No taxes on the first $75,000 in income for a household – and first $37,500 for individuals?
That’s sound like a great deal for low- and middle-income folks … and perhaps a great start to a presidential campaign.
Sen. Cory Booker (D, New Jersey) said Monday during an interview with NBC News that he will propose such an idea this week. Left unsaid is how much this is geared toward a run for the presidency.
“It’s a simple idea: American households don’t pay taxes on their first $75,000 of earnings,” Booker told NBC. “It will have a significant impact on the average American in raising their income.”
Booker’s bill, which he said he plans to formally introduce in the Senate Tuesday, appears to address the biggest political issue of the day: Affordability.
“Americans are working harder and harder, and they’re making less and less relative to their parents and grandparents,” Booker said. “The economy is not working. So, we need big ideas that could redeem the dream of America.”
Booker did not detail how much the proposal would – or where the government would make up the difference, other than the tried-to-true go-to’s: Tax the rich, close loopholes.
Of course, those seem like campaign themes, too.
