U.S. Sen. Cory Booker (D-NJ) is proposing a bill that, if passed, would make the first $75,000 of a household income tax free. <\/p>\n
If the bill — called the Keep Your Pay Act — passes, it would more than double the standard deduction for taxpayers.<\/p>\n
Under Booker\u2019s proposal, which was revealed Monday, the median American family would see their taxes cut by roughly 85%.<\/p>\n
Single filers and heads of households would also receive proportional tax relief through the Keep Your Pay Act. <\/p>\n
In a video advocating his bill, Booker said in part:<\/a> “The tax system, we all know this, is rigged. It\u2019s rigged against working people and all full of things to help people with a lot of money \u2013 whether it\u2019s corporations or billionaires \u2013 avoid paying taxes. This happens because of the corruption down in washington that lets the wealthiest and most powerful write our tax code. So let’s un-rig it. Let’s make it simple and direct.”<\/p>\n Booker’s proposal would also include an expansion of tax credits, like the Child Tax Credit. The credit would increase to $3,600 per child aged 6 to 17 and $4,320 for children under 6 years old. The expansion would also include an additional $2,400 “baby bonus” the year a child is born to help the family with costs of a new child. <\/p>\n “No tax on the first $75,000 of household incomes,” Booker goes on to say in his video. “Your paychecks then get bigger, and by the way, my bill also has a bigger child tax credit too. Why? Because we should not stack the odds against families that want to have kids in America.”<\/p>\n