President-elect Obama promised 95% of the people a tax cut. That would require raising taxes on the other 5%. Raising taxes during economic hard times is not a good idea. (I actually think raising taxes is never a good idea, but nobody asked.) When he becomes president, Obama is going to want to hit the ground running, and taxes and health care have to be priority items, as they were the campaign's focus.

If I may, I would like to point out a few facts I hope the economic gurus keep in mind as they formulate a program.

If you are lucky or hard-working enough to have earned $364,657 in 2006, the last year for which data is fully available, you are in the top 1% of earners. That group earned 22% of all income and paid 40.4% of all taxes levied on individuals. The top 1% paid almost as much as the lower 95%! The percent of taxes paid by the top 1% has increased from 19% of all tax to the current 40% over the last 25 years.

Earnings of $145,283 landed you in the top 5% of earners, and the top 5% paid 60% of all taxes.

Earnings of $103,912 was needed to qualify for the top 10%, and that group paid 70% of all taxes. The top 25% of incomes (more than $62,066) paid 86% of taxes.

It's estimated that, in 2009, well more than 40% of American earners will pay no federal tax.