This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Obama, Romney Differ on Ways to Grow Jobs

NEW YORK ( TheStreet) -- President Barack Obama was expected to propose about $300 billion in tax cuts and government spending on Thursday as part of his major jobs speech to a joint session of Congress, media reports said.

The president would introduce more than $300 billion into the economy through tax cuts, aid to state and local governments and spending on infrastructure, Bloomberg reported.
President Barack Obama

Former Massachusetts Gov. Mitt Romney unveiled on Tuesday a plan to create jobs and grow the economy that he would propose if he were elected president. His plan came two days ahead of Obama's expected joint speech to Congress.

Obama's plan also would offset short-term costs by asking Congress to raise revenue in a deficit-cutting proposal that Obama would propose next week, according to Bloomberg.

The amount in the Obama jobs package would be offset by other cuts, Democratic sources said, according to CNN.

"Every day, he can do what he can and focus on the things that we can do, working with Congress or independently as the administration," White House Press Secretary Jay Carney told reporters on Tuesday. "Obviously the work does not get done in one day or one night."

Romney said he would target job growth of 4% a year for the four-year presidential term, and projected to add 11 million jobs for Americans during that span.

"Middle income Americans ought to have the highest income in the world," Romney said. "It should be good to be in the middle class in America, you shouldn't wonder how you're going to meet your bills."

Romney said he would eliminate taxes on interest, dividends and capital gains in order to help the middle class save money.

"President Obama oversaw an economy that created zero jobs last month and that is unacceptable," Romney said after last week's jobs report. "In order to change the direction of this country, we need to change presidents."

Former Utah Gov. Jon Huntsman, who was Obama's former ambassador to China, also outlined a plan on Aug. 31 for jobs growth, but mostly in the form of an overhauled tax code.

Like Romney, Huntsman proposed to eliminate taxes on capital gains and dividends. He planned to eliminate all deductions and credits and create three tax brackets of 8%, 14% and 23%.

The governor advocated a "revenue-neutral" tax hike that would reinvest the resultant revenue into the tax code. The expected plan would remove loopholes, deductions and tax expenditures through consolidation.

-- Written by Joe Deaux in New York.

>To submit a news tip, send an email to: tips@thestreet.com

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $111.14 3.20%
FB $89.37 2.50%
GOOG $609.24 1.90%
TSLA $244.41 2.40%
YHOO $31.73 0.41%

Markets

Chart of I:DJI
DOW 16,278.56 +220.21 1.37%
S&P 500 1,933.78 +19.93 1.04%
NASDAQ 4,698.77 +62.6650 1.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs