The President can recommend that taxes get raised, and they have to approve them, but Congress needs to pass them first. Now, if both branches are controled by the same party, it is more likely that the campaign promises will happen, but we'll see what really will go down in the next 4 years.
As for now, we should be lucky that we aren't paying 50% taxes in order to have a balanced budget, but then again it is going to cause major problems when we can't/don't pay down the national debt...
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