In a somewhat surprising reach across the aisle, particularly for a critical midterm election year, Sen. Cory Booker (D-NJ), who is normally a virulently anti-Trump politician, revealed a law he wants to pass in which taxes would be dramatically cut for ordinary Americans by eliminating income taxes completely on the first $75,000 of income for married couples that are filing jointly, along with a large increase in the child tax credit.
Such is what Sen. Booker revealed in a video statement posted to social media. Announcing it, he explained, “So here’s the big idea I want to share with you: no household in America should pay federal income tax on their first $75,000 of earnings. Keep your money. I just introduced a bill to make this happen.”
Continuing, he alleged that the current tax system is “rigged” against ordinary people, saying, “The tax system, we all know this, is rigged. It’s rigged against working people, and all full of things to help people with a lot of money, whether it’s corporations or billionaires, avoid paying taxes. It’s what happens because of the corruption down in Washington that lets the wealthiest and most powerful write our tax code.”
Adding to that, Booker said, “So let’s unrig it. Let’s make it simple and direct no tax on the first $75,000 of household incomes, 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.”
Concluding by vaguely gesturing toward taxing “billionaires” more as a way of paying for the move, Booker said, “And all of this is paid for by simply making billionaires finally pay what they owe. At the time that we’re seeing life get so much more expensive in America, work should pay. You should keep more of your money.”
Summarizing the bill in a later tweet, Sen. Booker said, “The economy is rigged against working people. I’m in Jersey today talking about some big ideas to help working families get ahead: no tax on your first $75K of household income, a bigger child tax credit, and finally making billionaires pay their fair share.”
Watch Booker here:
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Further, in another statement explaining and revealing the bill, Sen. Booker said, “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. No income tax on the first $75,000 families earn would be a game changer for working people.”
He added, “This plan can be fully paid for by unrigging our tax system – so that the wealthiest few and the biggest corporations that are getting rich by keeping prices high finally start paying their fair share. 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.”
In addition to cutting taxes on the first $75,000 of income for couples filing jointly by raising the standard deduction to that level, the legislation would expand the Child Tax Credit to $3,600 per child ages 6 to 17 and $4,320 for children under 6. It would also create a $2,400 “baby bonus” in the year of a child’s birth.