The Candidates and The World

Transition 2012

A guide to foreign policy and the 2012 U.S. presidential transition.

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Midday Update: Obama Takes on Romney’s Tax Plan

by Newsteam Staff
July 16, 2012

Photo of the Day: President Barack Obama exits the Oval Office to depart for travel to campaign events in Ohio, July 16, 2012. (Jonathan Ernst/Courtesy Reuters)


At a Monday town hall meeting in Ohio, President Obama is expected to tell voters that GOP challenger Mitt Romney’s proposals to limit taxing of U.S. companies’ overseas profits  would spur job growth in foreign countries (AP), including China. The two candidates have been waging a war of words for weeks, accusing each other of outsourcing U.S jobs.

The Associated Press also reports that the president also plans to highlight his administration’s 2009 bailout of the auto industry, which saved thousands of jobs in Ohio, according to Democrats. The move was opposed by Romney (DetroitNews), who wrote in an op-ed earlier this year that  he favors “managed bankrupcy” over bailouts.

Republicans are pushing their presumptive presidential nominee, Romney, to be more open about his record at Bain Capital and his personal wealth (Bloomberg).

Bain remains at the center of continuing campaign debate on outsourcing. On his personal finances, Romney has said he will only release two years of tax returns but some Republicans contend more years should be made available according to Bloomberg.

The calls come as the Romney campaign looks at ways to manage the tax-return issue so that refocuses the political debate on Obama’s economic and job creation record, Bloomberg’s Lisa Lerer writes.

In an interview with CBS’s Charlie Rose, President Obama says his work on the economy were the best moments of his term thus far. “You know, my proudest achievement is actually stabilizing the economy to avert a great depression,” he said.

The president also said he has learned that the job is about more than just policy (video). “The nature of this office is also to tell a story to the American people that gives them a sense of unity and purpose and optimism, especially during tough times,” President Obama said.

Voters remain divided on the potential benefits of the 2010 healthcare law recently upheld by the U.S. Supreme Court  in what remains a economy-focused election.

A new Gallup survey shows that of those polled, 59 percent said the healthcare law will make things better for those who do not have health insurance but more than half also said the law will make things worse for taxpayers, businesses, and doctors.

“The results thus provide support for both proponents of the law, who argue that it will help those in need, and for opponents, who argue that it will place a burden of cost and more bureaucracy on taxpayers and businesses,” pollsters said.

— Gayle S. Putrich, Contributing Editor

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