Obama Proposes Tax Cuts For Middle Class and Elderly

If Obama was elected president he proposed a plan to provide at least $80 billion a year in tax cuts for the middle class and elderly. Obama says he would "end the preferential treatment that's built into our tax code." Some people are already saying that if he does win and goes through with it he might get accused of waging class warfare. He would give a $500 tax credit to more than 150 million workers and also eleminate income taxes for people who make under $50,000 a year. Now this might seem to good to be true to some people, but Obama is seeking to cast himself as an advocate for working americans and to close that gap between the rich, middle class, and the poor. But Obama's plan would increase tax rates on the wealthy and some corporations for it to happen. By eliminating income taxes for people who make under $50,000 a year, Obama said 22 million people would no longer need to file an income tax return, and about 7 million would recieve a tax cut to be about $1400. So if you are the percent of people that make under $50,000 a year you might want to keep this in mind when you are voting for the next president of the United States.
http://www.nytimes.com/2007/09/19/us/politics/19obama.html?_r=1&ref=politics&oref=slogin