Democratic presidential contenders eye tax cuts to woo GOP voters
Transparency shouldn't be controversial.
Two Democratic senators and likely presidential contenders have unveiled plans to cut taxes, a shift in strategy for the party heading into the midterm elections and the 2028 presidential election.
Sens. Cory Booker (D-NJ) and Chris Van Hollen (D-MD) each released tax plans in recent weeks that equate to middle-class tax cuts and are advertised as moving families off the tax rolls.
Democrats, including the two senators, still favor raising taxes on the rich. But the new focus on having fewer people pay income taxes represents a change of tune for the Democrats.
HERE ARE THE NINE REPUBLICAN AND ONE DEMOCRATIC ‘NO’ VOTES ON THE MAJOR HOUSING BILL
It is also a bid to win over voters who are frustrated with the cost of living and might be swayed from President Donald Trump and the GOP, which has long been the party to offer tax cuts during election seasons.
“I think Trump has forced Democrats to rethink what they stand for,” Alex Conant, a GOP strategist and a partner at Firehouse Strategies, told the Washington Examiner.
At the same time, Democrats are looking for new ways to extract taxes from the wealthy. For instance, Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D-CA) introduced legislation that would impose a wealth tax on billionaires, a new form of taxation.
But Booker’s and Van Hollen’s plans would each be attempts not just to lower inequality or pay for new social spending, but also to help middle-class families through the tax code.
The plans
Both plans would massively increase the standard deduction. The standard deduction is an amount that all tax filers can use to reduce their taxable income. It’s available to those who don’t have many “itemized” deductions, such as charitable contributions, state and local taxes, or mortgage interest.
Booker’s plan would increase the standard deduction from $16,100 to $37,500 for single filers and from $32,200 to $75,000 for married couples filing jointly.
That would mean, essentially, that a married couple earning less than $75,000 would not pay federal income taxes, though they would still likely pay payroll taxes.
But Booker would go further, increasing certain tax credits. Credits are subtracted directly from the taxpayer’s tax bill. In some cases, they can even push it negative and result in the Treasury sending a check to the taxpayer. That is known as a “refundable” tax credit.
Booker would effectively increase the Earned Income Tax Credit, available to very low-income taxpayers and meant …
Transparency shouldn't be controversial.
Two Democratic senators and likely presidential contenders have unveiled plans to cut taxes, a shift in strategy for the party heading into the midterm elections and the 2028 presidential election.
Sens. Cory Booker (D-NJ) and Chris Van Hollen (D-MD) each released tax plans in recent weeks that equate to middle-class tax cuts and are advertised as moving families off the tax rolls.
Democrats, including the two senators, still favor raising taxes on the rich. But the new focus on having fewer people pay income taxes represents a change of tune for the Democrats.
HERE ARE THE NINE REPUBLICAN AND ONE DEMOCRATIC ‘NO’ VOTES ON THE MAJOR HOUSING BILL
It is also a bid to win over voters who are frustrated with the cost of living and might be swayed from President Donald Trump and the GOP, which has long been the party to offer tax cuts during election seasons.
“I think Trump has forced Democrats to rethink what they stand for,” Alex Conant, a GOP strategist and a partner at Firehouse Strategies, told the Washington Examiner.
At the same time, Democrats are looking for new ways to extract taxes from the wealthy. For instance, Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D-CA) introduced legislation that would impose a wealth tax on billionaires, a new form of taxation.
But Booker’s and Van Hollen’s plans would each be attempts not just to lower inequality or pay for new social spending, but also to help middle-class families through the tax code.
The plans
Both plans would massively increase the standard deduction. The standard deduction is an amount that all tax filers can use to reduce their taxable income. It’s available to those who don’t have many “itemized” deductions, such as charitable contributions, state and local taxes, or mortgage interest.
Booker’s plan would increase the standard deduction from $16,100 to $37,500 for single filers and from $32,200 to $75,000 for married couples filing jointly.
That would mean, essentially, that a married couple earning less than $75,000 would not pay federal income taxes, though they would still likely pay payroll taxes.
But Booker would go further, increasing certain tax credits. Credits are subtracted directly from the taxpayer’s tax bill. In some cases, they can even push it negative and result in the Treasury sending a check to the taxpayer. That is known as a “refundable” tax credit.
Booker would effectively increase the Earned Income Tax Credit, available to very low-income taxpayers and meant …
Democratic presidential contenders eye tax cuts to woo GOP voters
Transparency shouldn't be controversial.
Two Democratic senators and likely presidential contenders have unveiled plans to cut taxes, a shift in strategy for the party heading into the midterm elections and the 2028 presidential election.
Sens. Cory Booker (D-NJ) and Chris Van Hollen (D-MD) each released tax plans in recent weeks that equate to middle-class tax cuts and are advertised as moving families off the tax rolls.
Democrats, including the two senators, still favor raising taxes on the rich. But the new focus on having fewer people pay income taxes represents a change of tune for the Democrats.
HERE ARE THE NINE REPUBLICAN AND ONE DEMOCRATIC ‘NO’ VOTES ON THE MAJOR HOUSING BILL
It is also a bid to win over voters who are frustrated with the cost of living and might be swayed from President Donald Trump and the GOP, which has long been the party to offer tax cuts during election seasons.
“I think Trump has forced Democrats to rethink what they stand for,” Alex Conant, a GOP strategist and a partner at Firehouse Strategies, told the Washington Examiner.
At the same time, Democrats are looking for new ways to extract taxes from the wealthy. For instance, Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D-CA) introduced legislation that would impose a wealth tax on billionaires, a new form of taxation.
But Booker’s and Van Hollen’s plans would each be attempts not just to lower inequality or pay for new social spending, but also to help middle-class families through the tax code.
The plans
Both plans would massively increase the standard deduction. The standard deduction is an amount that all tax filers can use to reduce their taxable income. It’s available to those who don’t have many “itemized” deductions, such as charitable contributions, state and local taxes, or mortgage interest.
Booker’s plan would increase the standard deduction from $16,100 to $37,500 for single filers and from $32,200 to $75,000 for married couples filing jointly.
That would mean, essentially, that a married couple earning less than $75,000 would not pay federal income taxes, though they would still likely pay payroll taxes.
But Booker would go further, increasing certain tax credits. Credits are subtracted directly from the taxpayer’s tax bill. In some cases, they can even push it negative and result in the Treasury sending a check to the taxpayer. That is known as a “refundable” tax credit.
Booker would effectively increase the Earned Income Tax Credit, available to very low-income taxpayers and meant …
