Obama says a Romney presidency would create 800,000 jobs........abroad

[Bill USA]

http://abcnews.go.com/Politics/OTUS/obama-romney-presidency-create-800000-jobsabroad/story?id=16789395


"Today, we found out, there's a new study out by a non-partisan economist that says Governor Romney's economic plan would in fact create 800,000 jobs," Obama said at a town hall-style event in Cincinnati. "There's only one problem. The jobs wouldn't be in America."

"They would not be in America. They'd be in other countries. By eliminating taxes on corporations' foreign income, Governor Romney's plan would actually encourage companies to shift more of their operations to foreign tax havens, creating 800,000 jobs in those other countries," the president added.

"This shouldn't be a surprise because Governor Romney's experience has been investing in what were called pioneers of the business of outsourcing," Obama said, reprising one of his core arguments against the Republican standard-bearer. The president has been assailing Romney over allegedly encouraging businesses to ship jobs overseas.

Obama was referring to a study of Romney's proposals in the Tax Notes newsletter by Reed College economist Kimberly Clausing. But conservatives quickly pointed reporters to data showing that Clausing has given $492 to Obama's reelection effort. And ABC News reported that:

Romney is far from alone in endorsing a territorial tax system, which would allow the profits made by an American corporation in another country to escape U.S. taxation. In fact, a number of advisers to the president support the idea as well — including members of the President's Export Council, the commission the president set up to recommend ways to reduce the deficit, and members of his Council on Jobs and Competitiveness.

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