Dems Need to Start Over - WSJ.com

Mr. Obama campaigned on a pledge to spare 95% of Americans from tax increases, but the American middle class is slowly figuring out that it will eventually be asked—that's the polite way of putting it—to pay for all of this. These looming bills, and not only from the $787 billion stimulus, are clouding the investment outlook.

Nowhere is this more true than on health care. The House bill is the very definition of a job killer, funding another entitlement program with a payroll tax equal to 8% of wages on businesses that don't offer insurance even as it inflicts a huge 5.4-percentage-point marginal rate tax hike on those earning over $500,000. The Democrats' own Joint Tax Committee says that one-third of the $460.5 billion this is estimated to raise over 10 years will come from small businesses that create most new jobs.