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Booker Proposes Tax Cuts for Families, Targets Wealthy

3/9/2026

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Summary

Story summary

Senator Cory Booker (D-NJ) introduced the Keep Your Pay Act to exempt the first $75,000 of income from federal taxes.
The proposal could cut taxes for median families by 85% and expand Child Tax Credit and Earned Income Tax Credit.
Booker says the plan would be funded by higher taxes on corporations and the wealthy.
He launched an online calculator for Americans to estimate savings under the new tax structure.

History

Historical Context

The 16th Amendment, ratified in 1913, allowed the federal government to impose income taxes, introducing progressive tax rates aimed at reducing income inequality. Senator Cory Booker's recent proposal to exempt the first $75,000 of income from federal taxes reflects this historical shift, potentially reducing tax burdens for median families and reshaping fiscal policy towards wealth redistribution and corporate taxation.

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Story summary

Senator Cory Booker (D-NJ) introduced the Keep Your Pay Act to exempt the first $75,000 of income from federal taxes.
The proposal could cut taxes for median families by 85% and expand Child Tax Credit and Earned Income Tax Credit.
Booker says the plan would be funded by higher taxes on corporations and the wealthy.
He launched an online calculator for Americans to estimate savings under the new tax structure.

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