Rep. Chris Van Hollen (D-Md.) unveiled a new plan today to address the large and growing problem of income inequality that he says, “attacks the chronic problem of stagnant middle-class incomes from both directions: it promotes bigger paychecks and lets workers keep more of what they earn.”
His plan would create or expand tax breaks for child care, apprenticeship programs, middle-class working couples, those who save for retirement and companies that raise workers' wages, while at the same time scaling back the tax break corporations currently claim for CEO bonuses. Van Hollen said his proposals are fully paid for with a “high-rollers fee” on Wall Street.
We can pay for these new tax benefits for working Americans by changing the ways our current tax code is rigged in favor of those who make money off of money and against those who make money from work.
AFL-CIO President Richard Trumka praised Van Hollen for “showing the kind of leadership that has become far too rare in Washington, D.C., today. Many of the policy prescriptions he outlined today are part of the blueprint to seriously addressing income inequality.” He also said:
A modest Wall Street speculation tax, or ‘high-roller fee’ as Rep. Van Hollen has proposed, will help curb harmful Wall Street practices and raise billions of dollars annually. These are critical funds that could pay for infrastructure and education to lay the foundation for long-term productivity growth. Additionally, Rep. Van Hollen is absolutely right to deny tax breaks for ridiculous, out of control CEO pay—they don’t need any more handouts.