Sen. Barack Obama presented his tax plan in a speech in Washington, D.C. on Tuesday.
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."
Full story: Obama's tax plan: $80 billion in cuts, 5-minute filings
To; Henry Tucker @ Mary Ca.
Nice little skew of Obama's tax plan guys!!
Obama will cut the tax breaks on those over 200,000 and up, he realizes that those households making 100,000 to 200,000 are still considered middle class today.
You have to check the facts on the Obama plan before you put him down.
When you tangle with someone as smart as Barak Obama you had better do your homework yourself – then you may get behind the smartest guy in the room
and next president of the United States
He's on the right track. Why not make it even simpler, propose a flat tax with no exemptions, period. Exclude the poor and elderly.
Considering the lowest paid 40% of Americans pay no income tax it is tough to give them a tax break. And the cost of increasing the taxes on corporations get passed on to the consumer so if you want to raise the taxes on the poor and middle class plug up those loopholes and pay more for all your goods and services. The comment on wealth versus work isn't even worth commenting on.