Sen. Cory Booker to unveil bill making $75,000 of income tax-free

Sen. Cory Booker plans to introduce a Senate bill to raise the standard deduction to $75,000 for married couples and $37,500 for individuals, and the proposal would also raise child tax credits and add a one‑time baby bonus.

Sen. Cory Booker plans to introduce legislation that would sharply expand the standard deduction, reported as a way to reduce federal income tax for many households. The proposal would set the standard deduction at $75,000 for married couples, $37,500 for individuals, and $56,250 for heads of household. The bill would also raise child tax credits and add a $2,400 baby bonus for the year a child is born. Booker is a New Jersey senator who is running for re‑election this year and has not ruled out a 2028 presidential bid. Key details: - The proposed standard deduction amounts are $75,000 for married couples and $37,500 for single filers, with $56,250 for heads of household. - Current standard deduction levels cited in the article are $32,200 for couples filing jointly and about half that for single filers. - The proposal would increase the child tax credit to $4,320 for children under 6 and $3,600 for children 6–17, and add a $2,400 baby bonus in the birth year. - Booker said he will formally introduce the bill in the Senate on Tuesday. - The plan does not yet include a public cost estimate; Booker said he aims to pay for it by raising taxes on higher earners and large corporations and by closing loopholes, though the bill does not specify those measures. Summary: The proposal would change the tax treatment of many households by expanding the standard deduction and altering child tax benefits. The bill is set for formal introduction in the Senate soon, and its fiscal cost and legislative prospects are undetermined at this time.