With 2010 coming to a close, President Obama brokered a major deal on taxes, agreeing to continue the current tax rates for everyone, including high earners. The tax rates, passed during President George W. Bush's administration, were set to go up in 2011.

Obama said repeatedly during the campaign that he intended to let the tax rates increase for couples who made more than $250,000 or individuals who made more than $200,000. He gave in on that point in order to get some other things in return. The current tax rates were extended for couples who make less than the $250,000 cut-off, and some tax cuts that were part of the 2009 economic stimulus law were also continued. Additionally, Obama won an extra year of unemployment benefits for workers who qualified, and he won a one-year reduction of Social Security taxes that puts 2 percent of pay back into workers' paychecks

One thing that wasn't included in the deal was expanding the child and dependent care credit, nor was it made refundable.

The compromise extends most tax rates for another two years so that they expire at the end of 2012, just as Obama completes his first term. It's highly unlikely that more tax changes will be considered before then. If this tax proposal is revived at some point, we'll revisit our ruling. But for now it's Promise Broken.