Dollar Signs with Obama

Senator Barack Obama is proposing to lower taxes for the lower and middle classes. Senator Obama announced a tax relief plan that would cut $80 billion this week. By cracking down on the $1 trillion in corporate tax loopholes, international tax havens and increasing the dividend-and-capital-gains tax for the wealthy, it would offset the cost of income tax cut of $500 per person. He is paying special attention to the seven million senior citizens making less than $50,000 per year. Approximately $150 million American citizens will receive this tax relief. Senator Obama points out that this $500 tax cut would essentially eliminate all income taxes for 10 million working Americans, for the amount of the cut is greater than their income tax bill.

The second part of Senator Obama's tax relief plan is to simplify the filing process for a majority of Americans. Since the IRS already collects wage and bank account information this could be a simple verification process. This would save on time and additional expenses spent on a tax preparer.

This article is worth reading because it would directly affect everyone of us. I don't know anyone who enjoys tax season and the difficult process that is involved with it. Senator Obama seems to have the American public's best interests in mind. Besides, we could all use a little tax relief!

This article can be viewed at http://www.cnn.com/2007/POLITICS/09/18/obama.taxplan/index.html