OBAMA TAX PLAN: Democratic presidential candidate Barack Obama on Tuesday proposed a tax cut of more than $80 billion for low- and middle-income workers and retirees funded by higher taxes on investors and some businesses. The Illinois senator wants to eliminate the Bush tax cuts for families earning more than $250,000 per year, so his tax plan would mean a significant shift of the tax burden. The centerpiece of Obama’s plan would cut $500 from the tax bills of most low- and middle-income wage earners. Obama also would exempt senior citizens making less than $50,000 from income taxes, his campaign said.
ROMNEY ON GAY MARRIAGE: A new Iowa radio ad by Republican presidential contender Mitt Romney touts his opposition to gay marriage. The former Massachusetts governor says he’s the only major GOP candidate backing a constitutional amendment to ban same-sex marriage. Romney says that “defending marriage is the right thing to do.”
‘WORST NIGHTMARE’: One of Mitt Romney’s chief opponents, former New York Mayor Rudolph Giuliani, has unveiled an Iowa radio ad claiming that Giuliani is the Republican most likely to win over moderates in the general election. Noting criticism of Giuliani by the liberal group MoveOn.org, the ads says, “Why is Move- On.org attacking Rudy Giuliani? Because he’s their worst nightmare.”
QUICKER EXIT: New Mexico Gov. Bill Richardson, a Democratic presidential candidate, said in Chicago that there was a clear difference between him and other Democratic presidential candidates. “They would leave tens of thousands of troops in Iraq for years,” he said. “That’s not ending the war.” Richardson continued his pledge of bringing all troops home from Iraq within six months of their de-authorization, with no residual forces.
CLINTON BLASTED: The campaign of Democratic presidential contender John Edwards denounced a fundraising luncheon that included sessions for members of the security industry with lawmakers who have expertise in homeland security. Edwards’ senior adviser Joe Trippi said the “Clinton fundraising event is a ‘poster child’ for what is wrong with Washington.”