After failing to deliver a line by line economic plan, the Obama campaign stepped up to the plate this week and delivered a glossy memo with 27 points on how he would use a second term in office.
It's called The New Economic Patriotism: A Plan For Jobs & Middle-Class Security and millions of copies have been printed and shipped off to swing states.
The plan is broken up into seven different parts, focusing on topics that include manufacturing, energy, small businesses, education, taxes and the deficit, healthcare, and Medicare and Social Security. While a lot of crucial details are still missing, it's a start to understanding what another four years under Obama would like.
For voters who can't get their hands on a copy, we've broken down the points here.
Lower the corporate tax rate
In the plan, Obama touts the growth in the manufacturing sector over the last four years, and says that his new goal is to add 1 million new manufacturing jobs by 2016.
The first point of his five point plan on manufacturing is to lower the corporate tax rate — which now stands at a maximum of 35% — by a quarter for domestic manufacturers:
[Reform] the corporate tax code to bring down tax rates – cutting tax rates on domestic manufacturers by nearly a quarter – while closing tax preferences and loopholes to pay for it.
This would bring the tax rate for manufacturers down to 26.25%
Source: The New Economic Patriotism Plan
End deductions for outsourcing companies
Right now companies can claim a deduction on their taxes for a portion of the cost of exporting operations abroad, as the move offshore is considered a business expense.
Obama wants to end that deduction:
[End] tax deductions for companies shipping jobs overseas, and using the savings to create a new tax credit for companies that bring jobs home.
The new tax credit, according to the White House website, would be for 20% of the cost of moving business operations back to the States.
Source: The New Economic Patriotism Plan
Fight China' s unfair trade practices
For the third point of his manufacturing plan, Obama wants to create a new enforcement force devoted exclusively to Chinese trade by 2016.
According to the document, the president is already aggressively pursuing trade litigation against China:
President Obama brought more trade cases against China in four years than the previous president did in eight years and won every one of them that has been decided.
Source: The New Economic Patriotism Plan
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