Democrats to propose tax break for middle class

House Budget Committee ranking member Chris Van Hollen, D-Md.
Bill Clark | CQ Roll Call | Getty Images

House Democrats are set to unveil a plan that could save the middle class about $1.2 trillion over ten years, according to a report from The Washington Post.

The plan will be unveiled by Maryland Representative Chris Van Hollen Monday and the crux of the plan is a "paycheck bonus credit" that would cut $2,000 per year off "the tax bills of couples earning less than $200,000," the report said. The money for this tax cut would come from Wall Street's "high rollers" via a new financial transactions fee and from the top 1 percent of earners.

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"This is a plan to help tackle the challenge of our times," Van Hollen said. "We want a growing economy that works for all Americans, not just the wealthy few."

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Nevertheless, the bill's chances for Congressional approval are slim under the new Republican-controlled Congress, according to the report.

Read the full report here.