Democratic presidential candidate John Edwards says he will take away tax breaks used by American corporations that have moved jobs to other countries.Edwards says one way of stopping job losses is to close down the loopholes that give businesses write-offs and incentives to go overseas. Edwards says it’s time for the U.S. to aggressively work with other nations to shut down “tax havens” in countries.Edwards proposes a 10-percent reduction in the corporate tax rate for businesses that keep their manufacturing jobs here in America. Edwards also proposes a tax write-off for companies that retool or open new plants in America.Business leaders often cite cheaper labor in other countries as a reason for closing factories here and opening plants in other countries. Edwards says that’s happening because our trade agreements lack fair labor standards. Edwards says that’s why trade agreements need to be “substantially different” and include things like a prohibition on child labor in other countries similar to what’s enforced here. Edwards, who is a North Carolina Senator, campaigned yesterday in Anamosa, Cedar Rapids and Tipton. Today, he will campaign in Davenport, Fort Madison, Keokuk and Bloomfield.
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