WASHINGTON — House Democrats on Monday unveiled a plan to cut taxes for middle-class families that would be paid for in part by a new tax on Wall Street trading.
The proposal, laid out by Rep. Chris Van Hollen (D-Md.), the top-ranking Democrat on the House Budget Committee, represents a significant shift in economic policy and political messaging. In a speech at the Center for American Progress on Monday, Van Hollen not only sharply criticized competing Republican budget plans, but also broke with the Obama administration by pressing for a tax on financial transactions that both Treasury Secretary Jack Lew and former Treasury Secretary Timothy Geithner have rejected. (Source: Read more)