Taxes: A new study shows President Obama's budget would significantly boost taxes on the middle class. Funny, we seem to recall him promising voters that only the rich would pay for his grandiose spending plans.

According to the analysis from the nonpartisan but liberal-leaning Tax Policy Center, Obama's budget would hit wealthy families hardest, with the top 20% of income earners shouldering almost 90% of the tax hike.

But families at every income level would end up paying more if Obama's budget were enacted, including those making less than $10,000 a year.

Among other things, the TPC explains, Obama wants to nearly double the federal cigarette tax, raising it to $1.95 a pack and indexing it for inflation, to pay for his universal preschool plan. That hike would be paid for almost entirely by lower-income families.

In addition, Obama wants to change the government's inflation gauge to what's called a "chained CPI," which would in effect lower the official inflation number.

Since tax brackets are indexed to the CPI, this would push middle-class families into higher tax brackets more quickly. The Tax Policy Center's Joseph Rosenberg called it a "backdoor" tax hike of $100 billion.

Then there's Obama's proposal to limit the tax break from deductions to 28%, which would raise taxes on families with incomes down to $183,250 — well below Obama's no-new-tax threshold of $250,000.

This will be a shock to those who thought Obama was being honest when he promised during his re-election campaign that he could spend more money and cut the deficit simply by asking the "wealthiest families to pay a little more" and closing some corporate loopholes.

The fact is, Obama long ago violated his no-new-middle-class-tax pledge, not that anyone noticed, since the press gave him a free pass.

Almost as soon as he took office, Obama signed a law that nearly tripled the federal cigarette taxes — a $33 billion tax hike paid mainly by lower-income families.

And the $1 trillion in new ObamaCare taxes he signed into law in early 2010 included several provisions that will raise middle-class taxes — including new limits on flexible spending accounts, a higher threshold for deducting medical expenses, and the mandate tax.

Plus, as IBD recently reported, other ObamaCare taxes will eventually target the middle class because they aren't properly indexed.

The income thresholds for the Medicare tax surcharge, for example, aren't indexed for inflation, which means that in a few years it will start sweeping up middle-income families.

That law also includes a huge new fee on insurance companies that will raise $102 billion over the next decade, with the costs passed down to middle-class families in the form of higher premiums.

We pointed out many times in this space that there was simply no way Obama could finance his big-government ways simply by targeting "millionaires and billionaires" for higher taxes.

With his latest budget, Obama has been caught admitting this as well.