Unsettling insight about John McCain from TNR. He's still the least bad (in my opinion) of the three plausible next presidents, though he does have his warts.
But wow: "Some economists favor higher tax rates and others prefer lower tax rates, but none would oppose a tax cut and then oppose its repeal simply because it had already been enacted."
Am I really the only person who understands that people have rational expectations about things like marginal tax rates, and that when you're making decisions that would be affected by future tax rates, the intuitively obvious point of comparison is the present (not the past)?
The same logic used by the repeal-the-Bush-tax-cuts crowd could be used to say "No, we're not raising your taxes, just restoring them to what they were in 1980 before all that Reaganomics schtick."
Posted by Matt Bruce at March 13, 2008 12:04 PM