President Barack Obama has made it all but official: better forget his 2008 presidential campaign promise to avoid raising taxes on households making less than $250,000 and individuals making less than $200,000.
In an interview with Bloomberg News concerning his proposal for a bipartisan presidential commission on the federal budget, the chief executive said, “The whole point of it is to make sure that all ideas are on the table. So what I want to do is to be completely agnostic, in terms of solutions.”
To further clarify that he was talking about across-the-productive-board tax hikes, Obama added this observation: “The real problem has to do with the fact that there is just a mismatch between the amount of money coming in and the amount of money going out. And that is going to require some big, tough choices that, so far, the political system has been unable to deal with.”
What all that adds up to, according to Obama, is a “structural deficit.” But career politicians like Obama always talk about “structural deficits” when what they really mean is they refuse to go beyond token cuts in federal spending, so taxes have to go up to pay for their profligacy. They’re like an alcoholic who blames recurring headaches on drugstores stocking too few aspirins.
Skeptics have said all along that Obama’s campaign promise was worthless, so these latest comments to Bloomberg should not surprise anybody who has been paying attention. The Obamacare proposal the president remains determined to shove down the country’s throat is replete with taxes and penalties on consumers (most of whom also are taxpayers).
By one conservative congressional analysis, a quarter of all taxpayers — which means people making well under $200,000 — will see their taxes increase under Obamacare. And the multitude of fees, penalties and other levies imposed on health care firms — including those making things like prosthetics, kidney dialysis machines and MRIs — will total in excess of $100 billion, which, according to the Congressional Budget Office, will be passed along to consumers in higher premiums.
And that’s just on the health care reform front. As Senate Minority Leader Mitch McConnell said, “If you’re in business now and you’re trying to figure out what the future is, you’re looking at health care taxes, you’re looking at capital gains taxes going up, dividend taxes going up. If you are a small business and pay taxes as an individual taxpayer, your taxes are going up.”
That’s hope and change, Obama style.