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Christian Dorsey of the Economic Policy Institute and former advisor to President George W. Bush Kereakos Zuros discuss their views on the first presi...
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Pundits and overnight polls have Mitt Romney as the big winner last night's presidential debate.
Taxes played a big role last night's face off.
Is that if you -- lowering the rates the way you described governor.
Then it is not possible to come up -- enough deductions and loopholes that only affect.
High income individuals to avoid either raising the deficit.
Or.
Burdening the middle class it's it's -- it's arithmetic.
I don't have a five trillion dollar tax cut I don't have a tax cut.
-- that you're talking about my view is that we -- to provide tax relief to people in the middle class.
But I'm not -- -- reduce the share of taxes paid by high income people.
And -- have two different views on last night's debate Chris Dorsey is democratic strategist carry out concern us as a former advisor to president George.
W bush and -- -- to start with -- -- -- talk about this four trillion dollar deficit plan from President Obama but he talked about last night.
You know he's said he's proposed a specific four trillion dollar deficit reduction plan but.
Our research -- the brain -- -- the best they say look.
He's guarding banking a lot of legislation that is -- past when he says is gonna be reducing the deficit by four trolley it is the -- -- and mr.
Obama being.
-- leaving -- to the American people.
Christian values he's counting things that have already been agreed to was part of the budget control act there's about a trillion -- -- is also counting winding down the wars in Afghanistan.
All of it adds up to four trillion.
These are real numbers these actually are indisputable numbers whether or not he should count them -- as part of his plan.
Is certainly up to political debate but there is no arguing that the amounts that he is talking about add up to four trillion in deficit reduction.
Bacteria is mr.
Romney got hit pretty hard last night on the five trillion dollars.
That he that was the big amount -- mr.
Romney kept getting testing done by President Obama was President Obama right in saying that Mitt Romney's numbers did not -- up.
Now he wasn't right because -- what Romney's proposing is lowering tax rates getting people back to -- people back to work.
Are gonna generate tax revenues.
That's very -- -- and he never said that he was gonna cut that the that the taxes.
On the rich we're gonna make up for the deficit never said that President Obama dips and that the plan works and -- explain to President Obama several times is obviously he didn't get how that works.
All right well you let's listen to the -- live from last night this is Mitt Romney talking about -- offshoring of businesses.
And tax deductions they're -- Which should you get a deduction for taking a plant overseas.
What I've been in business for 25 years.
I have no idea what you're talking about.
-- maybe need to get a new account -- -- but but the the idea that you get a break for shipping jobs overseas is simply not the case.
Christian was governor Romney right on that point.
No -- was actually wrong there's.
Provision in the tax code to -- repatriation of earnings that don't do not subject to income tax money that's held offshore in effect.
Incentivizing companies to offshore jobs and keep that money outside of the United States so.
I don't know where the governor was confused but actually that something that is part of the tax code he was wrong about that.
Another is no offshoring.
Tax I mean if you shut down a plant Christian -- -- -- but there is no such thing as.
Break for moving jobs overseas and that's how the president was characterizing.
That to -- -- -- in fact it seems Mitt Romney was actually correct Christian.
No no there's no tax provision that specifically says you're gonna get a tax cut for offshoring but in effect if you do offshore.
You receive a tax benefit by keeping those earnings overseas so the net effect is the same even if it's called something something different.
Okay carry out if Saudi US spot about how would you -- bus service wonder -- I.
I I agree with you of the way the president laid it out and implies is that.
Sure take jobs or -- -- -- tax that got credit that's just not right its wrong and it didn't play out well and Mitt Romney is correct.
Look I'm the small business I've been in business for -- -- myself I've ever heard of such -- thing.
Are into REIT to get -- new account to -- and -- -- -- but if if Crist is is it is in small biz or even business at all but I played doesn't work that.
-- been in small businesses but you know we're not talking about small businesses here we're talking about a million generations but I solidly collaborations.
It's it doesn't work that way you get a cut or break for moving your company ever sees the -- what's -- if I have my.
Earnings over the a lot of that I'll be demonstrated that Obama has put in place are causing.
People -- go overseas because he's talking about raising the corporate tax rate -- -- about -- what people don't understand -- reasonable level we're going with this of course they're going to be there is forcing the moves overseas.
That's -- -- -- -- there is also ready want to actually lower the corporate tax rate why hasn't done it very clear is that for years to do it why hasn't he done it.
BR congress which actually don't -- what's -- any follow troll he can't bring people together he's the chief -- -- he's the president he's supposed to be bringing the house of the senate together.
Any kid -- it.
-- that's why that's happening you're about the -- back by the -- I would love to have you back.
Exhibit -- -- Darcy -- -- azeris Stillman thank you very much for.
