I did not really think much of this exchange when I was watching the debate but a friend pointed out to me just how significant is was. (The whole transcript is available at CNN.)
Obama:…. Right now, you can actually take a deduction for moving a plant overseas. I think most Americans would say that doesn’t make sense. And all that raises revenue…..
Romney:…. The second topic, which is you said you get a deduction for taking a plant overseas. Look, I’ve been in business for 25 years. I have no idea what you’re talking about. I maybe need to get a new accountant….
He doesn’t outright say he moved a factory overseas but the implication is pretty clear, otherwise why would he need a new accountant?