This essay, originally written in April 2004 by George Clowes, managing editor ofSchool Reform News, is a detailed critique of the case for favoring tax credits over vouchers as a way to ensure school choice. It was written in response to a solicitation for comments on a draft of "Forging a Consensus," a report written by Andrew Coulson and subsequently published with only minor modifications by the Mackinac Center. However, in the interest of open debate on the pros and cons of tax credits and vouchers, Coulson suggested that Clowes' comments -- and those of other critics -- should be published on the Internet for wider readership. Clowes' essay was lightly edited and reformatted and first posted on The Heartland Institute's Web site on May 5, 2005. This version is dated August 10, 2005.