Senator Charles Schumer touted a new plan to reform the tax code and reduce the nation's deficit in a speech at the National Press Club in Washington, D.C. on Tuesday.
Schumer argued that Reagan-era tax reforms that reduced rates for the nation's highest earners have contributed to the widening wealth gap between the richest Americans and the middle class.
Instead of lowering rates for those earning more than $250,000 annually, Schumer wants to end loopholes and credits that traditionally benefit high-income earners.
He said the revenue could be used to reduce the nation's deficit.
"It is an alluring prospect to cut taxes for the wealthiest people, reduce the deficit and hold the middle class harmless. But the math dictates you can't have it all," said Schumer. "The reality is, any path forward on tax reform that promises to cut rates will either end up failing to reduce the deficit or failing to protect the middle class from a net tax increase."
The senator said he is hopeful a deal can be negotiated based on his new plan, when Congress returns to Washington after the November election.