Detailed text transcripts for TV channel - CNN - 20120109:02

Detailed text transcripts for TV channel - CNN - 20120109:02:22:00

i'm very worried about a sector of our economy that has been under fire. i come from southwestern pennsylvania. the heart of the steel country. the heart of manufacturing. and it's been devastated because we are uncompetitive. 30 years ago, we were devastated because business and labor didn't understand global competitiveness. and they made a lot of mistakes. they weren't prepared for it, we lost a lot of jobs. that's not what's happening now. our productivity gains, our labor force, they're doing their job. they're being competitive but they're running into a stiff headwind called government. and it's government taxation. 35% corporate tax. which is the highest in the world. it's a tax that doesn't easily offset when we try to export which makes it even more difficult for us to export. >> -- for lowering the corporate tax -- >> -- to zero it out for manufacturers and processors. which is what i do. because we are at 20% cost differential with our nine top trading partners on average. and that 20% cost differential, that is excluding labor costs. so it is government taxation, eliminating the corporate tax

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