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RNC: Tax and Spend Fever
Date:3/5/2009

In The Past, Obama Proposed Funding Health Care Reforms By Repealing The Bush Tax Cuts:

Originally, President Obama Said He Would Finance His Health Care Plans By Rolling Back The Bush Tax Cuts. "On his Presidential Transition website, President Obama said he would 'pay for his $50 - $65 billion health care reform effort by rolling back the Bush tax cuts for Americans earning more than $250,000 per year and retaining the estate tax at its 2009 level.'" (Jake Tapper, "Read His Lips: New Taxes," ABC News' "Political Punch" Blog, www.abcnews.com, 2/26/09)

But Instead, Democrats Have Already Announced Plans For Billions In New Taxes To Fund Health Care:

President Obama Still Plans On Ending The Bush Tax Cuts; But Instead Of Using Them To Fund Health Care, He Proposed A New Tax. "But as we learned yesterday afternoon, though the President is certainly planning on raising taxes on the wealthiest Americans by allowing the Bush tax cuts to expire next year -- making the top rate jump from 35% to 39.6% -- the President plans on partially funding the Health Care Reserve fund by raising another, new tax on those families making $250,000 a year, specifically from reducing the itemized deduction rate for families with incomes over $250,000, limiting it to 28 percent." (Jake Tapper, "Read His Lips: New Taxes," ABC News' "Political Punch" Blog, www.abcnews.com, 2/26/09)

President Obama Proposed A $634 Billion Reserve Fund For Health Care, That Experts Believe Will Cost At Least $1 Trillion. "President Obama is proposing to begin a vast expansion of the U.S. health-care system by creating a $634 billion reserve fund over the next decade, launching an overhaul that most experts proje
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SOURCE Republican National Committee
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