McCain gets more supply side suporters

Larry Kudlow:

Jack Kemp’s endorsement of Sen. John McCain for president is both interesting and significant. 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.

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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.

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One of McCain's biggest weaknesses with the Republican base has been on the issue of taxes. Getting Kemp and Gramm on his team has to be a plus. It will be interesting to see if he can draw attention on this issue. He has been hammered by Romney on his vote against the Bush tax cuts. That probably want stop, but McCain does gain some credibility on his promise to continue them.