President Biden is out with a new plan claiming to save Medicare by raising taxes, but in the process, he is exposing one of the central lies of Obamacare.

Biden’s plan involves raising the current 3.8 percent payroll surtax on those earning more than $400,000 to 5 percent, while expanding the tax to hit small businesses. But as somebody who covered the Obamacare debate closely, one line from the White House “fact sheet” on the proposal jumped out at me: “It would also dedicate the revenue from the Medicare net investment income tax to the [Hospital Insurance] Trust Fund, as originally intended.”

In reality, that was never the original intention. The Medicare net investment tax was passed as one of the “pay fors” in Obamacare — a central part of Democrats’ claims that the law would be deficit reducing. In fact, in the final version of Obamacare, CBO estimated that the Medicare taxes would raise $210 billion — more than accounting for the $143 billion in claimed deficit reduction. Without that revenue, the law would have been scored as adding to the deficit, and Obamacare would not have passed.

At the time, critics of Obamacare argued that its finances were smoke and mirrors, and in the years since its passage, we have been vindicated over and over again. For instance, about half of the law’s deficit reduction depended on the CLASS Act, a long-term care plan that took in more money in the short-term but was slated to be insolvent in the long-term (and was repealed); the passage of the reconciliation bill was smoothed by the supposedly deficit saving government takeover of student loans, but now student loans are part of Biden’s $500 billion power grab being considered by the Supreme Court.

We knew that Democrats told whatever lies they needed to in order to pass Obamacare. Now Biden is pretending that money they claimed for financing Obamacare was really meant to pay for Medicare all along.