Booker proposes $75K standard deduction to reshape taxes

Sen. Cory Booker says he will introduce a tax bill to expand the standard deduction to $75,000 for married couples (and $37,500 for individuals), with $56,250 for head-of-household filers, effectively making the first portion of earnings untaxed and nudging taxpayers toward the standard deduction. The plan, which lacks a price tag, would be funded by higher taxes on the wealthy and corporations and by closing loopholes. It would also raise the child tax credit to $4,320 per child under 6 and $3,600 per child 6–17 and add a $2,400 baby bonus. Booker frames the idea as a big, broadly beneficial reform, though there is no current timeline and the proposal's fate in a stalled Congress remains uncertain.