Sen. Barack Obama (D.-Ill.) argued wealthy Americans have received too many tax benefits under the Bush administration and if elected President he would install a fairer tax code.
“I’ll end the preferential treatment that’s built into our tax code by eliminating corporate loopholes and tax breaks,” Obama said at a speech hosted by the left-leaning Brookings Institution and the Urban Institute in Washington, D.C. Tuesday afternoon.
The plan Obama presented would also require the Internal Revenue Service to send each taxpayer a pre-calculated income tax bill which the payee would sign and mail back to the government with their pre-determined payment.
“The government already collects wage and bank account information, so there’s no reason the IRS can’t send Americans pre-filled tax forms to verify,” Obama said.In addition to eliminating tax breaks and requiring the IRS to send pre-calculated tax forms, Obama’s plan aims to cut taxes for low-income households and the middle class.
He joked his opponents might call his plan “class warfare.”
“Talk about this in polite company, and sooner or later you’ll get accused of waging class warfare,’ Obama said. “As if it’s distasteful to point out that some CEOs make more in ten minutes than a worker makes in ten months.”
Obama said he would install a “Making Work Pay” tax credit of up to $500 per person or $1,000 per each working family, grant a universal mortgage interest credit to low- and middle-income homeowners and eliminate the income tax for any American senior making less than $50,000 a year.