THE REVOLUTION LIVES….Conservatives have been mostly at sea over the banking crisis, and I figure one of the reasons is that even modern movement conservatives have been unable to argue with a straight face that the solution to a systemic global credit crisis is the right wing’s usual economic cure-all: tax cuts. This isn’t entirely true, of course, as we saw a couple of weeks ago when the wingnuts in the Republican Study Committee held up the bailout bill because they thought that eliminating the capital gains tax ought to be a part of the package. Still, that one desultory effort aside, there’s just been no way to plausibly pretend that extending the tax cut revolution was a serious answer to preventing financial meltdown.
Until now! Check out my abridged version of John McCain’s latest economic plan:
Lower Taxes On….Suspend Tax Rules That….Accelerate The Tax Write-Off For….Reduce Capital Gains Taxes For….Eliminate Taxes On….
There’s nothing like that old time gospel, is there? You name a problem, and the answer is tax cuts for the well-off. For more detail and less snark, Robert Gordon and James Kvaal have you covered here.