During a campaign speech in Davenport, Iowa yesterday, Vice President Joe Biden warned that Mitt Romney would put an end to the resurgence in U.S. manufacturing brought about through the efforts of the Obama administration:
“The Wall Street Journal wrote, and I’m quoting, “Romney appeared to scoff, first in Detroit, then in Florida, at the notion of manufacturing as a job engine for the future.”
So look folks, we have a choice in this election:
Between our philosophy that believes manufacturing is central to our economy, and their philosophy that scoffs at it.”
“First, if you're a business that wants to outsource jobs, you have that right, but you shouldn't get a tax deduction for doing it. That money should be used to cover moving expenses for companies like Master Lock that decide to bring jobs home. Give them the tax break.
Second of all, no American company should be able to avoid paying its fair share of taxes by moving jobs and profits overseas. So we've said, from now on, every multinational company should have to pay a basic minimum tax. And every penny should go towards lowering taxes for companies that choose to stay and hire here in the United States of America. Give them a bigger tax break.
Third, if you’re an American manufacturer, you should get a bigger tax cut. If you’re a high-tech manufacturer, creating new products, new services, we should double the tax deduction you get for making products here in America. If you want to relocate in a community like this one that’s been hard hit when factories left town, you should get help financing a new plant, financing new equipment, training new workers.”
- President Obama talks about tax reform and insourcing jobs at Master Lock in Wisconsin yesterday.
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