Obama Proposes Middle-Class Tax Relief Plan

NYT/Reuters: Obama Proposes U.S. Middle - Class Tax Relief Plan
By REUTERS
Published: September 18, 2007

WASHINGTON (Reuters) - Democratic presidential contender Barack Obama proposed up to $85 billion in tax cuts for about 150 million Americans on Tuesday, paid for by raising capital gains and dividend taxes on wealthy investors. Obama's tax plan, set to be announced in a speech in Washington, includes a cut of up to $1,000 for working families, a mortgage interest credit for low- and middle-income homeowners and the elimination of income taxes for seniors making less than $50,000 per year.

"To get through these uncertain times, we have to recognize that we all have a stake in one another's success," the Illinois senator said in excerpts of the speech provided by his campaign. "When folks are hurting out there on Main Street, that's not good for Wall Street."...

Obama said he would pay for the middle-class tax relief with a crackdown on corporate loopholes and offshore tax havens and an increase in the highest bracket for capital gains and dividend taxes. He did not specify the size of the increase.

His proposal also would simplify the process of filing taxes so Americans could do their taxes in less than five minutes, he said.

Obama said he would give an income tax cut of $500 per person -- or $1,000 per working family -- to 150 million Americans. Because the cut would be greater than the income tax bill for some, he said, it would eliminate taxes for 10 million working Americans. The homeowners' tax credit would benefit about 10 million home owners, he said, and the tax breaks for seniors would eliminate income taxes for about 7 million Americans.

http://www.nytimes.com/reuters/washington/politics-usa-politics-obama.html

How Come?

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you continue to refuse to observe DU Rules and stoop to self gratifying call outs...

and the little excerpt you posted doesn't dispute what I said.. it only adds to the ever changing dialog of Obama's stump speech. He's not going to roll back anything, he's just going to let the Tax Cuts for the Rich expire in 2010.

ZING!

Rolling back Bush's tax cuts will pay for proposals, Obama says

http://www.usatoday.com/news/washington/2007-04-01-obama-iowa_N.htm

Obama Says He’d Roll Back Tax Cuts for the Wealthiest - New York Times

http://www.nytimes.com/
http://www.associatedcontent.com/article/204479/barack_obama_will_reverse_tax_cuts.html

He uses words like "think" "some" "may have to"...

He lets you make your own assumption he's going to do it the minute he's elected. He won't. He'll wait until the Tax Cut to the wealthiest expire on it's own in 2010! It's lawyer speak to the uninitiated..

share. It will not take him getting lobbyist money to do it either.

:rofl:

or do you think Hillary isn't going to compromise on tax cuts for the middle class? To get them accomplished ? You know, how it's done with congress? She's going to give MSM the "raise taxes " meme ? In the general? Go ahead . Tell me Hillary isn't going to compromise at all.


Easier to be a tweaker, isn't it.

"while Obama would pay for his plan in part by letting the tax cuts expire in 2010."

Scroll down to "Paying for the Proposal".. last line in a today's updated story.

Now you know Obama favors Republican mandates.

http://www.msnbc.msn.com/id/20819827/

think. try it.

Obama is no more guilty of this than 17 other candidates seeking the office, but I'm tired of putting up with this sort of BS in headlines and subject lines.

Presidents (and Vice Presidents) of the US are NOT empowered to be dictators. Unless they assume dictatorial powers POTUS's cannot make such things come true by themselves--So why campaign on promises that are not within a candidates power to realize if elected?

and asks them to help him meets the goal. Obama knows that. He also knows once he gets in office how to accomplish those goals.

income tax preparation.

Just read the article. Even the AP writer said Obama and his camp were severely lacking in details as to how all of this would work, and how it would all be paid for.

Tax cuts sound great. Everyone wants them, everyone says they'll enact them. And yet taxes always seem to go up. Wonder why.

I've been reading up on the FairTax, i.e., a national sales tax. Can't really make my mind up whether I like it or not. I like the simplicity of it, and the end of income taxes. And those who pay more in goods and services would end up paying more in taxes. Any thoughts on this proposal?

Wrong Obama stated in the same meeting it would be paid for by

Obama also said he plans on funding his new proposals by increasing the tax rate on stock dividends and other capital gains, closing corporate tax loopholes, and cracking down on international tax havens.

http://www.allheadlinenews.com/articles/7008556874

It is a great plan. It even allows for Seniors to work and not have to pay taxes if their income is below 45,000. That would save them $4,500 dollars a year.

I feel it is a good plan.

I didn't see the speech. The AP article I saw said that while Obama gave generalized thoughts on how he would pay for it, the campaign has not put out any hard numbers explaining their budget. That's all.

Just out of curiosity, why should a senior making $45 grand a year not get taxed, but a young person making $45 grand a year should get taxed? Usually, seniors already own their home and are more financially secure than younger people.

billions of dollars and the average person has to struggle.

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Obama aside, senior income is often from pensions and retirement funds. It's tax deferred so that when they retire they pay a lower rate than at their highest earning years. His plan let's these folks have more of that income tax free, because they can't accumulate wealth any longer. They are spending all that they will ever have, whereas a young person has lots of years to accumulate. If they have an emergency, they've got no ability to recover from it. So seniors tend to get more tax breaks.

I agree there's a flip side to this, but most folks will never tell grandma to sell her home for taxes. Well, some would, but that's why they should never be elected to office.

Nice explanation. Makes sense.

I think another factor that influences this is the fact that older people vote more than younger people and have a more powerful lobbying group. There is no AARP counterpart for young people. So in general, politicians are very afraid of older people, whereas younger people have no voice and so can be disregarded.

As they said on the Simpsons one time when Grandpa was getting royalty checks by accident and never reported the error. Lisa asks him, "But Grandpa, didn't you ever wonder why you were getting all these checks?" And Grandpa says, "I thought it was because the Demmy-crats was in power."

this is what we need. Help for the middle class.

Turns me off because I'm a renter. No thanks, Obama.

if they offer insurance.

I thought that when they do, they deduct the costs as business expenses anyway... or is this credit an addition?