The Senate is pushing a bill to exempt households with an annual household income of $75,000 or less from federal income taxes, and attention is focused on its passage.<\/p>\n
Senator Cory Booker introduced the “Keep Your Pay Act,” a middle-class tax cut, on the 9th. The bill would exempt the first $75,000 of annual income from federal income tax for married couples filing jointly. The bill would expand the standard deduction from $32,200 to $75,000, further expanding the exemption. The bill also expands the standard deduction to $37,500 for single adults filing individually and to $56,250 for households filing as head of households.<\/p>\n
Congressman Booker explained that visitors can easily estimate the savings that could be realized if the bill becomes a reality by visiting his website (booker.senate.gov\/tax-calculator). \u201cIt\u2019s a simple idea: eliminate taxes on the first $75,000 of a household\u2019s income,\u201d he said. \u201cWe need a dramatic change to make the American Dream accessible to everyone once again.<\/p>\n
The money needed to eliminate the income tax exemption can be more than offset by measures like curbing corporate tax evasion and raising taxes on the wealthy and corporations.<\/p>\n","protected":false},"excerpt":{"rendered":"