…is the title of my oped in today’s New York Daily News. It seems that I am of the opinion that when it comes to Sen. John McCain’s proposed health-insurance tax credit, Sen. Joe Biden (D-DE) doesn’t know what he’s talking about. An excerpt:
…the most important part of McCain’s tax credit is something that Biden still doesn’t get: McCain would replace the current tax break with not one tax cut, but two…
…over the next 10 years McCain’s tax credit would let workers control $7 trillion of their own earnings that they otherwise would not control. This effective $7 trillion tax cut completely swamps the $3.6 trillion tax increase Barack Obama advisers claim would result from McCain’s tax credits not growing as rapidly as the current tax “break.”
The Obama-Biden campaign seems determined to deny the reality of McCain’s tax-credit proposal. Perhaps that’s because they would prefer to let the government control that $9,000 you’ve got coming to you.
It’s as full-throated a defense of McCain’s tax credit as you’ll find from someone who doesn’t even like the proposal. Read the whole thing here.