Let's say you're a single person, and after taking ALL of your deductions, you're left with $265,000 in taxable income. First, congratulations! You made more than 98% of Americans make! (FYI - average American salary is $40,690/yr - before deductions.)
Now, about your taxes under Obama:
The top rate will go up to 40% in 2011, when the Bush-era cuts expire. Most folks assume that you pay the 40% on ALL of it.
Most folks are wrong.
(snip)
(under Obama)
You pay 10% on the first $8,350; $835
You pay 15% on the next $25,600; $3840
You pay 25% on the next $48,300; $12075
" "28% " "$89,300; $25004
" "33%" "$78,450; $25880.50
And 40% on anything over $250,000. $6000.00
TOTAL TAX: $73,634.50

Now let's compare this to how it is now for your taxable income of $265,000:
You pay 10% on the first $8,350; $835
You pay 15% on the next $25,600; $3840
You pay 25% on the next $48,300; $12075
" "28% " "$89,300; $25004
" "33%" "$93,450; $30838.50

TOTAL TAX: $72,592.50