So How Is Obama Going to Pay for It?

McCain is taking heat from the New York Times for claiming that Obama would raise taxes on the middle class [link]. No need to exaggerate:

  • Obama's promise of affordable, universal health care will cost $163 billion a year conservatively.
  • Obama has almost completely rescinded his threat to pay for the plan with taxes on the rich – pledging a maximum 20% tax rate on dividends and capital gains and no extra payroll tax on the rich for at least another decade.

So let's see. He needs three times the amount of the Bush tax cuts for the rich. But he promises not to tax the rich. So who does that leave?

Comments (5)

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  1. Joe S says:

    This is important information. No one else is saying this. The national news media is ignoring the fact that Obama has no source of funding for his plan.

  2. Judy says:

    Where does the $163 billion figure come from?

  3. John Goodman says:

    Reply to Judy:

    It’s from a Lewin estimate of the cost of a Commonwealth Fund plan which is very similar to the Obama plan.

    Obama has given so few details of his plan that no one could cost it out. Commonwealth fills in the missing information.

  4. [...] to partly finance his health plan. He has since almost completely caved on this idea, as reported here. However, Feldman estimates the pay-or-play tax will be $179 billion a year. This tax on low- and [...]

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