Obama Announces Five-Part Tax Plan

Democratic Presidential candidate Barack Obama unveiled his five-part Tax Fairness for the Middle Class plan in a speech today in Washington, D.C.:

Barack Obama will stand up to the special interests and restore fairness to the tax code. Obama’s tax fairness plan will reward work and provided needed tax cuts to America’s workers. His five-part plan will provide a tax cut to over 150 million workers and their families. Obama will:

1. Create a new “Making Work Pay” tax credit of up to $1,000 for America’s working families
2. Create a new universal mortgage interest credit that will benefit low and middle-income homeowners
3. Honor America’s seniors by eliminating income taxes for those making less than $50,000 per year
4. Simplify tax filings so millions of Americans can do their taxes in less than 5 minutes
5. Eliminate special interest loopholes and tax breaks and crack down on international tax havens

To listen to the speech, see here.

Update:  Press coverage:

• Associated Press:  Obama Economic Plan Includes Tax Breaks, by Nedra Pickler
• Bloomberg:  Obama Proposes Tax Cut for Middle Class, Increase for Investors, by Matthew Benjamin & Max Berley
• Boston Globe:  Obama Envisions Tax Burden Shift
• Daily Kos:  Obama Speech:  A Simpler, Fairer Tax Code, by Adam Bonin
• New York Times:  Obama's Tax Cut Plan, by Jeff Zeleny
• Reuters:  Obama Proposes U.S. Middle Class Tax Relief Plan
• Slate:  Obama's Five-Minute Magic