Here is an article from Snopes on Obama and taxes. It's not as bad as many emails circulating would suggest, but at best Obama plans on raising taxes but doesn't specify by how much.
Bear in mind, raising taxes on wealthy people DOES result in less job creating and leads to deflationary pressures, which is a microcosm of what we're seeing in the housing market. Obama's tax changes would have had minimal impact a few years ago, but now it would be enough to throw us into a full scale depression. Obama would likely NOT raise interest rates to help homeowners being foreclosed on, which would result in further dollar devaluation and reduced investment. Secondly, his capital gains tax increase would finish off the last remaining investment incentive. People invest for two reasons: to make money from either interest or equity earned from appreciation (capital gains). Taxing one while reducing the other would finish off what's left of our infrastructure.
Perhaps that's something that hasn't been explained very well. When you lower interest rates, the value of the dollar goes down, however people's payments go up because the money that banks have to borrow becomes more expensive and the expense is passed on to consumers by way of higher interest payments. This is known as monetary policy. How the US increases or reduces our supply of money is by controlling interest rates. There is a tradeoff between investment and controlling payments on debt. Because Bernanke was trying to help out homeowners by keeping interest rates low, the dollar fell which made imports more expensive. Also, there is reduced investment, since the interest gain on investment is reduced. Therefore, we see the stock market volatility we've been seeing lately. What should have happened is that there should have been a capital gains tax decrease to compensate for the lower interest rates. It would have encouraged more investment.
Anyway, here's snopes:
http://www.snopes.com/politics/obama/taxes.asp