In a phrase: more tax breaks for business.Putting aside the accuracy of that assessment, lower taxes on business can easily be defended on their own terms. The article goes on to say
1,100 non-financial companies... were sitting on cash hordes in excess of $1.24 trillion last December. Apple alone was sitting on nearly $100 billion. The entire corporate sector had over $2 trillion in cash. Alas, robust hiring has not followed in the wake of surging profits.
This might be true. The flaw in these numbers is that the 1,100 companies surveyed also tended to be large companies, which aren't the ones doing most hiring.
Small businesses benefit more from low tax rates; a big company like GE has an entire legal/accounting division aimed at reducing tax incidence, so the marginal rate doesn't matter that much to them. For a small company though, taxes can make the difference between being profitable or not -- or if taxes appear too high to make a profit, someone who might have decided to start a business decides it's not worth it after all (or more likely, venture capitalists are less excited about funding their idea).
Lower tax rates not only make existing businesses more profitable, but more importantly, expand the range of potential business ideas which could be profitable. That is where the real gains emerge from.
The next logical question is, if not through lower tax rates, how can the Federal Government help in private-sector job creation?
I haven't read into all the specifics of Romney's plan but I'm more optimistic about it than the current approach, which is higher taxes plus higher spending. Some economists predict that when government spending goes up, individual consumption goes down because people realize they'll be paying higher taxes in the future (the Ricardian Equivalence argument) so they need to save now to keep their consumption stable. Taken 100% seriously, this would imply that every dollar the government spends is offset by a reduction in private spending. It's probably unrealistic to think people are this foresighted, but even some people behaving in this way would offset the economic benefit of high spending.
Tyler Cowen argues that this is roughly what has happened regarding state/local spending, which has been cut recently. Keynesians like Paul Krugman blame this local austerity for stalling recovery, but maybe people just aren't feeling as rich as they used to, so they want government services reduced to "affordable" levels. More federal spending then leads to a tradeoff at the local level. The solution is to rebuild trust in government through less red tape and more balanced fiscal policy (although Cowen does not make this prescription explicit in his article).
Regarding taxation and fiscal policy, I'd say that sometimes less is more.