NORTH LAS VEGAS, Nev. Republican presidential hopeful Mitt Romney, in a wide-ranging bid to create jobs, proposed Tuesday to reduce regulations and taxes on companies, sanction China over its currency practices and weaken the clout of labor unions. Democrats called Romney's plan wrong-headed and doomed to fail. Taxes already are near historic lows, they noted, and many employers say weak consumer demand is more troubling than taxes or regulation. Romney called for lowering the corporate income tax to 25 percent, from the current 35 percent. That rate is high compared to other advanced economies, but a host of tax breaks allow many U.S. companies to pay little or no corporate tax. Romney said a lower rate would encourage companies to keep more operations within the United States. Romney jobs plan: Cut taxes, slap China, drill oil - politics - Decision 2012 Why are tax cuts for rich people and tax cuts for corporations "new ideas"? These are the same two ideas Republicans have had for the last 20 years. You have to admit, rich people are more rich than they've ever been and corporations have more money than ever. In fact, 25 of the largest corporations pay MORE to their CEOs than in taxes to the government. Why do Republicans think their failed policies will finally work?