A Call for Lower Taxes & Higher Taxes

Larry Kudlow put together some debate tips for John McCain.

After reading the recommendations, I noticed a significant contradiction.

Mr. Kudlow states:

"...McCain needs to stress that tax hikes of any kind would be a total disaster during this economic emergency, and that letting folks keep more of what they earn is a recovery prescription. He needs to emphasize the need for across-the-board tax cuts for individuals and businesses. Lower marginal tax rates will reward work, investment, and risk-taking. They also will put money in people’s pockets as they keep more of what they earn."

Sounds pretty good....People would have to forget about the $700 billion bailout that just passed....but taking that statement at face value, so far so good.

But then the contradiction:

"McCain also should state that the Federal Reserve needs to keep expanding the money supply."

Ron Paul has repeatedly pointed out that inflation is a tax! In fact, Fed Chairman Bernanke even agreed with Ron Paul in this video, saying "Congressman, I couldn't agree with you more that inflation is a tax."

So Mr. Kudlow is calling for lower taxes *and* higher taxes at the same time.