now have new incentives to move their operations out of the United States. Economist Kim Clausing, an expert in international taxation, estimated that Romney’s plan to eliminate these taxes could lead to the creation of 800,000 jobs overseas. These jobs, created in China and other countries, could replace American jobs, drive down the wages of American middle-class workers, and undermine our economic recovery.
3. Romney’s plan would also undercut the U.S. tax base. Free to avoid paying taxes back home on profits earned abroad, multinational corporations could exploit accounting rules to make it appear that a large share of their profits are earned overseas. This gimmick would further undermine the U.S. tax base, which could increase the deficit and force small businesses and middle-class families to bear a higher share of the tax burden.
President Obama’s plan reduces the incentive to move operations overseas, and instead, creates a new 20 percent income tax credit that helps companies cover their moving expenses and bring their operations back to the United States. And to create a more level playing field for American businesses, the President has proposed a minimum tax on foreign earnings, which will reduce incentives for moving profits offshore.
The choice between President Obama and Mitt Romney is the choice between two fundamentally different economic visions: President Obama would reward companies for creating jobs in America, and Romney would reward companies for creating jobs in other countries. The choice is that stark and that clear.
Mitt Romney’s guide to creating 800,000 jobs overseas
Update II: Now the shift to policy. Greg Sargent wrote recently that focus group testing by the Obama campaign found that people were resistant to believing that Romney's actual proposed polcies were real. That thought no one would really favor those policies, so that it must just be campaign talk against Romney. It took Bain to understand what Romney is about and to get people to believe those really were his ideas and proposals. This is what Bain has been about. Setting the stage for the policiy differences.
Update III: Video from TPM via TXdem: