Obama Proposes Tax Break for Middle-Class, Tax Increase on Rich

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Democratic presidential contender Barack Obama proposed up to $85 billion in tax cuts for about 150 million Americans on Tuesday, paid for by raising capital gains and dividend taxes on wealthy investors.

Obama's tax plan, set to be announced in a speech in Washington, includes a cut of up to $1,000 for working families, a mortgage interest credit for low- and middle-income homeowners and the elimination of income taxes for seniors making less than $50,000 per year.

"To get through these uncertain times, we have to recognize that we all have a stake in one another's success," the Illinois senator said in excerpts of the speech provided by his campaign. "When folks are hurting out there on Main Street, that's not good for Wall Street."

This is very common-sense, progressive-minded and good. More like this.