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April 15th, 2009

Obama Vows to Change Tax Policy

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President Obama used today’s tax-filing deadline as a forum to voice his pledge to simplify the nation’s tax code. The president also used the significance of today to reiterate the importance of his promised of tax cuts. Obama addressed struggling Americans — those who have lost their jobs, those who are struggling to stay in their homes, save for retirement, and pay for college:

And that’s why my administration has taken far-reaching action to give tax cuts to the Americans who need them, while jump-starting growth and job creation in the process.¬†We start from the simple premise that we should reduce the tax burden on working people, while helping Americans go to college, own a home, raise a family, start a business and save for retirement. Those goals are the foundation of the American Dream, and they are the focus of my tax policy.

Obama not only addresses the tax breaks his administration has enacted within the last few months, he also engaged his critics by discussing certain tax breaks the White House has eliminated. Obama’s critics continue to scrutinize Washington’s massive spending which has increased an already ballooning Federal deficit.

From YahooNews.com:

The president noted that he’s asked his economic advisers to thoroughly review how to simplify the tax code and report back to him by year’s end.

He added: “It will take time to undo the damage of years of carve-outs and loopholes. But I want every American to know that we will rewrite the tax code so that it puts your interests over any special interest. And we will make it quicker, easier, and less expensive for you to file a return, so that April 15 is not a date that is approached with dread each year.”

How have President Obama’s tax breaks impacted you?

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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