Sen. Chris Van Hollen's plan would eliminate federal income taxes for half of U.S. workers
A Democratic senator viewed as a potential 2028 presidential candidate will unveil a plan that he says would ensure roughly half of all U.S. workers pay no federal income taxes, according to details shared with The Washington Post.
Sen. Chris Van Hollen of Maryland is expected to release the measure next week as Democratic lawmakers search for a sharp economic message to counter last year’s Republican tax law.
Under Van Hollen’s proposal, workers making at or below a “living wage” - $46,000 for taxpayers filing individually, or $92,000 for married couples filing jointly - would not have to pay federal income taxes. Tens of millions of additional middle-class workers would also receive a tax cut under the proposal, but they would still have to pay taxes. The measure would be paid for by a new surcharge on millionaires that would raise roughly $1.5 trillion over the next 10 years.
Fifteen Senate Democrats are co-sponsoring Van Hollen’s proposal, though it has no chance of passing in a Republican-controlled Congress. The number of tax filers with no federal income tax would increase from 37 million under current law to 66 million under Van Hollen’s proposal, according to Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a left leaning think tank.
https://www.yahoo.com/news/articles/democrat-plan-eliminate-federal-income-154640621.html
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