Press Releases

BEYER BACKS VAN HOLLEN MIDDLE CLASS TAX CREDIT

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Washington, January 13, 2015 | Tia Shuyler (202-225-4376) | comments
U.S. Representative Don Beyer, Northern Virginia Democrat, voiced his support today for Rep. Chris Van Hollen’s proposed tax credit that would offer middle class American families thousands of dollars a year in potential savings. Rep. Van Hollen’s credit would provide families earning less than $200,000 a paycheck bonus credit offset by a financial transaction fee and eliminate many of the tax loopholes exploited by the top 1 percent.

“Rep. Van Hollen’s proposal is a real attempt to tackle the growing income disparity between the middle class and the uber wealthy and not more of the trickle down nonsense from the Republican elites” said Rep. Beyer. “This money will go a long way to keeping food on the table, buying new school books and supplies, and keeping gas in the family car. A rise in middle class incomes is critical to sustaining an economic recovery that works for all Americans.”

Under the proposal companies would need to raise wages by 4 percent in order to take advantage of tax breaks that allow them to deduct executive bonuses over $1 million. It would also raise the child care tax credit by $5, match a portion of middle class retirement savings, and lower marriage penalties for the working poor.

“American workers and their families don’t have expensive lobbyists pushing through tax loopholes that let corporations deduct bonuses to their highest paid executives. It’s time that middle class families, the backbone of this country, got the same breaks our CEO’s have been taking advantage of for years,” Beyer added.

Estimates show the package would benefit between 100 and 150 million workers.
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