WASHINGTON, Sept. 19 U.S. Sen. Barack Obama, D-Ill., a Democratic Party presidential contender, said his tax plan would take pressure off the low and middle classes.
Obama said his proposed tax code overhaul would provide up to $85 billion in relief each year for lower- and middle-class families by raising taxes for corporations and wealthy investors, the Los Angeles Times reported Wednesday.
"Instead of having all of us pay our fair share, we have got over $1 trillion worth of loopholes in the corporate tax code," Obama said. "This isn't the invisible hand of the market at work. It's the successful work of special interests."
The senator said the plan would give $500 tax credit to 150 million workers to counteract payroll taxes on the first $8,100 made by a worker.
"We shouldn't be distorting our tax code to benefit a few powerful interests," Obama said. "We should be insisting that everyone pays their fair share, and when I'm president, they will."
He said his plan would also eliminate income taxes for retirees brining in less than $50,000 a year.
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