OBAMA'S TAX PLAN

With an aim of offering financial relief to the middle class and seniors, Senator Barack Obama, Democrat of Illinois, is presenting a plan today to cut taxes for more than 150 million Americans and their families by at least $500 and simplify the tax system to make the basic filing of taxes a five-minute chore.

In a speech this afternoon in Washington, aides say, Mr. Obama will argue that the current tax code rewards wealth rather than work. To pay for his tax cuts, which amount to at least $80 billion, Mr. Obama is proposing to close corporate tax loopholes and raise the top rate on capital gains and dividends.

In his bid for the Democratic presidential nomination, Mr. Obama and his rivals are laying out a series of policy proposals as the pace of the campaign intensifies. It is the second economic-related speech delivered by Mr. Obama in as many days.

“Instead of working to find ways to relieve the burden on the middle class, we’ve developed creative ways to remove the burden from the well-off,” Mr. Obama will say, according to excerpts of his speech released by his campaign. “Instead of having all of us pay our fair share, we’ve got over $1 trillion worth of loopholes in the corporate tax code.

“This isn’t the invisible hand of the market at work,” he will say. “It’s the successful work of special interests.”


Here’s a snapshot of the details included in Mr. Obama’s plan:

* Providing a universal homeowner’s tax credit to those who do not itemize their deductions. This would benefit 10 million homeowners, most of whom make less than $50,000 per year.

* Eliminating income tax for any senior citizen who earns less than $50,000 per year, which aides say is about 7 million American seniors.

* Simplifying tax filings so millions of Americans can do their taxes in less than 5 minutes.

To pay for the plan, aides said, Mr. Obama would close corporate loopholes, crack down on international tax havens, close the carried interest loophole and increase the dividends and capital gains rate for the top bracket. Aides did not say how the high the rate would be raised.



With an aim of offering financial relief to the middle class and seniors, Senator Barack Obama, Democrat of Illinois, is presenting a plan today to cut taxes for more than 150 million Americans and their families by at least $500 and simplify the tax system to make the basic filing of taxes a five-minute chore.

In a speech this afternoon in Washington, aides say, Mr. Obama will argue that the current tax code rewards wealth rather than work. To pay for his tax cuts, which amount to at least $80 billion, Mr. Obama is proposing to close corporate tax loopholes and raise the top rate on capital gains and dividends.

In his bid for the Democratic presidential nomination, Mr. Obama and his rivals are laying out a series of policy proposals as the pace of the campaign intensifies. It is the second economic-related speech delivered by Mr. Obama in as many days.

“Instead of working to find ways to relieve the burden on the middle class, we’ve developed creative ways to remove the burden from the well-off,” Mr. Obama will say, according to excerpts of his speech released by his campaign. “Instead of having all of us pay our fair share, we’ve got over $1 trillion worth of loopholes in the corporate tax code.

“This isn’t the invisible hand of the market at work,” he will say. “It’s the successful work of special interests.”


Here’s a snapshot of the details included in Mr. Obama’s plan:

* Providing a universal homeowner’s tax credit to those who do not itemize their deductions. This would benefit 10 million homeowners, most of whom make less than $50,000 per year.

* Eliminating income tax for any senior citizen who earns less than $50,000 per year, which aides say is about 7 million American seniors.

* Simplifying tax filings so millions of Americans can do their taxes in less than 5 minutes.

To pay for the plan, aides said, Mr. Obama would close corporate loopholes, crack down on international tax havens, close the carried interest loophole and increase the dividends and capital gains rate for the top bracket. Aides did not say how the high the rate would be raised.



With an aim of offering financial relief to the middle class and seniors, Senator Barack Obama, Democrat of Illinois, is presenting a plan to cut taxes for more than 150 million Americans and their families by at least $500 and simplify the tax system to make the basic filing of taxes a five-minute chore.
In a speech this afternoon in Washington, aides say, Mr. Obama will argue that the current tax code rewards wealth rather than work. To pay for his tax cuts, which amount to at least $80 billion, Mr. Obama is proposing to close corporate tax loopholes and raise the top rate on capital gains and dividends.
In his bid for the Democratic presidential nomination, Mr. Obama and his rivals are laying out a series of policy proposals as the pace of the campaign intensifies. It is the second economic related speach delivered by Mr. Obama in as many days.
“Instead of working to find ways to relieve the burden on the middle class, we’ve developed creative ways to remove the burden from the well-off,” Mr. Obama will say, according to excerpts of his speech released by his campaign. “Instead of having all of us pay our fair share, we’ve got over $1 trillion worth of loopholes in the corporate tax code.
“This isn’t the invisible hand of the market at work,” he will say. “It’s the successful work of special interests.”

Here’s a snapshot of the details included in Mr. Obama’s plan:

* Providing a universal homeowner’s tax credit to those who do not itemize their deductions. This would benefit 10 million homeowners, most of whom make less than $50,000 per year.

* Eliminating income tax for any senior citizen who earns less than $50,000 per year, which aides say is about 7 million American seniors.

* Simplifying tax filings so millions of Americans can do their taxes in less than 5 minutes.

To pay for the plan, aides said, Mr. Obama would close corporate loopholes, crack down on international tax havens, close the carried interest loophole and increase the dividends and capital gains rate for the top bracket. Aides did not say how the high the rate would be raised.