Trending Now - Cory Booker Proposes Tax-free Income Threshold Ahead of 2028
WHO:
Sen. Cory Booker, D-N.J.
President Trump
Sen. Cory Booker, D-N.J.
President Trump
Republican Party
Cook Political Report
WHAT:
President Trump thanked the Republican Party for delivering the largest tax cuts in history during the State of the Union.
Booker stated, "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 added, "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."
Sen. Cory Booker announced the "Keep Your Pay Act" to eliminate federal income taxes on the first $75,000 of income for most households.
The plan increases the standard deduction to $75,000 for married couples filing jointly.
The proposal aims to reduce federal income tax on the median American family by an estimated 85%.
The Child Tax Credit would be expanded to $3,600 per child ages 6 to 17 and $4,320 for children under 6.
A $2,400 "baby bonus" would be provided in the year of a child's birth.
The Earned Income Tax Credit would be tripled in value and broadened to include workers ages 19 to 24 and 65 and older without children at home.
Booker launched an online calculator for individuals to estimate potential tax savings under the proposal.
WHERE:
U.S. Capitol, Washington, D.C.
New Jersey
U.S. Capitol, Washington, D.C.
WHEN:
The New Jersey Senate primary filing deadline is March 23rd, 2026.
The primary election is scheduled for June 2nd, 2026.
The New Jersey deadline for filing for the Senate primary is March 23rd, 2026.
The primary is scheduled for June 2nd, 2026.
The press conference and rally in support of fair taxation occurred on April 10th, 2025.
WHY:
Booker emphasized the need for tax reforms to ensure that working Americans keep more of their paychecks and help restore tax fairness.
Booker stated that New Jerseyans are struggling with high costs and an economy that is "stacked against them."
The bill aims to ensure that working Americans keep more of their paychecks and restore tax fairness.
HOW:
Booker's plan includes raising the corporate tax rate, increasing taxes on stock buybacks, tightening executive compensation deductions, and strengthening corporate tax enforcement.
The plan would be funded by generating more tax revenue from corporations and wealthy individuals.
Proposed methods include raising the corporate tax rate, increasing taxes on stock buybacks, tightening executive compensation deductions, and strengthening corporate tax enforcement.
(UPDATED March 9, 2026 21:06 UTC)
During a recent State of the Union address at the U.S. Capitol, President Trump expressed gratitude to the Republican Party for implementing the largest tax cuts in history. In response, Senator Cory Booker of New Jersey highlighted the struggles of his constituents, stating that while they are working harder than ever, they face rising costs and need significant reforms to make the American Dream attainable again. Booker proposed a plan that includes raising the corporate tax rate and tightening regulations on executive compensation to ensure working Americans can keep more of their paychecks, with the New Jersey Senate primary filing deadline approaching on March 23 and the primary election set for June 2.
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(UPDATED March 9, 2026 19:20 UTC)
Senator Cory Booker from New Jersey has unveiled the "Keep Your Pay Act," which aims to eliminate federal income taxes on the first $75,000 of income for most households and increase the standard deduction for married couples filing jointly. The proposal also includes significant expansions to the Child Tax Credit, a new "baby bonus," and a tripling of the Earned Income Tax Credit, all designed to alleviate the financial burden on working Americans. To support this initiative, Booker plans to fund the changes by increasing tax revenue from corporations and wealthy individuals through various measures, including raising the corporate tax rate and tightening deductions for executive compensation.