Barack Obama's Tax Cut for the Middle Class and Seniors

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.

The plan can be viewed in full HERE.