Obama Says Middle Class Tax Relief Plan Will Give Working Americans a Break
U.S. Senator Barack Obama today said that his middle class tax relief plan would provide a substantial tax cut for nearly all working Americans, for homeowners, and for low- and middle-income seniors. Obama's plan will eliminate the income tax for 175,000 working Iowans and 100,000 Iowa seniors. 110,000 Iowa homeowners will get a tax break, and 300,000 seniors will no longer have to file income taxes.
"I believe it's time that we had a tax policy in this country that stops giving billions in tax cuts to the wealthiest few Americans who didn't need them and didn't ask for them," Obama said. "It's time to give working Americans a break."
Obama's plan provides immediate relief to middle class families while closing down corporate loopholes, because the American Dream shouldn't be the property of the few - it should be accessible to every American.
Obama's middle class tax relief plan would provide $80-85 billion in tax cuts to America's workers, seniors and homeowners by:
* Cutting taxes for 150 million Americans and their families, allowing them to get a tax cut of up to $1000.
* Easing the burden on the middle class by providing a universal homeowner's tax credit to those who do not itemize their deductions, immediately benefiting 10 million homeowners, the majority of whom make under $50,000 per year.
* Eliminating the income tax for any American senior making less than $50,000 per year, eliminating income taxes for about 7 million American seniors.
* Simplifying tax filings so millions of Americans can do their taxes in less than 5 minutes.
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. Click here for a fact sheet on Obama's plan.