CINCINNATI, OH (TOLEDO NEWS NOW) - Toledo News Now reporter Rob Wiercinski conducted a one-on-one interview with President Obama at a campaign stop in Cincinnati on Monday. Here is part 1 of the interview, dealing with the territorial tax system.
Mr. President, you criticized Mr. Romney on the territorial tax system. Reports coming out show that some of your own economic advisors support that position as well. Are they wrong?"
President Obama: They are wrong because what Mr. Romney is proposing is essentially that folks that are investing overseas, making money overseas don't have to pay taxes back over here which would provide a huge incentive for folks to ship jobs overseas.
What we've said is we need to reform our corporate tax system, lower the corporate tax rate for corporations, but make sure everybody is paying. If you're making money overseas, let's have some sort of minimum tax so there's not a disadvantage between investing here in the United States and investing overseas. My priority is making sure that manufacturing and companies that are making goods and services that they take advantage of the best workers in the world and the outstanding business environment here and not have a situation where they are creating jobs someplace else."
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