Booker blasts ‘rigged’ tax system, proposes sweeping overhaul

💲Sen. Cory Booker unveiled the 'Keep Your Pay Act' on Monday

💲Under the plan the first $75,000 of income is tax-free for married couples

💲Booker says could cut taxes for the median American family by about 85%

Proposed federal legislation would make the first $75,000 of joint family income tax free.

The Keep Your Pay Act proposed by U.S. Sen. Cory Booker, D-N.J., would double the standard deduction for all taxpayers and expand the Child Tax Credit. Booker says the plan would cut the taxes for the median American family by about 85% and make the "American Dream" possible for everyone.

"The tax system is rigged. It's rigged against working people and all full of things to help people with a lot of money, whether its corporations or billionaires, to avoid paying taxes," Booker said in a video about the legislation. "This is paid for by making billionaires pay finally pay what they owe. In America work should pay. You should keep more of your money."

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Booker floats possible 2028 presidential run

Booker's plan would also expand the earned income tax credit to workers without children by expanding eligibility to younger workers ages 19 to 24 and workers 65 and older.

A digital calculator that would determine how much one would save under Booker's plan was posted on his website.

Booker told NBC News that he is considering a run for president in 2028 to help the Democratic Party become the "party of big ideas that resonate."

“I have not closed the door on ’28, but I’m really focused on now that the Democratic Party needs to not be defined by what it’s against, simply, but start talking about the big things it stands for," Booker said.

The former mayor of Newark ran in the 2020 election but withdrew from the race before the Iowa caucus. His low poll numbers kept him from meeting the required number to participate in debates or raise the funds needed for a campaign.

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