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John McCain Town Hall Meeting Youngstown, OH TRANSCRIPT: JOHN MCCAIN: "I believe the American people deserve—short-term—some tax relief. I believe that they should have an exemption of doubled [sic] for every child in America from $3500 to $7000. I think that both Senator Clinton and Senator Obama are out of touch. "They don't understand America's economy. They don't understand history. Because when Senator Obama wants to increase the capitol gains tax...ever since Jack Kennedy, every time we have reduced capitol gains the revenues have increased. "That's a matter of fact. We can debate a lot of issues and a lot of the effects of tax cuts. You can't debate the history of capitol gains tax cuts. "So what does Senator Obama want to do? He wants to double 'em, practically. That's out of touch with America's economy and it's a fundamental misunderstanding of the basics of economics. "So he's out of touch with America and I will be glad to have that debate about capitol gains taxes and the effect it has on 100,000,000 Americans. There's 100,000,000 Americans that have some kind of investment that has to do with capitol gains. "So he wants to increase taxes against 100,000,000 Americans. He wants to lift the cap from 102,000 to - Senator Obama has said that he does not want to increase taxes on anybody of incomes less than 200k. Obviously he wants people between $102,000 and $200,000 because he wants to lift the cap, which means a dramatic increase in people's taxes. "[...] I will argue that they're out of touch and they don't understand fundamentals of economics and certainly what's good for America's future and it isn't through big spending and it certainly isn't through pork-barrel projects, which they have supported hundreds of millions of dollars. Let's start out with that one." LABEL: JM OH 4-22 (JR#54) RIG-ClipI If you'd like to acquire a high resolution version of this clip, email videoprogressivemedia@gmail.com