“‘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.” In a speech at Washington’s Tax Policy Center, Barack Obama unveils his tax plan. “The plan means billions in breaks by: nixing income taxes for the 7 million senior citizens making less than $50,000 a year, establishing a universal credit for the 10 million homeowners who make less than $50,000 annually and do not itemize their deductions, and providing 150 million Americans with tax cuts of up to $1,000…Obama proposes funding the tax cuts by closing corporate loopholes, cracking down on international tax havens and increasing the dividend-and-capital-gains tax for the wealthy, he said.“
Meanwhile, not to be outdone, Hillary Clinton unveils her new health care plan. “A Clinton adviser compares the plan’s ‘individual mandate’ — which requires everyone to have health insurance — to current rules in most states that require all drivers to purchase auto insurance…Clinton is the third of the front-running Democratic White House hopefuls to formally unveil her plan, following Sen. Barack Obama, D-Illinois, and former Sen. John Edwards.” Said Edwards of the Clinton plan: “I’m glad that, today, the architect of the 1993 plan has another care proposal — and if imitation is the sincerest form of flattery, then I’m flattered…The lesson Senator Clinton seems to have learned from her experience with health care is, ‘If you can’t beat ’em, join ’em.’ I learned a very different lesson from decades of fighting powerful interests — you can never join ’em, you just have to beat ’em.”