Obama said he wants to lower the tax rate on manufacturers to 25 percent, but it's worth pointing out that he has proposed a higher rate of 28 percent for all other corporations -- still a reduction from the current 35 percent.

This is important because the president mentioned his proposed manufacturing rate right after noting that "Governor Romney and I both agree that our corporate tax rate is too high." Viewers might assume that the two candidates have the same proposal for corporate rates, but they don't.

To be clear, Romney has called for a 25 percent tax rate on corporations, while the president has proposed a rate of 25 percent for manufacturers and 28 percent for all other corporations.