In 2007, Sen. Barack Obama proposed rolling back the Bush tax cuts on the wealthiest Americans to pay for his proposals, including universal health care. Today, President Barack Obama proposed rolling back the Bush tax cuts on the wealthiest Americans to pay for his proposals, including universal health care.

Some centrist pundits claim that Obama's key to victory is repeating himself. They should hail this moment as a campaign breakthrough. The rest of us shouldn't be too fazed. President Obama has publicly announced that he fully supports the campaign platform of President Obama.

Although the media has had five years to chew on this proposal (or even more if you include Sen. John Kerry's similar plan in 2004), there are still some facts that have been elided in today's coverage. Here are three:

(1) Everybody is getting a tax cut. Everybody. Or, everybody is "keeping" part of their tax cut, if you prefer that construction. The '01/'03 tax cut passed under Bush and extended under Obama is set to expire in its totality in December. The president has proposed preserving tax rates on every dollar of earned income up to $241,000. If you make $250,001, you will pay a slightly higher tax rate on those marginal $9,000 and only on those marginal $9,000. That's what the marginal in the term "marginal tax rates" stands for.