News is today that Barack Obama will hold off raising taxes on the rich.

“WASHINGTON (Reuters) – President-elect Barack Obama may consider delaying a campaign promise – to roll back tax cuts on high-income Americans – as part of his economic recovery strategy, two aides said on Sunday.

David Axelrod, the Obama campaign strategist who was chosen to be a senior White House adviser, was asked if the tax cuts could be allowed to expire on schedule after tax year 2010 rather than being rolled back by legislation earlier. “Those considerations will be made,” he said on “Fox News Sunday.”

Bill Daley, an adviser to Obama and commerce secretary under former President Bill Clinton, said on NBC’s “Meet the Press” that the 2010 scenario “looks more likely than not.”

President George W. Bush’s tax cuts are set to expire at the end of 2010. After that they would revert to 2001 levels, when the top individual tax rate was 39.6 percent.

Obama has called for reducing taxes for the middle class, but requiring the wealthiest Americans to pay more than the current top rate of 35 percent.

His aides’ comments suggest Obama may be wary of imposing any additional tax burden at a time of deep crisis, despite the outlook for record budget deficits and mounting national debt. He may also be seeking to bolster Republican support for his recovery measures.

As I’ve been telling you the Bush tax cuts have already been axed. Back in March Democrats both in the House and Senate voted to let many of the Bush tax cuts expire in 2010. While the left has incorrectly said that these cuts benefited the rich – as if being rich was evil – the simple fact that they benefited all Americans. Because of Democrats each American making more than $42,000 a year will see a $3-4000 raise in taxes beginning in 2010.

Let’s not forget their plan to go after the tax deferred revenue from 401k contributions.

The fact is however, that any raising of taxes during these tough times. Obama’s Democratically controlled congress is itching to get that extra tax revenue and won’t like it if he fails to play along.