By the end of his first term, President Obama will have added as much debt as all the prior 43 presidents combined
At a roundtable of small business leaders in Salem, N.H., former Massachusetts Gov. Mitt Romney was asked what he would do about the corporate tax rate, whether he would cut government spending or raise taxes and whether it was possible to do both.
Romney said he had a plan to lower the corporate tax rate but noted the nation’s huge debt.
“What I would like to do is bring the tax rate down and eliminate some of the special breaks that go to the big businesses that have found ways to take advantage of loopholes,” Romney said. “So, I’d take that corporate tax rate down at least from 35 down to 25 percent. Then we can talk about where we can go from there. I’d like to get it a lot lower, but what I don’t want to do is add to the deficit. I don’t want to come back with a tax rate so low that we end up seeing our deficit go shooting up, because what we don’t want to have happen is the circumstance where we have larger and larger deficits.
“I mean, this president is on track to have added so much debt to this country, that by the end of his first term, he will have added as much debt as all the prior presidents of this country combined. Think of that. I don’t want to do what he’s done, but I do believe we need to bring the corporate tax rate down, close special deals and loopholes to help finance that and encourage investment and growth by virtue of doing so.”