In Dover on Friday, Sen. Barack Obama did not exactly pledge not to raise taxes on Americans who make less than $250,000 a year. He didn't say that he wouldn't raise taxes on you. He said his "plan" wouldn't.

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"I pledge to you that under my plan, no one making less than $250,000 a year will see any form of tax increase. Not income tax, not capital gains tases, not any kind of tax."

If circumstances change and his "plan" changes, well, all bets are off. But even if Obama sticks to his plan, he'll have an enormously hard time keeping that pledge. That's because he has another plan. This one calls for hundreds of billions of dollars in new spending.

►In Dover, Obama makes 'pledge' against tax hikes on most Americans (48)

Obama's own campaign estimates that he proposes $130 billion in new spending. The National Taxpayers Union has done the math and come up with $345 billion. Either way, Obama's proposed tax increases on people making more than $250,000 a year won't pay for his new spending. He will have to either cut massive amounts of federal spending, raise taxes or borrow billions -- or all three.

There is something else Obama doesn't mention. His tax increases on the "rich" and corporations are not consequence-free for middle-class Americans. Higher taxes on the wealthy and on businesses mean fewer new jobs for everyone. The same goes for increased government regulations. Obama might not raise taxes on you directly, but his plans to raise taxes and increase regulations are bound to affect you indirectly.

Sen. John McCain, it is worth noting, responded to Obama's statement by pledging to cut taxes for everyone. That doesn't suit those who think the wealthy and business owners are enemies of America. But in reality, reducing taxes across the board would be more beneficial for the economy, and thus for all Americans no matter their tax bracket.