Monday, January 07, 2008

Kemp Is a Coup for McCain

Jack Kemp has endorsed Sen. John McCain for president. This is a very interesting and significant endorsement. Kemp was one of the founders of the Reagan supply-side tax-cutting movement. And of course, he’s been a prominent free-market advocate for economic-growth policies for several decades.

I have not yet reached Jack for details of his thinking on the McCain endorsement.

The former-Buffalo, New York, House member/Housing secretary and 1996 GOP vice-presidential candidate would surely be able to relieve doubts about Sen. McCain’s tax-cutting intentions should he become president. While Sen. McCain has been criticized for voting against the Bush tax cuts of 2001 and 2003, it is important to recall that the Arizonan did vote for the Reagan tax cuts back in the 1980s.

McCain has steadfastly maintained on the campaign trail that he would preserve the Bush tax cuts on capital gains, dividends, and personal incomes that are set to expire in 2010.

Kemp would join former Sen. Phil Gramm as key McCain economic advisors. As I noted in an earlier post, Phil Gramm is the quintessential free-market advocate. He spent a career in the House and Senate limiting government spending, taxing, and regulating.

Both Kemp and Gramm are strong free-trade supporters. Gramm was also the original sponsor of the Reagan tax-and-spending cuts back in 1981 in the Gramm-Latta bill reported out of the House. That bill incorporated Jack Kemp’s original proposal to slash personal tax rates by 30 percent across the board.

Down through the years, Jack Kemp has been a tireless advocate of economic growth through supply-side tax reform and free trade. Getting him on board is a real coup for Sen. McCain.