President Obama promised that “if your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.....62 cents tax increase on tobacco....1) On people making more than $250,000. $338 billion - Bush tax cuts expire $179 billlion - eliminate itemized deduction $118 billion - capital gains tax hike Total: $636 billion/10 years 2) Businesses: