Among other proposals today, John McCain recommends cutting the capital gains tax. Okay. Uh. Gee. I’m all for cutting the capital gains tax rate, but why now? What good will that do in the current crisis? The market is off about 30 percent. How many people right noweven have any capital gains? If McCain were in favor of cutting capital gains taxes, he should have been in favor of them all along. But to present them now as part of the response to the current crisis is akin to advocating consumption of lots of Vitamin D in order to cure a broken back brought on by bones that weren’t dense enough. Yes, Vitamin D is a crucial preventative to guard against broken bones, but once you have a broken bone, you need to treat the break itself.
McCain still doesn’t get it.
