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McCain’s new economic proposal would cause ‘exodus of capital’ to the wealthiest Americans.

By Pat Garofalo on October 14, 2008 at 3:05 pm

"McCain’s new economic proposal would cause ‘exodus of capital’ to the wealthiest Americans."

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Today, Sen. John McCain (R-AZ) gave a speech in Pennsylvania outlining his new economic proposal. Included in the plan is a provision temporarily lowering taxes on withdrawals from IRA’s and 401(k)s. During the speech, McCain touted this new provision, while saying that “it is essential we avoid an exodus of capital from the market.” Watch it:

But McCain doesn’t seem to understand that his proposal actively encourages the “exodus of capital” he is warning against. The Wonk Room explains here.

Update

During his speech, McCain said, “Investors are always responsible for their investment decisions, but the hard earned savings of Americans should not be penalized by the erratic behavior of politicians.”

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