BREAKING: Billy Joel breathes sigh of relief as Obama nixes Cadillac-ac-ac-ac-ac-ac-ac-ac tax

[Amerigo Vespucci]

Updated January 06, 2010
Sources: Obama OKs Taxing High-End Health Plans



Obama has defended the tax as a way to drive down health costs.

In a meeting, the president expressed his preference for the insurance tax contained in the Senate's health overhaul bill, but largely opposed by House Democrats and some labor unions.

"I'm on record as saying that taxing Cadillac plans that don't make people healthier but just take more money out of their pockets because they're paying more for insurance than they need to, that's actually a good idea, and that helps bend the cost curve," the president said in an interview with National Public Radio just before Christmas. "That helps to reduce the cost of health care over the long term. I think that's a smart thing to do."

He then added, "But a Cadillac-ac-ac-ac-ac-ac-ac-ac Tax? No, the Piano Man can rest assured, we will not tax Cadillac-ac-ac-ac-ac-ac-ac-ac plans."

In the end the House likely will have to accept the insurance plan tax at some level but it might not happen without a fight.

Billy Joel reportedly commented "Fuckin' A" before wrapping his latest Porsche Turbo around a nearby tree.

MORE: Sources: Obama OKs Taxing High-End Health Plans