Friday, April 25, 2008

McCain and tax policy

... it isn't going to be sufficient for Senator McCain to simply tout these tax cuts without offering a strong rationale. The standard trap the left sets whenever tax cuts are mooted is to wave the "deficit" that will result. Absent a counterargument, Mr. McCain will spend the campaign playing on this liberal ground. In particular, he has to make the case that tax cuts do not lose as much revenue as the static, dollar-for-dollar revenuers claim. He has tax-cut history on his side. The threats of revenue catastrophe did not happen in the 1960s (the Kennedy tax cuts), the 1980s (Reagan) or after 2003 (Bush). See the nearby table.

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