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Sunday, June 9, 2024

Democrats want to boost middle class, tax the rich

U.S. Representative Chris Van Hollen (D-MD)  (REUTERS/Kevin Lamarque)
U.S. Representative Chris Van Hollen (D-MD)
(REUTERS/Kevin Lamarque)

Democratic congressional leaders plan on Monday to unveil proposed legislation to boost the middle class by giving many families a tax cut that would be countered by a fee on financial transactions and reduced tax benefits for the top 1 percent of earners, the Washington Post reported.

The plan, which Representative Chris Van Hollen of Maryland was to introduce, could create a windfall of about $1.2 trillion over a decade, the newspaper said. As much as $800 billion of that could come from a 0.1 percent fee on stock trades, mostly from high-volume transactions, Van Hollen told the Post.

The legislation calls for a “paycheck bonus” of $1,000 for individuals and $2,000 for married couples, a bonus of $250 for people who save at least $500 a year and reduced “marriage penalties” for couples.

Income equality has been a major issue for Democrats, but the proposal would have little chance in Congress, where Republicans now have majorities in both the Senate and House.

The Post said Van Hollen’s plan would encourage corporations to raise workers’ wages and limit their deductions of bonuses paid to executives in excess of $1 million. It also would cut back tax breaks for the top 1 percent.

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