Obama on Course to Break His No Tax Promise in December Now Democrats are Obviously Not Going to Allow Vote to Extend Bush Tax Cuts

"I can make a firm pledge. Under my plan no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes," promised Barack Obama during the 2008 election.

Yet, Obama's firm pledge has done little to force his Democrats in Congress to force a vote to extend the Bush tax cuts. Rather, Congress voted to run home and campaign than put Americans and the economy before their election hopes.

This was an important pledge for Obama, and it helped bring some fed up republicans over to the other side of the aisle and rallied more around Obama for his sweeping victory. With no surprise, Obama is going to raise taxes on all Americans, and they are going to blame Bush. Steny Hoyer has already given insight to the plan. It's Bush's fault for attaching an expiration date to the tax cuts. Do you really believe this was going to stop the Democrats from raising your taxes? Of course not. This is the easy way, and it's the wrong thing to do. It's wrong to take more job creating income from those people who run small businesses--you know those people Obama labels evil making $250,000 or are a bit more.

Look at how it's going to affect Americans. For starters, it's going to remove a considerable amount of disposable income from their pockets.

For the lowest wage earners, their tax rates will rise 50% from 10% to 15%.

As well, the child tax credit will shrink by 50%.

The marriage penalty returns, so it will be cheaper tax wise to stay single.

Here's how it looks financially for a average American family making $50,000. The federal government will rob you of $3,000 more next year than they took this year. Can you imagine what that is going to do to our economy. Less vacations, less major purchases, less disposable income--our economy is going to further suffer.