Obama criticizes Romney corporate tax proposals

Mon Jul 16th 2012

President Barack Obama says Mitt Romney's proposal to free companies from taxes on their foreign holdings would result in job creation overseas, not in the United States.

Obama cited a new tax analysis that concludes that such a tax policy would encourage U.S. firms to shift more of their activity to other countries and could displace American workers.

How to tax the foreign earnings of companies is hotly debated topic. Corporations argue that taxing those profits keeps companies from reinvesting that money in the U.S.

Obama was speaking to supporters at a campaign rally in Cincinnati. Ohio is a crucial battleground for Obama and his Republican challenger, Romney.

Obama also held a fundraiser in Cincinnati.