According to independent economists, Mitt Romney’s tax plan to eliminate U.S. taxes on companies’ foreign incomes could create up to 800,000 jobs overseas – jobs that could come at the expense of American workers. President Obama’s plan helps create American jobs and an economy built to last by rewarding companies for bring jobs back to America. 

• Today President Obama is holding a town hall meeting in Cincinnati to discuss the choice in this election between two fundamentally different visions of how to grow the economy, create middle-class jobs and pay down the debt. He’ll also highlight Mitt Romney’s tax plan, which an independent economist says would create 800,000 jobs in other countries.

• Romney Would Create 800,000 Jobs Overseas: According an independent economist, Romney’s plan to eliminate taxes on companies’ foreign incomes would create 800,000 jobs in other countries – jobs that could come at the expense of American workers.
  • His plan is a good deal for American multinational corporations, but not for American workers.
  • Other independent economists have said Romney’s economic plans could slow the economy and reduce the number of American jobs.
  • Please see this Tax Notes paper on the subject.

• Romney has a history of creating jobs overseas instead of in America.
  • As a corporate-buyout specialist, he led investments in firms that sent American jobs overseas. As CEO and owner of Bain Capital until August 2001, he profited from leading investments in companies that The Washington Post called “pioneers” in shipping American jobs overseas to countries like China and India.
  • As governor of Massachusetts, he outsourced state jobs to a call center in India and vetoed a bill that would’ve prohibited state jobs from going overseas.

• President Obama’s plan rewards companies for bringing jobs back home. He knows we need an economy built to last – where everyone pays their fair share, we responsibly pay down our debt and create jobs here at home.
  • His tax reforms would end tax breaks for corporations moving jobs overseas, create a new tax credit for them to bring jobs back to America and stop rewarding companies that move profits offshore.
  • His jobs plan would create up to a million jobs now by putting teachers, police firefighters, and construction workers back to work while helping small businesses create jobs.