Buried in Barack Obama's nomination-acceptance speech:

I will eliminate capital gains taxes for the small businesses and the start-ups that will create the high-wage, high-tech jobs of tomorrow.

It's a brilliant riposte to McCain's tax-cuts-for-everyone strategy. And it's delightfully cynical. Since 90 percent of all startups fail, they don't generate any capital gains worth taxing. For those companies which do manage to go public, it means more money for the entrepreneurs, and less for public shareholders, who will still have to pay taxes if they buy and sell company shares at a profit. It's a pro-Jerry Yang, anti-Carl Icahn move. Valley entrepreneurs, already predisposed to like Obama for reasons they can't articulate, can now safely back him without getting in trouble with board members.