WASHINGTON -- Cutting taxes on the middle class and raising them on the wealthy and an economic stimulus package are among the highlights of the economic plan unveiled Monday by likely Democratic presidential nominee Barack Obama.

His proposal includes a $50 billion stimulus package, which provides energy rebates for working families, creates a fund to help families facing foreclosure and more money to states hit hard by the economic downturn.

Retirees making less than $50,000 would pay no income tax and he would create government-sponsored portable workplace pension plans. The government would match some of the contributions of families earning less than $75,000 annually.

Obama was supposed to unveil his plan during a speech in Charlotte, North Carolina but his plane was grounded in St. Louis because of mechanical problems so he delivered his remarks by phone to the audience gathered in Charlotte.