By the time this appears in print, the election (thankfully) will be over and we will either know who won or which side is demanding a recount. If McCain wins, then this is moot; if Obama wins, then it is relevant. I’m referring to Obama’s promised tax cut for us ordinary folk and his promised tax hike for those he believes to be wealthy, in order to reward those who did nothing to earn it—apart from voting for him.
When was the last time a liberal Democrat Senator voted for a tax cut? From my extensive research, the answer is approximately never.
Every time Obama talks about his tax cuts for everyone making less than $250,000/yr. I think of Bill Clinton’s middle-class tax cut that was a major part of his 1992 campaign. That lasted until the day after he was elected.
In a January 1992 ad, Clinton said, “...I’ve offered a comprehensive plan... [that] starts with a tax cut for the middle class.”
In September of 1992 he said, ‘“We will lower the tax burden on the middle class...”

And in October of 1992, he said, “I will not raise taxes on the middle class.”

But on January 15, 1993, he said, “From New Hampshire forward, for reasons that absolutely mystified me, the press thought the most important issue in the race was the middle class tax cut. I never did meet any voter who thought that.”  In other words, the voters should have known that Clinton’s promise was just the usual campaign sophistry that shouldn’t be believed under any circumstances. That’s apparently the way things were done in Arkansas.

February 1993, 3 weeks after the inauguration, President Bill Clinton addressed the country about his much touted tax cut: "I've worked harder on this than anything I've ever done in my life, and while I said I'd like to lower your taxes, I can't." He didn’t either, nor did he ever mention it again. So instead of a tax cut, he introduced a tax hike on the middle class, which was described by Sen. Daniel Patrick Moynihan (D-NY) as "the largest tax increase in the history of public finance in the United States or anywhere else in the world."
The tax cut promise was just another one of Clinton’s whoppers for which, at the time, he had yet to become famous. But it served its purpose. It convinced the suckers to vote for him. Promise the gullible and ignorant something for free, no matter how irrational and they will follow a smooth talking politician straight to the guillotine. 
And so it will likely be with Obama’s promised tax cuts. It worked for Clinton, so why not Obama?  With all the other obligations and entitlements being shoveled out of the treasury during these unsettled economic times, plus all of the pie in the sky plans Obama has for the government, there simply isn’t enough money to pay for a middle class tax cut and he knows it. What I think he will actually do is raise everyone’s taxes and claim that he had no idea what a mess things were in, Ala Bill Clinton 1993.
 
Obama has already said he will cancel the Bush tax cuts and go back to the rates under the Clinton administration, which were apparently “the good old days.” That alone will be a significant tax increase. It may come as a surprise to those who believe the continual Democrat mantra of Bush’s “Tax Cuts for the Rich.”  It isn’t true. The rich paid a higher percentage of the total tax bill under the Bush plan than under Clinton. In fact, the expiration of the Bush tax cuts will skewer the low and middle-class. I expect Obama to push to have Bush’s tax cuts taken away but there are already signs that he may be backtracking on his own tax cuts.
The London Times reported, “Barack Obama's senior advisers have drawn up plans to lower expectations for his presidency if he wins next week's election, amid concerns that many of his euphoric supporters are harboring unrealistic hopes of what he can achieve.  The sudden financial crisis and the prospect of a deep and painful recession have increased the urgency inside the Obama team to bring people down to earth, after a campaign in which his soaring rhetoric and promises of ‘hope’ and ‘change’ are now confronted with the reality of a stricken economy.”
One senior adviser told The Times [of London] that the first few weeks of the transition, immediately after the election, were critical, "so there's not a vast mood swing from exhilaration and euphoria to despair." It appears that Obama is attempting to back out of his promises at the last moment, hoping that his more rabid supporters have voted early or don’t read the British newspapers.