Journalist:  Both of you agree on the need to reduce the corporate tax rate.  President Obama?

Obama:  The US’s 35% corporate tax rate is among the highest in the Industrial World.  And that could have impact on our ability to compete and create good paying jobs.  And that is why I propose cutting the corporate tax rate from 35% to 28%.

Romney:  28% is not enough for us to get where we need to go.  If elected I would implement a 25% corporate tax rate.  For starters.

TNE:  Of course these two agree on this. In fact the effective corporate tax rate on US corporations is 12%.  That is among the lowest in the industrialized world and that is because US Corporations benefit of hundreds of pages of tax loopholes.  In addition—US corporations routinely tell shareholders they made a ton of money and at the same file returns that show they lost money.  Keeping two sets of books is something you do in the mafia.  And that is why some corporations pay zero taxes despite record earnings.

Journalist:  Mr President?

Obama: That reminds me.  I have also proposed a new tax credit for companies that bring jobs home.

Romney:  Well that is the first I have heard of that business break, but I propose 3% more credit then whatever he proposed.

Journalist:  And you sir?

TNE:  If a US Corporation avoids paying taxes  then I say it should receive no protection in US courts.  No protection for their patents.  And are not allowed any government contracts.

Romney:  What are you doing?

TNE:  And they can’t hire lobbyists.

Journalist:  This debate was brought to you by the generosity of Bank of America, GE, the Boeing Corporation, and Exxon/Mobil.