…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.