Taxes will go up under Obama, but not a return to the pre Bush levels.
You will see a higher marginal rate on higher earners, elimination of the carried interest, possibly a higher capital gains rate, and a
compromise on the estate tax. Also, the democrats do have access to calculators and they know that the tax base has to be broadened. They'll do this through the back door by eliminating certain tax credits.
In addition, the corporate tax rate will be lowered, enough so that overseas held profits can be re-patrioted.