ViolaLee
09-18-2007, 11:10 PM
WASHINGTON (CNN) -- Sen. Barack Obama on Tuesday proposed overhauling the tax code to lower taxes for the poor and middle class, increase them for the rich and make it so most Americans can file their taxes in five minutes.
The tax relief plan he envisions for the middle class alone would mean $80 billion or more in tax cuts, he said.
Obama, an Illinois Democrat who is a front-runner for his party's 2008 presidential nomination, said during a speech at the Tax Policy Center that the present tax code reflects the wrong priorities because it rewards wealth instead of work.
"Instead of having all of us pay our fair share, we've got over $1 trillion worth of loopholes in the corporate tax code," he said. "This isn't the invisible hand of the market at work. It's the successful work of special interests." Watch Obama unveil his tax plan ยป
The result, according to Obama? "Gaps in wealth in this country grow wider, while the costs to working people are greater."
His plan means billions in breaks by nixing income taxes for the 7 million senior citizens making less than $50,000 a year, establishing a universal credit for the 10 million homeowners who do not itemize their deductions -- most of whom make less than $50,000 annually -- and providing 150 million Americans with tax cuts of up to $1,000.
"I'd reward work by providing an income tax cut of up to $500 per person -- or $1,000 for each working family -- to offset the payroll tax that they're already paying," he said.
"Because this credit would be greater than their income tax bill, my proposal would effectively eliminate all income taxes for 10 million working Americans."
Obama also said he would repeal the Bush tax cuts for the wealthiest 1 percent of Americans.
"At a time when Americans are working harder than ever, we are taxing income from work at nearly twice the level that we're taxing gains for investors," Obama said. "We've lost the balance between work and wealth."
http://www.cnn.com/2007/POLITICS/09/18/obama.taxplan/index.html?eref=rss_topstories
Obama might actually save the middle class!
The tax relief plan he envisions for the middle class alone would mean $80 billion or more in tax cuts, he said.
Obama, an Illinois Democrat who is a front-runner for his party's 2008 presidential nomination, said during a speech at the Tax Policy Center that the present tax code reflects the wrong priorities because it rewards wealth instead of work.
"Instead of having all of us pay our fair share, we've got over $1 trillion worth of loopholes in the corporate tax code," he said. "This isn't the invisible hand of the market at work. It's the successful work of special interests." Watch Obama unveil his tax plan ยป
The result, according to Obama? "Gaps in wealth in this country grow wider, while the costs to working people are greater."
His plan means billions in breaks by nixing income taxes for the 7 million senior citizens making less than $50,000 a year, establishing a universal credit for the 10 million homeowners who do not itemize their deductions -- most of whom make less than $50,000 annually -- and providing 150 million Americans with tax cuts of up to $1,000.
"I'd reward work by providing an income tax cut of up to $500 per person -- or $1,000 for each working family -- to offset the payroll tax that they're already paying," he said.
"Because this credit would be greater than their income tax bill, my proposal would effectively eliminate all income taxes for 10 million working Americans."
Obama also said he would repeal the Bush tax cuts for the wealthiest 1 percent of Americans.
"At a time when Americans are working harder than ever, we are taxing income from work at nearly twice the level that we're taxing gains for investors," Obama said. "We've lost the balance between work and wealth."
http://www.cnn.com/2007/POLITICS/09/18/obama.taxplan/index.html?eref=rss_topstories
Obama might actually save the middle class!