Candidates Bringing Jobs Back

Question #10 in the October 16, 2012 debate was – outsourcing has taken its toll on the economy, what plan do you have to bring jobs back and keep them in the US. Mitt Romney – went into the jobs lost and said we’ve made it less attractive for jobs to stay here than go offshore; he would make jobs more attractive to stay - this is the way we create more jobs here. It’s not by trickled down government - take more taxes, create more government jobs and create more regulations; we’re gonna have to make sure that when we trade with other nations that they play by the rules and China hasn’t; one of the ways they do it is by artificially holding down the value of their currency – that makes their prices and goods low making it more advantageous in the marketplace and we lose sales and manufacturers in the US can’t compete. China has been a currency manipulator for years and years and the President has an opportunity to label them as a currency manipulator but refuses to do so; on day one I’ll label them such which will allow me to place tariffs on them if necessary. Romney went over his time and said what’s important is not just that those we trade with play by the rules but to make America attractive to small and big business and that’s why I’ll  lower the tax rate, Canada’s rate is currently 15% on companies, ours is 35%; regulations have quadrupled in this country and he’s talked to small business that has said they feel their under attack by their own country; I want regulations to encourage business not discourage them and ObamaCare has been an extraordinary deterrent in businesses hiring; my priority is to get all kinds of jobs back in this country and you’ll see rising incomes; the reasons incomes are down is because of high unemployment. Because Romney spoke for so long Candy Crowley, the moderator, told the President he had just the 2 minutes. Obama said – we agree that we want to lower the corporate tax rate but there’s a difference in how we want to do; I want to close loopholes on companies taking jobs overseas - not allow deductions for taking businesses offshore or allow them tax advantages on profits offshore. Romney wants to expand on loopholes – if you make a profit or invest offshore you don’t have to pay US taxes; this will create jobs but not here; another way to create jobs is to double our exports and we’re on pace for this; we’re pushing for trade deals that make sense for American. He said Romney mentioned China and reporters call him a pioneer for outsourcing; US currency has gone up 11% since he’s been in office because we pushed them hard and we’ve put unprecedented pressure on them and that’s why exports have increased. Candy stopped the President and went on to the next question. If you fact check or read my previous blogs you’ll know that Romney is trying to blame the President for the practices put in place by Reagan and Bush. You will also learn that what the President said about what he’s done and plans to do is true. As of March 2012 Romney was proposing to cut the corporate tax rate to 25% and Obama’s proposal was 28%. In August it was reported that the top 10 US companies after using loopholes paid only 9% tax – this will be even less under Romney. The corporate tax rate appears high if you just throw the number out without looking at the whole picture.