Fresh off launching his presidential campaign over the weekend, Sen. Booker unveiled a new proposal to cut taxes for over 150 million Americans.
Cory Booker salutes the crowd during a hometown kickoff for his national presidential campaign tour at Military Park in downtown Newark, New Jersey, on April 13, 2019.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.WASHINGTON — Fresh off launching a national campaign tour over the weekend, Sen. Cory Booker, D-N.J., unveiled a new proposal on Monday to cut taxes for over 150 million Americans.
The Rise Credit, as the campaign has dubbed it, would expand on the existing Earned Income Tax Credit, which supplements wages for lower-income workers. Booker’s plan calls for expanding the tax credit's benefits to higher incomes — from a maximum income of $54,000 to $90,000 for married couples — and raising the maximum benefits as well. Joint filers could receive a 25 percent higher maximum credit, topping out at about $8,000 per year. The plan includes a bigger bump in benefits for childless workers, whose tax credit payout is currently capped at about about $500, but would rise up to about $4,000 under Booker's plan.
An analysis of that plan by the nonpartisan Tax Policy Center estimated it would add $2.5 trillion to the deficit over 10 years. Booker's campaign said the senator would finance his proposal by taxing income from investments similarly to other types of income, rather than using a lower capital gains rate.
"It’s unconscionable that hedge fund managers can pay a lower percentage of their income in taxes than their secretaries," Booker said in a statement announcing his proposal."That's wrong and must change. Creating a fairer, more just tax code begins with putting money in the pockets of Americans who are struggling to get ahead."direct cash payments to workersSen. Kamala Harris, D-Calif.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cory Booker says he grounds his policies in a ‘moral center’ — including his new reparations bill“What people are looking for is not the symbols of faithfulness but the substance of faith and how you live your life and how you dedicate your life,” Booker said.
Read more »
The long way home again: Cory Booker returns to Newark for his 2020 campaignSen. Cory Booker, the high-profile Democrat who entered the 2020 race after a near-decade-long journey to become the second African-American president, returns to his native Newark, New Jersey for his first big campaign rally today.
Read more »
Sen. Cory Booker plans to introduce slavery reparations bill to SenateNew Jersey senator and presidential candidate Cory Booker plans to introduce a bill that would explore reparations for descendants of slaves.
Read more »
Cory Booker 2020 national campaign kicks off in Newark highlighting social justice missionThe event had a block party vibe, with plenty of balloon animals, food trucks, and kids blowing giant bubbles. Booker's team said the event drew more than 4,000 people.
Read more »
Cory Booker prepares to pick up the 2020 pace with Newark rally, national tourBooker will step back into the spotlight Saturday in Newark, with his first major rally as a candidate. The event will kick off a two-week national tour for Booker, which in its first week will take him to Iowa, Georgia and Nevada.
Read more »
Booker launches 'Justice' tour, aiming for surge in U.S. presidential bidU.S. Senator Cory Booker will launch a two-week national tour on Saturday with a...
Read more »
Cory Booker’s Message Is About Immediacy, But His Campaign Is Trying To Play The Long GameBooker made his official launch a tribute to his adopted hometown — and the “impatience” of the civil rights movement.
Read more »