Barack Obama unveiled his $80 billion tax cut plan for the middle class just a day after Hillary Clinton unveiled her long awaited Health Care plan, nudging into her spotlight.
Here are some details:
Creating a new tax credit of up to $500 per person, or $1,000 per working family. This initiative will help an estimated 150 million Americans.
Providing a universal homeowner’s tax credit to filers who don’t itemize their deductions. Obama aides estimate the credit will provide relief to 10 million homeowners, saving them an average of $500 a year.
Eliminating the income tax for roughly 7 million senior citizens earning less than $50,000 annually.
Instructing the IRS to send already-filled-out tax forms to filers who take the standard deduction, using the information it already has from W-2 forms and slashing the time it takes an estimated 40 million Americans to prepare their taxes to less than 5 minutes.
Basically it is a Robin Hood type of tax cut, take from the rich and give to the poor, which is not so bad, but will it fly with Republicans?
Either way, this plan is another step from the Obama campaign to offer solid policy and substance, which is lacked earlier in the campaign. Still, the plan lacks many details.
Edwards response to the lack of details:
“When it comes to selecting a President, specifics matter,” said Edwards spokesman Eric Schultz.