Cory Booker (D-NJ) has a new bill that, if passed, would provide tax relief to millions of Americans.
Titled the “Keep Your Pay Act,” Booker announced the proposed bill would also include an expansion of tax credits for working families. The plan also includes an increase in the standard deduction to $75,000 for married couples filing jointly, with proportional relief for single filers and heads of household, while reducing federal income tax on the median American family by an estimated 85%.
“New Jerseyans are working harder than ever, but they’re struggling to get by because they’re facing out of control costs and an economy that is stacked against them — so we need big ideas to start making the American Dream possible for everyone again,” Booker wrote in a statement unveiling his bill. “No income tax on the first $75,000 families earn would be a game changer for working people.”
“This tax cut would immediately put more money in your pocket every month to deal with the high price of everyday expenses, an unexpected emergency, or to plan for the future,” he added. “This idea will ensure Americans who work for a living keep more of their paychecks, help restore tax fairness, and start making America a country where working people can get ahead again.”
According to Booker, the tax plan would be fully paid for by closing tax loopholes utilized by the ultra-wealthy and large corporations, requiring them to pay their fair share of the tax.
A rumored 2028 presidential candidate, Booker’s Senate seat is currently up for election in November. According to the Cook Political Report, his seat is considered safe as Democrats continue to push to flip seats in both chambers of Congress to end Republicans’ thin majority in the upcoming midterm elections.
