How Do We Fix America’s Tax Problem? — with Senator Cory Booker

Senator Cory Booker joins Scott Galloway to discuss his Keep Your Pay Act, a proposal to make the first $75,000 of household income tax-free, as a way to address income inequality and restore faith in the U.S. tax system. The conversation centers on unrigging taxes for the wealthy to fund middle-class relief, alongside broader fiscal fixes like cutting waste, boosting growth, and rethinking entitlements.

The Keep Your Pay Act

Booker's plan eliminates federal income tax on the first $75,000 of household income, costing an estimated $5.5 trillion over 10 years according to the Yale Budget Lab. It targets middle- and working-class families: a $150,000 household with two kids keeps an extra $10,000 annually, while a single mother earning $60,000 with one child gains nearly $6,000. To enhance progressivity, it pairs the deduction with expansions to the fully refundable child tax credit—which halved child poverty temporarily under Biden—and the earned income tax credit (EITC), extending eligibility to seniors working extra jobs and young college workers. Booker emphasizes this as pro-growth, not anti-success: innovators and artists should thrive but pay fair rates, avoiding lower effective taxes than nurses or firefighters.