As far back as 2007, candidate Barack Obama said it was time to raise income taxes on high earners, whom he classified as couples making at least $250,000 and single people making $200,000.

Because of the way tax laws were passed during the George W. Bush administration, taxes were set to go up for all income levels back in 2010. President Obama, however, agreed to a compromise with Republicans in Congress, and they passed legislation to let the income tax rates continue unchanged for another two years.

At that time, we rated Obama's campaign promise on tax increases for high earners as Promise Broken.

The compromise is now set to expire at the end of 2012, and Obama has said repeatedly that he will not agree to another extension. He said he agreed to the 2010 extension only because the economic recovery wasn't robust enough at the time.

In a news conference shortly after his 2012 re-election, Obama said he was willing to negotiate on taxes, but only up to a point.  He said he would not "extend further a tax cut for folks who don't need it, which would cost close to a trillion dollars. And it's very difficult to see how you make up that trillion dollars -- if we're serious about deficit reduction -- just by closing loopholes and deductions. The math tends not to work.”

Obama also said the public supported him on raising income tax rates on high earners: " I think every voter out there understood that that was an important debate, and the majority of voters agreed with me. By the way, more voters agreed with me on this issue than voted for me.”

We can't know for certain how the final negotiations will work out on taxes. But Obama has said he will not approve the same tax rates for high earners. Because of the way the law is set up, he does not need legislation to make this happen. So we move the rating from Promise Broken back to In the Works.