Day 86: Obama Talks About – And Releases – Taxes
"We need to simplify a monstrous tax code that is far too complicated for most Americans to understand, but just complicated enough for the insiders who know how to work the system," he said.
Added the president: "It will take time to undo the damage of years of carve-outs and loopholes. But I want every American to know that we will rewrite the tax code so that it puts your interests over any special interest. And we will make it quicker, easier and less expensive for you to file a return."
The president, along with Vice President Joe Biden and his wife, also released his 2008 income tax returns today. According to the White House, Mr. Obama and First Lady Michelle Obama filed jointly and reported an income of $2,656,902.
"The vast majority of the family's 2008 income is the proceeds from the sale of the President's books," the White House said in a release. "The Obamas paid $855,323 in federal income tax."
Also today, protesters demonstrated against taxes and government spending in organized "tea party" protests. Check out CBS "Evening News" coverage of the protests below.