Clark Unveils His Plan To Overhaul Tax System

Democratic presidential hopeful Wesley Clark is proposing what he calls the most sweeping tax reform seen in years.

He says his plan is based on the simple notion that those who make the most should pay more in taxes and those who make the least should pay less.

Under Clark's plan, families of four that make less than 50-thousand dollars a year will not pay any income tax. Clark says that means those families "will not owe a single penny to the U.S. government."

Also, all families with children in which the annual income is under 100-thousand dollars a year would get a tax cut.

To pay for these changes, Clark would repeal President Bush's tax cuts for those making more than 200-thousand dollars a year. And Clark would raise the tax rates another five percent for those who make one million dollars or more each year.

Clark unveiled his plan today during a speech in Nashua, New Hampshire. It's an effort to demonstrate Clark has credentials in domestic issues, not just foreign policy.

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