Presidential candidate John Edwards, in a speech in Des Moines, Iowa, proposed increasing taxes on those earning more than $200,000 a year, as well as hedge fund investors. He would also put limits on executive pensions and end some tax breaks for multinational corporations.
In turn, he would give this money to those trying to break into the middle class, start a program to help people start saving and subsidize child care.
“It’s time to restore fairness to a tax code that has been driven badly out of whack by the wrongheaded rules of the Washington establishment,” Edwards said. “More wealth for the wealthy and more power for the powerful. In America, when the middle class makes money from hard work, they shouldn’t pay higher taxes than when the rich make money from money.”
Edwards, who has said he is committed to reducing poverty, noted that the top 300,000 taxpayers make more than the bottom 150 million Americans.