Details: Top Dems Provide Fresh Detail On High-Income Tax Proposal That Led GOP To Abandon Debt Talks

In essence, Van Hollen said, Republicans chose to “protect taxpayer subsidies for big oil companies, tax breaks for corporate jets, and tax breaks for millionaires.”

Democrats want to close tax loopholes that benefit oil companies, and eliminate a tax preference that gives corporate aircraft a friendlier depreciation schedule than commercial aircraft. Additionally, Van Hollen said, Democrats were proposing to phase out tax deductions and certain credits for people making more than $500,000 a year. These would be paired with a reduction in the tax burden on lower earners, by eliminating existing limitations on their deductions.

“Folks with over $500,000, we’re going to phase out your deductions and some of your tax credit,” Van Hollen said.