'I Didn't Raise Taxes Once'

Refreshing the President's memory.

Bill O'Reilly's Fox interview with President Obama on Sunday was fascinating, and not merely because Mr. Obama made clear he's an ardent fan of these pages. What really caught our attention was the President's claim that "I didn't raise taxes once. I lowered taxes over the last two years."

The Presidency is demanding, and with the Egypt mess and his other duties, perhaps Mr. Obama has forgotten some of his tax achievements. Allow us to refresh his memory. In his historic health-care bill, for example, there is the new $27 billion "fee" on drug companies that is already in effect. Next year, device manufacturers will get hit to the tune of $20 billion, and heath insurers will pay $60 billion starting in 2014—all of which are de facto tax increases because these collections will be passed on to consumers as higher costs. Of course, these are merely tax increases on business.

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As for tax increases on individuals, perhaps he forgot the health-care bill's new 0.9 percentage point increase in the Medicare payroll tax for families making over $250,000 and singles over $200,000. That tax increase takes effect in 2013, as will the application of what will be a 3.8% Medicare surtax (up from 2.9% today) to "unearned income" for the first time. This is a tax hike on investment and interest income, which will reduce the incentive to save and invest.

Mr. Obama also told Mr. O'Reilly that he hasn't moved to the "center" since November's Democratic election defeat, saying "I'm the same guy." Save for a couple of tactical retreats that he couldn't avoid, we agree with him. As the President said recently in the State of the Union, he's going to insist on raising taxes again on people making over $200,000 when his deal with Republicans in Congress expires in 2012. Definitely the same guy.