Obama Pledges More Fair Tax System

Rudy Eugene and Ronald Poppo / CBS/Miami-Dade Police Dept.

Presidential hopeful Barack Obama on Monday acknowledged "the American dream is getting more expensive" and repeated his pledge to make the United States' tax system more fair.

"A generation ago, one salary could support a family. Now, it's two. And that's even becoming a stretch," Obama told eight guests at a private meeting in a Nashua restaurant.

Obama's plan would cancel out tax breaks from what he calls monied interests to provide $80 billion annually in relief for workers, seniors and homeowners. Obama, returning to an anti-Washington theme, said it's past time to return that money to the U.S. work force that fuels the economy.

"We've got a tax code that's making things worse. This isn't an accident. Special interests in Washington have carved out a trillion dollars worth of corporate tax loopholes at a time when income inequality is larger than any time since before the Great Depression," Obama said, before turning on President Bush and his tax policy. "George Bush's tax cuts, for example, went disproportionately to the top 1 percent of the population."

Obama's tax plan 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 so millions can file in less than five minutes.

"What they're finding, I don't know if this will correspond with how you are doing, is that the American dream is getting more expensive. Costs are rising at the same that time wages and salaries have flat-lined. Jobs and pensions are less secure."

Obama also blamed a tax filing cumbersome system.

"It takes me two days to fill out these forms," voter Marion Noble told Obama.

The first-term senator said he understands. "I did my own taxes until about three years ago," he said.

Obama's solution, in part, would be to direct the IRS to send pre-filled tax forms to 40 million workers who take the standard deduction and have a bank account. They would simply have to sign and return it, which Obama estimates would save more than $2 billion in tax preparation fees and 200 million hours of work.

"There's no reason you should have to pay H&R Block to spend hours and hours. You should just get a form," Obama said. "It should take you about five minutes. That should save you a lot of time and aggravation."

Later Monday, Obama planned to file candidacy papers for the New Hampshire presidential primary.

[jmklei0]

Obama needs to consider the FairTax to get rid of the income tax, like another Democrat, Mike Gravel.

[gunnerv1]

Ron Paul, blah, blah, Rap. Rap. Rap.

[gunnerv1]

I might listen to Hussian if he would wear a America Flag lapel pin

[mudrose-2009]

Just kill George Soros. That will take care of one of the top 1%. The remaining 9% will be taxed up the wazoo and guess what, your the only ones left and the dimnowits need ya money.

[brianbwb-2009]

A couple of posters here worry about competition in the globalized market, without taking into consideration that the countries most able to take advantage of it are countries that use slave labor, of wages very close to slave wages, like China, and Indonesia.

Of a truth, there are only two choices for the US; One, levy tariffs on imports to match the cost of domestic production, (especially for US companies that "outsourced their labor) and continuing them until such a time as there is a global living wage standard or; Two, allow the reinstitution of slavery in the US.

Since number two will certainly result in disintegration of the US, it is not an option considered by any sane person, and failure to enact option one will cause massive social upheaval, that may very well produce the same result as option two.

[btree50]

A politician will say anything to get elected. Once they get in office their mind suddenly goes blank. That is for the people that vote, not for the big contributors.

[navyretired2]

"Posted by dewey715 at 08:04 PM : Oct 22, 2007"

So you''re basically saying that since Ron Paul''s not in bed with corporate America and the MSM, and is not the puppet of destructive special interests, he''d be a useless president. I almost agree, which is a pretty sad statement of the current political situation in this country. Even more sad is what this statement says about the American public, that we''re OK with being fooled, lied to, deceived and abused by crooks in the government, because they have "friends" in congress/special interests.

It''s like I''ve said before, he''s almost too good to get elected, but I''ll continue to actively support him in hopes he''ll get the nod, may be futile, but he''s the best candidate by FAR.

[slim1h2o]

This is nonsense, anytime someone tries to "fix" the tax system, it turns out worse. More complicated, more burdensome for us. Please don''t fu(k with it, unless you just want to abandon it, and that would be fine with me.

[adian1-2009]

Now we are talking, Obama! You see, I have been for Ms. Clinton --not unconditionally, nor excusing her for her recent vote regarding Iran terrorist ranking-- since the inception. Later you came around and I felt enthusiastic about you. Some time later your main attack on Ms. Clinton, which you repeated until I just got fed up of the argument, was her vote for the attack and invasion of Irak. Now you have come back to substance. You seem to be the only candidate that has thought about the elderly''s financial condition. I know a man who is 70, gets a $800 check from Social Security, must continue working 8 hours a day, makes approximately 28K, and must give Uncle Sam like @2,000.00 in taxes. In the meantime, he has had to pay 7% in state taxes for every loaf of bread he eats, is unable to buy a new car and is tied to pay high telephone bills due to monopolistic maneuvers by corporate America and politicians of the State or New Jersey. Seems that you got a point. I''ll be paying attention to what you say.

[Krazcarl]

We''ve all heard this before I think every election and nothing gets done it just sounds good but never happens nor will it unless they go up.