You know in watching these two debates it's clear to me that it's so lame to argue over silly debate details and the usual crap of "who won" or who stumbled. Isn't more important to discuss the high level meaningful issues at stake? For example...
Many if not most people don't understand or care that raising taxes on the rich is one reason why companies leave the US. Of course your local 7-11 doesn't leave, but if you're looking for a skilled engineering, science or manufacturing job, good luck.
2. These same people generally don't understand that the rich and upper middle are already paying a proportionally much higher burden of Fed Tax. I've mentioned this before here, elsewhere and to people in person, but most don't care. The top 1% (income) of taxpayers pay 39% of all the income tax. So, why not simply force these people to pay 50% or 75% of all the tax? Yeah, let's stick it to the rich.
But you better keep in mind that money is not wealth, the wealth of a society is inherent in the goods and services it produces, and sufficient production only occurs when there is an incentive to produce.
As we continue to hit up the rich by raising taxes, there is less and less incentive to produce. The rich can well afford to say, screw it, why bother? I'm just going to retire early or just move my operations to a country with less of a tax burden. We've already seen the constant erosion of meaningful jobs here in the USA so, why people don't get it, is a mystery. Other countries are cutting their corporate tax rates. They're finally getting it. And I'm not just talking about China, India, Hong Kong, Taiwan, South Korea, etc. Countries in Europe are getting the message. The US has one of the highest corporate tax rates in the developed world and we should be cutting it. Just Google "lower corporate tax rate" if you don't believe me. Here...read this link about Ireland...
http://www.completetax.com/taxguide/news/08-323corptax.asp
Obama wants to use our tax code to make things "fair" and to redistribute wealth from the so-called haves to the have nots. McCain wants to cut the corporate tax so that the US is competitive and businesses stay here and even want to come here from other countries. If the corporate tax rate was cut from 35 to 25 percent - we would see companies stay here and we would also see foreign investment.
What does this mean? More jobs, jobs staying here, better jobs and more revenue for the treasury. This is a good thing and why more people don't get this is something I don't get.
This is not a zero-sum game. Let's not worry about the proportions of the pie instead lets make the whole pie bigger.
Most companies manufacture overseas because the cost of labor and goods is much much cheaper, not because they can save on taxes. Those jobs are never coming back (unless our standard of living falls close to or below where many of the other nations are) There are non-manufacturing America companies that have moved their entire operations overseas for pure tax savings, but they are so fiscally astute/selfish, that they won't come back until our coprorate tax rates are the lowest in the world. Solution? Create a whole new industry such renewable energy. Invent baby, invent!
Regards,
Danny