Katie Lobosco, “No Tax on $75,000 of Income? Dem Proposes Big Standard Deduction” (Tax Notes, March 10, 2026):
Sen. Cory A. Booker, D-N.J., is unveiling a new tax plan that would more than double the standard deduction, increase the child tax credit and earned income tax credit, and raise the corporate tax rate.
The legislative proposal, and others recently unveiled by Democratic lawmakers, may signal where the Democratic party is focusing ahead of the 2026 midterm and 2028 presidential elections, but they have little chance of becoming law while Republicans control Congress and the White House.
Booker’s proposal would increase the standard deduction to $75,000 for married couples filing jointly, up from $32,200 in tax year 2026, and proportionally for single filers and heads of households, according to a March 9 release from his office.
