Obama On Taxes

WASHINGTON (AP) -- Presidential candidate Barack Obama is proposing more than $80 billion in annual tax relief for workers and seniors funded by an increase on wealthier investors.

The Illinois Democrat wants to give 150 million working Americans a $500 tax credit, expand relief for homeowners and eliminate income taxes for seniors making less than $50,000.

A summary document provided by his campaign says he also wants to simplify tax returns so millions of Americans can file in less than five minutes.

Obama's campaign says he would pay for his proposals by closing corporate tax loopholes, fighting international tax havens and raising the top rate on capital gains and dividends.

The U.S. senator is scheduled to announce the breaks in Washington today as part of his new push on economic policy.

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