WASHINGTON (CNN) – Barack Obama unveiled his tax cut plan Tuesday in Washington. Some would call it a Robin Hood approach, taking from the rich and giving to the poor. (Related: Obama tax plan: $80 billion in cuts, five-minute filings)
"At a time when Americans are working harder than ever, we are taxing income from work at nearly twice the level that we're taxing gains for investors," said the Democratic presidential candidate.
Obama said the current tax system is working against most Americans and he wants to fix it, arguing, "I'll restore simplicity to the tax code and fairness for the American middle class. It's time to stand up to special interest carve outs.”
Obama said his plan calls for “cutting taxes for working people, homeowners, and seniors."
Among the specifics: a tax cut of up to one thousand dollars for 150 million working Americans, a tax credit for homeowners that don't itemize their deductions, eliminating the income tax for seniors making less than 50 thousand dollars annually, and a simplified tax filing process
The Illinois senator said that he’ll pay for all this by “shutting down corporate loopholes and tax havens. We'll also turn the page on an approach that gives repeated tax cuts to the wealthiest one percent of Americans even though they don't need them and didn't ask for them."
That sounds similar to Obama’s Democratic rivals, including Sen. Hillary Clinton, D-New York, and former Sen. John Edwards, D-North Carolina. They rolled out their tax plans earlier this year – with Clinton calling for “rolling back some of President Bush's fiscally-irresponsible tax breaks for the highest income Americans," and Edwards pledging to “get rid of Bush's tax cut for people who make over two hundred thousand dollars a year."
Tuesday’s announcement in Washington is part of an economic policy push by Obama. On Monday, he was at the NASDAQ headquarters in New York City, chastising Wall Street executives for looking out for themselves rather than helping the middle class.
– CNN Deputy Political Director Paul Steinhauser