Booker wants to slash income taxes
Plan covers first $75,000 for U.S. households
By: Katie Sobko
NorthJersey.com
USA Today Network - New Jersey
..... The state's senior senator is taking steps to cut taxes for lower-income residents throughout the country.
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New legislation from U.S. Senator Cory booker called to Keep You Pay Act would cut federal income taxes for lower-income Americans and require the wealthiest and big corporations to pay more.
..... The proposal would make the first $75,000 tax-free. There would as be tax relief for single filers and heads of households in an effort to increase the standard deduction for all taxpayers.
..... Booker's plan also would expand tax credits like the child Tax Credit, paying for it by closing tax loopholes that ultra-wealthy people and big corporation tend to sue.
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"My bill would guarantee no income tax on the first $75,000 families earn. This tax cut would immediately put more money in New Jerseyans' pockets every month and allow them to deal with the high price of everyday expenses, an unexpected emergency, or plan for the future," Booker said. "This plan can be fully paid for by closing the loopholes that benefit the wealthiest few and most profitable corporation. 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."
..... The expansion of the Child Tax Credit under the American Family Act would increase to $3,600 per child age 6 to 17 and $4,320 for children under 6, with an additional $2,400 "baby bonus" in the year a child is born to help families meet the high upfront costs of welcoming a new child.
..... Booker's plan would also expand the Earned Income Tax Credit through the Tax Cut for Workers Act to younger workers ages 19 to 24 and older workers ages 65 and above.
..... Katie Sobko covers the New Jersey Statehouse. Email: sobko@northjersey.com