In 2008, Barack Obama frequently made this promise to American voters: "I pledge that under my plan, no one making less than $250,000 a year will see any type of tax increase. Not income tax, not capital gains taxes, not any kind of tax." But as Obama's first term comes to a close, that has clearly not been the case. In fact, one of his very first acts as president was to raise taxes on products consumed primarily by those whom he promised not to raise taxes on. Continue Reading.