Democrats' Plan Would Benefit Middle Class, Target Rich
Source: Huffington Post/ Rueters
WASHINGTON, Jan 12 (Reuters) - U.S. 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.
Read more: http://www.huffingtonpost.com/2015/01/12/democrats-middle-class_n_6455140.htmlLink to source
Won't pass , but makes a statement as to what is important. The Republicans will make the case for taxing the rich less, and this tries to tax the rich more.
JustAnotherGen
(31,828 posts)hughee99
(16,113 posts)n/t
Stuart G
(38,436 posts)A very small tax on the extreme rich, vs help for the middle class. I do not know if this has been introduced in congress as a bill before. I know there has been a discussion of a transaction tax for a while.
Vinca
(50,279 posts)lark
(23,118 posts)it's a damn good one and great for contrasting what the Repugs want to do, cut pensions, cut social security, and pay companies to move jobs overseas.
msongs
(67,420 posts)It's all theater. And bad theater at that.
Xyzse
(8,217 posts)I completely agree with you.
Scuba
(53,475 posts)BadGimp
(4,015 posts)ND-Dem
(4,571 posts)Doctor_J
(36,392 posts)that the dc dems won't do anything substantial. Very few will be taken in by this.