Washington – Democratic presidential candidate Barack Obama said Tuesday that he would take back tax breaks from moneyed interests to provide $80 billion annually in relief for workers, seniors and homeowners.
The Illinois senator said connected corporations and wealthy investors have benefited in the current tax code and it’s time to give money back to the workers who fuel the U.S. economy.
Obama’s plan was short on some specifics. But he said he would give 150 million workers a $500 payroll tax credit, expand relief on mortgage interest, eliminate income taxes for seniors making less than $50,000 and simplify returns.
“We need a tax code that’s fair – a tax code that rewards work and advances opportunity,” Obama said in a speech to the Tax Policy Center.
