The Obama Tax Plan

The Hill reports:

White House hopeful Sen. Barack Obama (D-Ill.) unveiled a package of tax breaks and programs Wednesday in Iowa that he said would help middle-class Americans.

As part of the initiatives, the senator proposed a $1,000 cut on payroll taxes for working families, the elimination of income taxes on retirees making less than $50,000 a year, a 10 percent tax credit on mortgage interest payments and a $4,000 tax credit for college tuition....

The Illinois Democrat also promised to pass a universal healthcare bill that would cut family premiums up to $2,500 by 2012.

“Mark my words,” the senator said, “I will sign this bill by the end of my first term as president.”