nore on McCain and taxes

According to the nonpartisan Tax Policy Center, Obama's plan would require the richest 1 percent of Americans to sacrifice a modest 1.5percent of their after-tax income in 2012. By contrast, no-sacrifice McCain would award America's elite a 9.5 percent increase.

Higher tax rates on the wealthy mean a lower budget deficit. According to the Tax Policy Center, over the course of a decade Obama's plan would result in a national debt $1.2 trillion smaller than you would get under McCain's plan. Less government borrowing ultimately means lower interest rates and more private investment. This positive effect may well outweigh the blow to growth and jobs from weaker work incentives.

During the rest of the Clinton period, the economy generated millions of new jobs, and careful academic postmortems find that the 1993 tax hike caused little to no damage to the incentives of top earners.