9 Jan 10: On the campaign trail, President Obama criticized John McCain for suggesting imposing a tax on the value of health insurance. President Obama also pledged not to raise taxes on the middle class. Now he is supporting a 40% excise tax on the value of “Cadillac” health insurance plans. These are plans that are worth $8,500 per individual and $23,000 per family. Since there is no inflation protection, health insurance plans that are not now in that category will creep into it over time. Unlike what the nickname suggests, many of these “Cadillac” plans are benefits of the middle class, mostly union members. This tax is absolutely counter to President Obama’s pledges before the Presidential election.
It appears to be the norm in politics for a candidate to say whatever he or she thinks is needed to be said in order to win an election. I will never do this. I will follow through on all of my words. My word is my bond.