Rep. Jared Polis Jared Schutz PolisMore than 1,000 gather at Colorado racetrack to protest governor's coronavirus orders Over 300 LGBT leaders endorse Biden for president : 'The most pro-equality ticket in US history' Colorado GOP lawmaker, Michelle Malkin sue governor over coronavirus orders MORE (D-Colo.) plans to introduce a bill Wednesday that would undo tax cuts passed late last year.

The bill, titled the Students Over Special Interests Act, would repeal the GOP tax law and redirect the additional taxpayer money toward erasing student loan debt and improving college affordability.

It is the first piece of legislation that would entirely reverse the tax cuts passed last year.

"The Republican tax plan was all about special interests cashing in at the expense of everyone else. My plan shows what a difference we can make for middle-class Americans for even less cost," Polis said in a statement obtained by The Hill.

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Polis is running for Colorado governor, and will leave Congress at the conclusion of this session.

His bill is unlikely to receive any serious consideration, as Republicans control both chambers of Congress.

Business Insider first reported on Polis's plans to introduce the bill.

Democrats have been transparent about their desire to undo the Republican tax cuts and redirect the funds elsewhere.

On Tuesday, Senate Minority Leader Charles Schumer Chuck SchumerSenate Democrats introduce legislation to probe politicization of pandemic response Schumer interrupted during live briefing by heckler: 'Stop lying to the people' Jacobin editor: Primarying Schumer would force him to fight Trump's SCOTUS nominee MORE (D-N.Y.) and House Minority Leader Nancy Pelosi Nancy PelosiPelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare House lawmakers reach deal to avert shutdown Centrist Democrats 'strongly considering' discharge petition on GOP PPP bill MORE (D-Calif.) announced a proposal that would eliminate a tax cut for the top 1 percent of earners and use the new revenue to invest in raises for teachers.

Republicans passed last year’s tax-cut legislation without a single Democratic vote. Democrats argued the bill disproportionately helped wealthy individuals and corporations.

Republicans, meanwhile, have seized on Democrats’ pledge to reverse the tax cuts ahead of this year’s midterms, warning voters that they could lose their tax cut if Democrats retake control of Congress.

--Naomi Jagoda contributed