- Democrats Look to Focus on Middle Class
- March 18, 2015
- Law Firm: McDonald Hopkins LLC - Cleveland Office
- Democrats' populist economic messaging took clearer shape this week as Rep. Chris Van Hollen (D-MD) unveiled a plan detailing middle-class tax breaks that would impose a greater burden on the wealthy.
Van Hollen's plan comes as Democrats are looking to outline an economic agenda that resonates with voters; many say their failure to do so in 2014 was the cause of the party's losses. The proposal will also give the minority an alternative opinion when House Republicans lay what is expected to be an ambitious tax plan of their own—with starkly different priorities—authored by Ways and Means Committee Chairman Paul Ryan (R-WI).
Van Hollen's proposal would put $1,000 back in the pocket of every taxpayer making less than six figures. It would also provide extra childcare credits and incentivize saving money.
Those breaks would be offset by new levies on corporations and their CEOs. One provision eliminates tax deductions on CEO pay over $1 million and another would impose fees on some market transactions.
The plan also eliminates some deductions for companies that lay off employees or keep worker pay stagnant, while prodding companies to offer stock options and incentive pay to all employees.