Sen. Cory Booker, D-N.J., on Monday introduced legislation that would exempt the first $75,000 of annual income from federal taxes for many households.

Booker said the proposal, the Keep Your Pay Act, is intended to reduce taxes for working Americans while shifting more of the tax burden to wealthy individuals and large corporations.

According to a release from the senator's office, the proposal would make the first $75,000 of income tax-free for households filing jointly, with proportional relief for single filers and heads of household.

The plan would more than double the standard deduction, which the release said would allow most taxpayers to avoid paying federal income tax on their first $75,000 of annual earnings.

Booker said the proposal is designed to address rising costs and financial pressures facing many Americans.

"My bill would guarantee no income tax on the first $75,000 families earn," Booker said in the release, adding that the change would allow workers to keep more of their pay and better manage everyday expenses and emergencies.

The proposal also includes an expansion of several tax credits.

Booker's plan would increase the child tax credit to $3,600 for children aged 6 to 17 and $4,320 for children under age 6.

The legislation would also include a $2,400 "baby bonus" in the year a child is born to help cover initial expenses.

The credit would be fully refundable under the proposal.

The plan would also expand the earned income tax credit by increasing its value and extending eligibility to workers ages 19 to 24 and those 65 and older who currently receive reduced benefits.

Booker's office said the legislation would be paid for by raising taxes on high earners and large corporations and by closing tax loopholes.

Proposed changes would include raising the corporate tax rate, increasing taxes on stock buybacks, tightening limits on executive compensation deductions, and strengthening corporate tax rules.

The proposal does not yet include a formal cost estimate.

NBC News reported there has been some bipartisan interest in expanding the standard deduction, which was increased in the 2017 tax law signed by President Donald Trump and again in tax legislation passed last year.

NBC reported, however, that Congress has no plans to undertake a rewrite of the federal tax code.

Rep. Byron Donalds, R-Fla., told Newsmax after the president's State of the Union address late last month that Republicans and Trump are helping working families "keep money in their pocket" through tax changes that target tips, overtime pay, small businesses, and Social Security recipients.

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