Biden's Disingenuous Take on Romney's Proposed Territorial Tax

In his DNC Convention speech, Vice President Biden made this comment:

"Governor Romney believes in this global economy it doesn't matter much where American companies invest and put their money or where they create jobs. As a matter of fact, in his budget proposal, in his tax proposal, he calls for a new tax. It's called a territorial tax, which the experts have looked at, and they acknowledge it will create 800,000 new jobs -- all of them overseas, all of them."

So, what "experts" (plural) have looked at Romney's proposal and found that it would create 800,000 jobs overseas.  Well, in fact, it is only one such expert: An Obama donor, professor Kimberly Clausing.  And, she was only able to come to that conclusion by ignoring other Romney proposals, such as lowering the corporate tax rate.

Even the President's own Jobs Council has recommended the Territorial Tax as a means of bringing back more than a trillion dollars in cash that is just sitting in overseas accounts; and, just sitting and waiting to be put to work in those overseas locations by building new factories and offices and hiring new "overseas" workers.  Just think about it.  If I'm a multinational corporation and I have millions of dollars sitting in China and a need a new manufacturing plant somewhere, I would be crazy not to use that money "in" China and build a new plant there.  This is why Kimberly Clausing's study is so controversial; if not just plain ridiculous.  Of course, citing a ridiculous study only reassures us about what we already know and love about Joe Biden.


References

Huffington Post: Joe Biden's Territorial Tax Claim Based On Controversial Study: http://www.huffingtonpost.com/2012/09/07/joe-biden-territorial-tax_n_1865287.html

Tax Foundation: Would Territorial Taxation Create 800,000 Jobs Abroad at the Expense of U.S. Jobs?: http://taxfoundation.org/blog/would-territorial-taxation-create-800000-jobs-abroad-expense-us-jobs