In the first Presidential debate on November 3rd, 2012 Donald Trump was in the spotlight during the discussion of tax rates for small businesses. Obama argued that his definition of small business does not included Donald Trump. Romney argued that these larger small businesses employ the larger percentage employees in the United States.
The domestic debate focused largely on the economy, the deficit contributing to the national debt, and taxes. The candidates were contrasted on their ideas of how tax rates should be changed to deal the current spending deficit. Romney argued that tax rates should not increase for any bracket and that his principles for any new tax policy would be no tax rates increases, no tax changes that increase taxes paid by the middle class, and increases in revenue should be achieved by updating deductions in the tax code. The revenue reduction would be made up by economic growth and reducing reductions. Obama believe that tax rates for those making over 250k should be increased back to their levels during the Clinton years in order to achieve the needed revenue to support domestic programs. They both stated they believe that tax rates for corporations should be decreased using deductions specific to activities as incentive for domestic growth. Romney argued that Obama is largely ineffective at getting any type of legislation related to taxes passed due to bipartisanship. Obama argued that being a leader means sticking to your ideals and saying no to bad policy. He argued that Romney did not have a clear plan and the math did not support that a reduction would make up for reduction of tax rates without raising tax rates on the top brackets. Romney argued that it was more important to lay out ideals as opposed to specifics to achieve bipartisan support. Obama characterized Romney’s plan as one that would reduce taxes for the wealthy. Romney characterized Obama’s plan as a roadmap to the same economic failure and high tax rates we now see in Spain and across Europe.
If you missed the debate, below is a link:
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