WASHINGTON, Jan 12 (Reuters) – U.S. Democratic congressional leaders plan on Monday to unveil proposed legislation to boost the middle class by giving many families a tax cut that would be countered by a fee on financial transactions and reduced tax benefits for the top 1 percent of earners, the Washington Post reported.

The plan, which Representative Chris Van Hollen of Maryland was to introduce, could create a windfall of about $1.2 trillion over a decade, the newspaper said. As much as $800 billion of that could come from a 0.1 percent fee on stock trades, mostly from high-volume transactions, Van Hollen told the Post.

The legislation calls for a “paycheck bonus” of $1,000 for individuals and $2,000 for married couples, a bonus of $250 for people who save at least $500 a year and reduced “marriage penalties” for couples.

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STORY:http://www.huffingtonpost.com/2015/01/12/democrats-middle-class_n_6455140.html