Full Transcript: ABC News Iowa Republican Debate

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Now number two, I'm proud of trying to find things that give young people a reason to study science and math and technology and telling them that some day in their lifetime, they could dream of going to the moon, they could dream of going to Mars. I grew up in a generation where the space program was real, where it was important, and where frankly it is tragic that NASA has been so bureaucratized, aims at you-- Iowa-- Iowa State's a perfect example.

Iowa State's doing brilliant things, attracting brilliant students. I wanna give them places to go and things to do. And I'm happy to defend the idea that America should be in space and should be there in an aggressive, entrepreneurial way. Third, as to schools, I think virtually every person up here worked at a young age. What I suggested was, kids oughta be allowed to work part-time in school, particularly in the poorest neighborhoods, both because they could use the money.

If you take one-half of the New York janitors who are unionized and paid more than the teachers, an entry-level janitor gets paid twice as much as an entry-level teacher. You take half of those janitors, you could give virtually-- you could give lots of poor kids a work experience in the cafeteria and the school library and-- and front office, and a lot of different things.

I'll stand by the idea, young people oughta learn how to work. Middle class kids do it routinely. We should give poor kids the same chance to pursue happiness. Finally (APPLAUSE) on-- finally on capital gains taxes I asked you about this at Dartmouth (?). I'm astonished, you're a businessman. You wanna create jobs. A $200,000 cap on or capital gains tax cut is lower than Obama.

Now you know if you really wanna create jobs, you wanna-- you wanna encourage the people who make more than $200,000 who actually have capital to invest the capital in the U.S. I'll stick with zero capital gains will create vastly more jobs than your proposal--

(OVERTALK)

GEORGE STEPHANOPOULOS: Governor Romney, your response, then I wanna bring in the others.

MITT ROMNEY: Yeah, yeah. My proposal actually does create 11.5 million jobs, and it does so by a higher-- a G.D.P. growth rate than we've seen over these last Obama years. And-- and in my view, the place that we could spend our precious tax dollars for a tax cut is on the middle class, that's been most hurt by the Obama economy. That's where I wanna eliminate taxes on interest dividends and capital gains.

And with regards to the idea that if I'da beaten Ted Kennedy I coulda been a career politician, that's probably true. If I would've been able to get in the NFL liked I hope when I was a kid, why, I woulda been a football star all my life too, (LAUGHTER) but-- but I-- but I-- (APPLAUSE) I spent-- I spent my life in the private sector. Losing to pl-- Teddy Kennedy was probably the best thing I coulda done for-- for preparing me for the job I'm seeking, because it-- it put me back in the private sector. I worked in the private sector, I learned lessons that are desperately needed in Washington.

GEORGE STEPHANOPOULOS: I wanna bring--

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