Obama, Romney on economy ahead of debate
Assessing the politics of U.S. economy
- Duration 4:43
- Date Oct 3, 2012
Assessing the politics of U.S. economy
Also in this playlist...
This transcript is automatically generated
And the economy and jobs expected to dominate the first presidential debate is tonight showdown in Colorado.
Follows and disappointing economic indicators including wind and the GDP that -- is very little economic growth.
And also this debate occurs just two days before we get the latest reading.
On the job market that's gonna come on Friday some analysts are asking now at the US has actually -- to back into our recession of course we -- know that for a few months.
Neil -- a senior vice president of business news and anchor.
-- your world with -- -- -- on business he joins us live from Denver where he's covering all -- -- so.
-- -- some suggest that the jobs report on Friday might be more important than anything we see tonight what do you think about.
It could well be there's a report to give this morning -- that might -- tipped assorted jobs report and here was -- surprising strength.
In the private sector ADP the folks who do -- Texan like put it out.
It was up a surprising wanted to 62000 jobs sometimes not all the -- -- -- -- -- Back to call that can be a part persons of the general jobs report.
We had another strong number out today IS on the manufacturing index I don't wanna get -- -- -- and -- it's not easy -- keeping your viewers away.
Suffice it to say.
That the data collectively.
The president will argue.
Is going his way Mitt Romney will argue no it's not these are aberrations.
And therein lies the debate in this debate who's right.
This economy is is coming back or it's not it did just could be at stake obviously Mitt Romney wants is so that statements and -- and Barack Obama that the trend is his friend.
Can we be -- together just for a moment here -- If we have absolutely okay because Mitt Mitt Romney did say something yesterday about his tax plan that was new eyes so I'd like to play a little bit about -- -- that sound.
And then we -- talk about it because in case comes up tonight -- -- going to be -- important for our viewers now let's take a listen.
You could do something for instance has an option you could say everybody's gonna get up to a 171000 dollar deduction you can use your.
Charitable deduction -- your home mortgage deduction or.
Or -- for others health care deduction and you can feel that bucket if you of the 171000 dollar bucket that way -- higher income people might have a lower number.
Dollar deduction bucket this is kind of the first time we've heard about this the -- I am only takes about thirteen thousand dollars of deductions on their taxes so.
It looks like the average family would not be affected by -- but the rich would have more income to be taxed.
What would you think about this idea neon or what comes to mind when you hear it first.
Well firstly I'm all for simplifying the tax code and in the devil's in the details of course and when you simplified to the point he did just there even -- you worded it.
Lower taxes by 20% across the board.
Yet to crunch -- numbers and folks at home would have to -- some -- numbers of unlimited.
2171000 dollars and deductions and I think -- what the governor is saying it's up to me about this in the past that would be a combination of all deductions and other words.
You could come combined you know charity.
It is mortgage interest deduction that sort of -- but -- can't exceed 70000 dollars well.
If wealthy folks are writing off anywhere.
From a 1525300000.
Dollars depending on.
Charity in the size of their mortgage -- you can quickly see how we even a lower tax rate doesn't prevent you from Indian -- higher taxes now.
The Mitt Romney might argue that was sort of like what Ronald Reagan was getting -- in 1986.
When he closed a lot of tax loopholes and -- got -- a lot of credits and allowances that it prevented some who weren't paying any taxes at all Jenna.
To now have to pay taxes now ironically.
President Obama seized on that Reagan it is suited to interpret it as a sign.
That Ronald Reagan was for hiring tax hiking taxes on the rich he was he was for closing those.
Those loopholes that prevented Americans from -- Mitt Romney's -- seems to date.
Look I think everyone should contribute something and indeed -- sport there simpler tax code.
Get rid of a lot of these deductions limit a lot of these deductions.
Drop a lot of these credits -- some of these special allowances it will be cleaner and easier to understand and do.
You might -- income that's hiding under the rocks back -- taxable revenue all benefit but of course I think a lot of upper middle class upper class folks heard that said local -- spark -- I I think it does raise my taxes so he's gonna have to answer to that so yeah well I think he's hoping to win over people here to Port Authority was just a power of the race.
Sport have been looking for that extra income hiding under those rocks I have yet to -- Find it anywhere -- -- but we'll -- you know tonight at 8 PM eastern time for at the end and and your coverage there.
Public or is that.