CARROLL, Iowa — About 50 Iowans heard a personal pitch from U.S. Senator Cory Booker of New Jersey, a Democratic presidential candidate, about how he would lift people out of poverty.
“The ideas that I have,” Booker told the crowd, “are common sense.”
Booker is putting what he calls the Rise Credit. Currently, a couple had make up to $54,000 a year and qualify for the Earned Income Tax Credit. Booker would up that to $90,000, which his campaign would nearly double the total number of impacted Americans to 150 million.
“We should have a tax system that benefits workers. I’m sorry, but enough with these ideas that if we give the richest among us tax breaks then somehow that’s going to help us all,” Booker said as he explained his idea.
The non-partisan Tax Policy Center estimates Booker’s plan would add $2.5 trillion to the national debt, which now stands at nearly $22 trillion.
Booker said that he would pay for his plan by raising taxes on capital gains. Those taxes currently stand at a maximum of 20 percent but are lower than the person’s income tax rate. Booker would make them the same.