Obama to Fight for Tax Fairness for Middle Class

[ellisonz]

Obama to Fight for Tax Fairness for Middle Class
Algona, IA | December 16, 2007
Algona, IA - At a town hall meeting at Algona High School, U.S. Senator Barack Obama today discussed his bold and innovative plan to cut taxes for working Americans. By standing up to the special interests and fighting for working Americans' interests, Senator Obama will cut taxes for those who need it most: middle-class families and seniors. Obama's plan will also restore fairness to the tax code.

"I'm in this race to take those tax breaks away from companies that are moving jobs overseas and put them in the pockets of hard working Americans who deserve it, and I'm the only candidate in this race to introduce a middle-class tax cut that will give 95% of working Americans a break," Senator Obama said. "We don't need any more tax breaks for the wealthiest corporations who didn't need them and didn't ask for them - it's time to give a break to working folks so that we put the American Dream within the reach of every American once more. That's why I'm running for President."

Obama's plan would provide relief and support for our middle class and honor seniors, such Mary Paige of Cedar Rapids, by eliminating federal income taxes for those making less than $50,000 a year. Ms. Paige, participated in a roundtable discussion with Senator Obama on Friday at Kirkwood Community College in Cedar Rapids. Under Obama's plan, Ms. Paige would no longer pay federal income taxes.

Senator Obama's tax-fairness plan also includes a new "Making Work Pay" tax credit of up to $1,000 for America's working families, creates a new universal mortgage interest credit that will benefit low and middle-income homeowners, simplifies tax filings so millions of Americans can do their taxes in less than 5 minutes, eliminates special interest loopholes and tax breaks and cracks down on international tax havens.

Obama would pay for his tax reform plan by closing corporate loopholes, cracking down on international tax havens, closing the carried interest loophole, and increasing the dividends and capital gains rate for the top bracket.

http://www.barackobama.com/2007/12/16/obama_to_fight_for_tax_fairnes.php

Plus a detailed fact sheet:

A COMMITMENT TO FISCAL RESPONSIBILITY Barack Obama’s plan will provide $80-85 billion in tax relief to America’s workers, seniors, and homeowners. Unlike President Bush, whose fiscally irresponsible tax cuts that traded the budget surpluses of the 1990s to record deficits today, Obama has a plan to pay for his tax reform plan. In addition to closing the corporate loopholes and cracking down on international tax havens, he will pay for middle class tax relief by and increasing the highest bracket for capital gains and dividends and closing the carried interest loophole.

[glowing]

1. This seems like a good plan.. maybe, since taxes would be lessened.

We could pay for universal healthcare out of our checks.. Man if I could take peices of Obama an Edwards and make them one... I think they'd make a great team.. young children and great wives.. shoot, I wish the wives were running... those are women who should be president.

[ellisonz]

2. I'm open to an Obama/Edwards ticket.

With Hillary advising Barack it will be a trifecta!

[glowing]

3. I think it should be the other way around... Obama seems to waffle a bit.

He still want to give corportions a seat at the table.. If they sit there, he will never get this tax plan enacted ever. Also, John is pushing this New Green Deal agenda.. and we desperately need to revamp transportation, energy, jobs, and the environment.. He understands that the old way is done.. the new way is self-reliant and a way to add jobs and an economy that is sustainable.

[ellisonz]

4. I'd actually like to hear how Edwards plans to "demand" his reforms.

Methinks he'll get crushed...