Obama calls for middle-class tax relief| Politics| Reuters

Obama's plan, announced in a speech in Washington [my note: I read elsewhere the speech was in NY], includes a tax cut of up to $500 per person to offset payroll taxes, 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.

"I'll restore simplicity to the tax code and fairness to the American middle class," the Illinois senator said. "It's time to stand up to special interest carve-outs.

"We need a tax code that's fair -- a tax code that rewards work and advances opportunity."

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