FLASHBACK PROMISE: Obama Promised That He Wouldn’t Raise Taxes On The Middle Class. OBAMA: “And if Senator McCain wants a debate about taxes in this campaign, then it is a debate I’m happy to have, because if you’re a family making less than $250,000 a year, my plan will not raise your taxes,…
The title of that Politifact article cited by the RNC says it all: “Smokers, Tanning Aficionados, The Happily Uninsured: More Taxes Coming At Ya!”
Everyone who has a problem with those groups paying a little more to ensure that the rest of America can weather unforeseen medical expenses without being permanently ruined, go ahead and explain that one now.
Health care #fails, continued: WHAT HATH FOX NEWS WROUGHT?!
The video above shows Florida Attorney General Pam Bondi, one of the leaders of the GOP lawsuit against Obamacare, bringing a clemency meeting (no, really) to a halt to show tea party Gov. Rick Scott the good news: The Supreme Court overturned the individual mandate!
The governor quickly calls a recess, starts celebrating, and runs out to find a TV. Hilarity ensues at 1:08, when a Republican staffer apparently realizes that Bondi’s news source — Fox, perhaps? CNN? — had goofed, and SCOTUS upheld the whole law. Awkward!
This is important. Want to know how much you’d pay for health insurance under Obamacare? How much your deductible and copay would be? Wonder how much that “tax” penalty would be if you didn’t get insurance by 2016? Would you even pay a penalty?
Leader McConnell, and his fellow Republicans, should read the Majority ruling before they embarrass themselves further.
In the opening paragraphs of Chief Justice Roberts’ opinion, he clarifies that the law specifically does not involve a tax. If it did, Roberts clarifies, the Court would have had no choice but to reject the case for lack of jurisdiction as a tax case cannot be brought until someone is actually forced to pay the tax. This is, as we know, not the case.
The fact that the Court found that the mandate was constitutional under the taxing authority granted Congress by the Constitution is an entirely different matter. This finding does not reduce the individual mandate to the status of a tax—it merely says that as the penalty for failing to purchase health insurance will fall to the Internal Revenue Service for collection, it was something Congress could provide for under its Constitutional authority.
Update: Jake tweets us to say: “Thanks for crediting me, but stocks have been down all day. Rebound likely due to Europe, not SCOTUS… you clearly tried to imply that the Dow’s rebound since 3pm is because of health care. It isn’t.”
Point well taken - far too much can be made of charts like these. What we meant to imply is that there wasn’t a plunge related to the ACA, as some critics have predicted. (We also suspect the announcement that JPMorgan’s bad investments may tally up to $9 billion will help keep bank stocks in a negative attitude for a while.) But Jake correctly calls us out for implying that SCOTUS boosted stocks. Mea culpa.
UPDATE #2: After talking with people far less innumerate than us, we’ll readily admit we goofed on this analysis. For a full rundown of what really happened in markets today, and some excellent brain expansion, check out our updated post with more illustrative charts. Meantime, we’ll keep this one online so’s our original missteps don’t fall down a memory hole.