Obama wants to shift taxes to corporations, investors

WASHINGTON (Winston-Salem Journal) - Democratic presidential candidate Barack Obama proposed yesterday that the tax code be overhauled to give poor and middle-class taxpayers up to $85 billion in relief each year by shifting that burden to corporations and wealthy investors.

Obama, a U.S. senator from Illinois, described his plan as a step to curb Washington’s preferential treatment of the rich and powerful and reward the hard work of average Americans.

“Instead of having all of us pay our fair share, we’ve got over $1 trillion worth of loopholes in the corporate tax code,” he said. “This isn’t the invisible hand of the market at work. It’s the successful work of special interests.”