Never believe a promise that they'll only tax the other guy

That's class warfare. Class envy. Obama can't reduce taxes for 95% of Americans, since about 1/3 don't pay taxes anyway. Here's what to remember the last time a charismatic candidate promised to tax the rich and give you a break.

“Back when Mr. Clinton was campaigning for president in 1992, he made a pretty direct pitch: Raise taxes on people making more than $200,000, and use those revenues to fund tax relief for the "forgotten middle class."

In an October presidential debate, then-Gov. Clinton laid out the marginal-rate increase he wanted and some of his plans for the revenue that would be brought in. He followed with a pledge:

"Now, I'll tell you this," he said. "I will not raise taxes on the middle class to pay for these programs. If the money does not come in there to pay for these programs, we will cut other government spending, or we will slow down the phase-in of the programs."

Mr. Clinton, of course, won that election. And as the inauguration approached, he began backtracking from his promise. At a Jan. 14, 1993, press conference in New Hampshire, he claimed that it was the media that had played up a middle-class tax cut, not him. A month later, he announced his actual plan before a joint session of Congress.

p. 1 NYT . . . "Families earning as little as $20,000 a year will also be asked to send more dollars to Washington under the President's plan." About That Middle-Class Tax Cut . . .