Summary
Senator Cory Booker announced a plan to make the first $75,000 of income tax-free for married couples in the U.S. The proposal includes expanding tax credits for children and workers while aiming to fund it by increasing taxes on wealthier individuals and large corporations. Congress does not have immediate plans to change the tax code, but Booker intends to introduce the proposal soon.
Key Facts
- Senator Cory Booker plans to introduce a bill to increase the standard tax deduction.
- The proposal would make $75,000 of income tax-free for married couples.
- Single filers would have $37,500 tax-free, and heads of households would have $56,250 tax-free.
- The plan includes expanding the Child Tax Credit and the Earned Income Tax Credit.
- Funding would come from higher taxes on wealthy individuals and large corporations.
- The bill would raise the corporate tax rate and close tax loopholes.
- Congress does not currently plan to rewrite the tax code.
- Booker aims to formally introduce this bill in the Senate soon.
