How can this be?  Isn't Obama promising a tax increse for only those earning more than $250,000 a year?

Well, he's lying.  And it can all be found on his web site.  The article, on the topic, from the American Thinker was forwarded to me.

In short, for people making less than $250,000 per year, their taxes will go up several different ways:

 1. Obama is promising to let the Bush Tax cuts of 2001 and 2003 expire.  This is a tax increase on EVERY tax payer. 

 2. Obama has suggested he will lift the cap on Social Security taxes.  This means that anyone earning between $95k and $249k will see their social security tax increase by 12%.

 3. Obama is increasing capital gains tax from 15% to 20%.  50% of all Americans now own stocks (outside their 401(k)).  Obama's capital gains tax increase doesn't discriminate based on income.  Everyone will feel this.
    

    Based on just the first TWO points above, a married couple that earns $75,000 per year will see their taxes increase by $3,074.  The article breaks this down very clearly. 

    By buying into the lies of the Obama tax pledge, the couple will pay an additional $12,000 for a 4-year Obama Admininstration, simply because they fell for his lies.