Obama makes $85bn tax cut vow

Presidential hopeful Barack Obama is hoping to sway a sizeable proportion of
the US electorate with an aggressive set of
cut proposals

Obama presented a fiscal package in Washington yesterday that promised to
give citizens earning average wages $85bn (£42.5bn) of tax relief. The primary
feature of Obama’s designs was to grant a $1,000 tax credit to those entitled .

The package of reforms included a mortgage interest relief of $500 on average
for middle-class homeowners and income tax cuts for US citizens earning less
than $50,000 a year.

Another major aspect of the proposals was a simplication of the Internal
Revenue Service’s annual tax form which Obama believed would save the taxpayers
$2bn annually in compliance costs.

Obama said that the cuts aimed at those in the median range of US wage income
would be offset by the closure of offshore tax havens, the withdrawal of tax
loopholes and the raising of capital gains tax from 15% to a possible level of
28 cents in the dollar.

Further reading:

Lib Dems
outline taxes for the rich

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