Romney and Obama Take Campaign to Next Level
Mitt Romney and President Barack Obama step up their fight over capitalism, economy and integrity. They each want to portray the other as part of the problem plaguing the nation instead of its solution. During a town-hall style meeting in Cincinnati, President Obama criticized Romney’s corporate tax plans. He said that they would create jobs overseas instead of keeping them at home. Romney’s campaign answered back and accused the incumbent president of crony capitalism by using government funds to reward donors at the expense of the middle class.
The exchanges between the two parties came after a week where the president’s camp attacked Romney’s business deals when he was still part of the private equity firm he founded as well as Romney’s refusal to release more than two years of his personal tax returns. Obama tried to portray Romney as an out-of-touch tycoon. On his part, Romney questioned the president’s ethics.
President Barack Obama said that Romney’s plan to eliminate taxes on foreign income earned by companies can create 800,000 jobs. He said that there’s one big problem with the proposal, which is the jobs wouldn’t be in American soil.
According to a study, overseas jobs could offset jobs at home. The proposal will further tilt the playing field in favor of jobs in low-tax countries. The study published in the journal Tax Notes was written by Kimberly A. Clausing.
The Republicans said that the study was made by a professor from a liberal college who contributed to Obama’s campaign and other Democrats. They also pointed out that the policy cited by the study and President Obama is actually supported by members of the president’s jobs advisory council as well as the export advisory council. It was also supported by the president’s bipartisan commission on decreasing the national debt, headed by Alan K. Simpson, a former Republican senator, and Erskine B. Bowles, Clinton’s White House chief of staff.