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As health care debate shows, Obama's no new taxes pledge exposed as fraudulent
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The idea of paying for all of the budget-busting, big spending proposals advocated by President Obama and a Democratic Congress by simply taxing "The Rich", has been exposed as a fantasy. Obama's unequivocal no tax campaign pledge, which he asserted firmly and repeatedly during the campaign right up to election day,"Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes," like so many of his other promises, has reached its expiration date.
The idea of conveniently expropriating the wealth of the rich as a funding vehicle for a $1+trillion health care overhaul — a favorite Democratic ploy — has been exposed as an accounting fiction.
There simply are not enough of "The Rich" sufficient with which to pay for the liberal nirvana of a single payer universal health care system. The revenue balance, of necessity, is going to come from the sheer numbers of the American middle class either through a Value Added Tax or by taxing employer health care benefits. "The administration has an extremely difficult educational problem on its hands," said Henry J. Aaron, a health care expert at the Brookings Institution. "They understand that at some point tax increase are going to be necessary across the board. "Yes, for the middle class, too," he added.
Most Americans are opposed to the idea of taxing health care benefits, which is why, when the health care bill reaches the Senate, the public option, the most expensive aspect of Obama's plan, will be scrapped.
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