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Economy News

The Economic Times

Economy / The Economic Times

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Americans may pay no taxes on first $75,000 under new bill key details explained

Americans could keep the first $75,000 tax-free under a new US tax reform proposal. Senator Cory Booker plans to introduce a bill that raises the standard deduction to $75,000 for married couples and $37,500 for individuals. That is more than double todays deduction. The plan targets middle-class tax relief. It also expands the child tax credit and adds a $2,400 baby bonus, aiming to boost household income and ease rising living costs.

11 Mar 2026 12:28 am