Proposed Tax on Wall Street Speculaters
HandelontheLaw.com Staff Writer
With the 114th U. S. Congress still in its early stages, both major Parties agree that the U. S. Middle Class has dim prospects for attaining the “American Dream.” Jeb Bush and Elizabeth Warren seem to be reading from the same teleprompter when they bemoan the current opportunities available to that amorphous group of Americans. That is where the agreement between Democrats and Republicans seems to end.
Democrats blame the rich and the powerful for “gaming” a system and creating an uneven playing field. Following that logic, one Democratic representative has proposed a tax on millionaires and Wall Street wheeler-dealers that will eventually bring more money to the Middle Class. The battle cry is “Make America work for all of us; not just the wealthy.”
Rep. Chris Van Hollen’s proposal would tax Wall Street financial transactions and close tax loopholes for millionaires. The resulting funds would be redistributed to the Middle Class in 3 ways: Tax credits of up to $1,000 that lessen as a worker’s income increases; and tax credits of up to $250 for workers who save their money; and ending corporate tax deductions for executive compensation in excess of $1 million, unless the corporation’s workers’ wages are raised to coincide with productivity and the cost of living or provide employee ownership/profit-sharing.
Republicans, on the other hand, tend to blame the government for the Middle Class’ lack of opportunities and propose lowering taxes and reducing government regulation on business. Reduction of taxes and business-strangling regulations will allow the economy to grow, thereby benefiting Lower, Middle and Upper Classes alike.
Though the economy has improved in the recent past, the next 2 years before the 2016 Presidential Elections will surely involve the usual tug of war between Democrats, who blame the rich, and Republicans, who blame high taxes and over-regulation, for the woes of the Middle Class.
By Kathy Catanzarite
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