Obama and Romney tussle over tax-cuts

President Barack Obama and Republican hopeful Mitt Romney are clashing over the economy and the debate has heated up with rhetoric over the Bush-era tax cuts. Obama has challenged Romney to join him in allowing tax hikes for rich Americans like themselves, needling his rival on Tuesday to compromise in order to help the middle class. Romney dismissed the idea by returning to the sensitive topic of outsourcing and called Obama “outsourcer-in-chief”.

Iowa and Colorado are the two areas drawing intense campaign attention with both Obama and Romney fighting for any advantage. While Obama directed his talk towards taxes, Romney focused on redirecting the charges that he has sent jobs overseas when he was working in private equity. Romney said, “He’s run some interesting attack ads on me on that topic, It is interesting that when it comes to outsourcing that this president has been outsourcing a good deal of American jobs himself, by putting money into energy companies that end up making their products outside the United States”. The former equity executive was under heat from within his own camp over his response to the relentless attacks that he shipped jobs overseas and his staff distributed a newspaper story critical of Obama’s outsourcing record. Romney said about the President, “If there’s an outsourcer-in-chief, it’s the president of the United States, not the guy who’s running to replace him”. And to back up the claim with proof Romney’s camp cited a Washington Post story which describes the ongoing trend of shifting American jobs to low-wage countries even during Obama’s tenure. However, all this rhetoric does little to change the fact that the economy has stalled and Washington is deadlocked and it’s a tight race in the election. President Obama who is facing the pressure of re-election with high –unemployment has shifted blame to the Republicans over looming tax increases.

Obama is seeking one year tax-extension of tax cuts for all the household earning less than $2,50,000 which covers most taxpayers in the country and Romney supports extending the tax cuts for all income earners which was first signed by George W. Bush. The congress’s deadline is by this year’s end or everyone’s taxes will go up. Both the candidates are on extremes with regard to taxes and there seems to be no agreement.  The Obama campaign on the other had tried to under mine Romney on a different front by accusing him of untrustworthy secrecy. Vice President Joe Biden attacked Romney’s refusal to release more than one year of his tax returns by saying that he wasn’t like his father who had released 12 years of tax returns during his 1968 presidential bid. The candidates reveled in the friendly environs and for Obama Iowa was the state that catapulted his successful 2008 presidential bid. This time there are some warning signs as both the candidates are in a tight race for the state’s six electoral votes. Obama tried to show the voters he was just like them while Romney was not; he casts himself as the underdog. after the second month that Obama’s campaign was out raised by Romney’s camp, Obama said that returning to Iowa it reminds him of his  presidential bid four years when the national press was writing them off. Romney meanwhile was answering questions at a wide-ranging town hall event on a variety of issues from gay rights and abortion to prison sentences and the questioners showed support for Romney and disdain for the current policies.

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