Tax relief or wasteful spending? Obama to change tax code

U.S. President Barack Obama availed himself of Tax Day to stress his course aimed at cutting taxes for many Americans. He said that the government would reform the "monstrous" U.S. tax system as millions faced the dreaded annual deadline on Wednesday for filing income tax returns.

Republicans in turn availed themselves of an opportunity to express their discontent over what they consider wasteful spending. In addition some of Obama's grass-roots critics staged "tea party" protests in several U.S. cities, reported Reuters.

"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," Obama said at a White House event with a group of workers and business owners.

"We know that tax relief must be joined with fiscal discipline," Obama said. He also reiterated his intent to stop giving tax breaks to companies that "ship jobs overseas."

Meantime Obama along with his wife filed a 2008 federal income tax return reporting an adjusted gross income of $2,656,902 and paying $855,323 in federal income tax and $77,883 in state income taxes, according to tax information released by the White House.