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Provide Middle Class Americans Tax Relief Obama will cut income taxes by $1,000 for working families to offset the payroll tax they pay. * Provide a Tax Cut for Working Families: Obama will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family. The "Making Work Pay" tax credit will completely eliminate income taxes for 10 million Americans. * Eliminate Income Taxes for Seniors Making Less than $50,000: Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This proposal will eliminate income taxes for 7 million seniors and provide these seniors with an average savings of $1,400 each year. Under the Obama plan, 27 million American seniors will also not need to file an income tax return. * Simplify Tax Filings for Middle Class Americans: Obama will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees. Trade Obama believes that trade with foreign nations should strengthen the American economy and create more American jobs. He will stand firm against agreements that undermine our economic security. * Fight for Fair Trade: Obama will fight for a trade policy that opens up foreign markets to support good American jobs. He will use trade agreements to spread good labor and environmental standards around the world and stand firm against agreements like the Central American Free Trade Agreement that fail to live up to those important benchmarks. Obama will also pressure the World Trade Organization to enforce trade agreements and stop countries from continuing unfair government subsidies to foreign exporters and nontariff barriers on U.S. exports. * Amend the North American Free Trade Agreement: Obama believes that NAFTA and its potential were oversold to the American people. Obama will work with the leaders of Canada and Mexico to fix NAFTA so that it works for American workers. * Improve Transition Assistance: To help all workers adapt to a rapidly changing economy, Obama would update the existing system of Trade Adjustment Assistance by extending it to service industries, creating flexible education accounts to help workers retrain, and providing retraining assistance for workers in sectors of the economy vulnerable to dislocation before they lose their jobs. * End Tax Breaks for Companies that Send Jobs Overseas: Barack Obama believes that companies should not get billions of dollars in tax deductions for moving their operations overseas. Obama will also fight to ensure that public contracts are awarded to companies that are committed to American workers. * Reward Companies that Support American Workers: Barack Obama introduced the Patriot Employer Act of 2007 with Senators Richard Durbin (D-IL) and Sherrod Brown (D-OH) to reward companies that create good jobs with good benefits for American workers. The legislation would provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America if it has ever been in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military. http://www.barackobama.com/issues/economy/#tax-relief

Asked By: racism is unbecoming - 9/3/2008
Best Answer - Chosen by Asker
People still don't understand that Obama will *cut* taxes for 95% of Americans, while McCain will tax your health insurance benefits.
Answered By: Maverick No More - 9/3/2008
Additional Answers (6)
Bill O'Reilly gave me a b*****b
Answered By: Billy Jo - 9/3/2008
 
sounds good to me
Answered By: chris - 9/3/2008
 
I think you wrote a lot and I still don't support Obama
Answered By: Mel - 9/3/2008
 
I think that if Obama and the Democrat controlled Congress let "the Bush Tax Cuts" expire, everyone's taxes will go up 3% to 5%. Obama and the Dems say this is not raising taxes. If Obama then lowers them by $1000, taxes will still be higher than today (FOR EVERYONE)!
Source(s):
Answered By: Yo it's Me - 9/3/2008
 
i think they are great but theres little to no possiblity theyre gonna happen.
Answered By: airheadluffy - 9/3/2008
 
Heres a question. How is he going to cut taxes for 95% of the country, while at the same time giving everyone universal health care and all of his other entitlement programs? He's going to have to cut other things, like defense spending, military technology development will have to be cut. I don't, I just don't feel... More
Answered By: jagsfan - 9/3/2008
 
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