- Cory Booker proposed an Opportunity Account for every newborn.
- He introduced legislation to aid families that spend over 30 percent of income on housing.
- The senator supports a $15 minimum wage and Medicare for All.
Democratic Sen. Cory Booker of New Jersey announced his candidacy for president on Feb. 1, staking his claim in the 2020 election.
“I believe that we can build a country where no one is forgotten, no one is left behind,” Booker said in a video announcement. “Where parents can put food on the table; where there are good-paying jobs with good benefits in every neighborhood.”
To see where Booker stands on economic issues, take a look at the policies he promoted in the Senate.
Legislation Introduced by Cory Booker
Booker sponsored legislation to create an “opportunity account” for every child at birth. The American Opportunity Accounts Act would provide an account that would be seeded with $1,000 when the child is born. The act includes the opportunity for each child to receive up to $2,000 per year, depending on family income. The money would be invested in an account managed by the Treasury Department, earning approximately 3 percent per year. The account could grow to as much as $46,000 by the child’s 18th birthday if the family’s income is below the federal poverty level. The funds can be used to pay for higher education or to purchase a home.
Booker also proposed a pilot program that would provide grants to local governments to guarantee a job and paid sick leave to everyone in certain high-unemployment communities. Under the Federal Jobs Guarantee Development Act, jobs would be created to advance local and national priorities like child and elder care and the revitalization of the local communities. Private employers would be incentivized to hire workers from the pilot program with an expansion of the work opportunity tax credit.
In August, Booker proposed the Housing, Opportunity, Mobility, and Equity Act. The HOME Act includes a tax credit for renters earning 80 percent or less of the median income in their area and who have more than 30 percent of their income going toward housing. Under the plan, renters would receive the difference between their rent (as long as it is not more than fair market rent) and 30 percent of their income. Recipients of the credit could defer 20 percent of it into a savings program that would help them cover unexpected expenses.
Policies Cory Booker Supports
Booker supports the $15 minimum wage proposed by Sen. Bernie Sanders, D-Vt. He says that it is “unacceptable” for “Americans to work a full-time job and still live in poverty.”
The presidential hopeful also supports Medicare for All. “Health care should be an American right, not a mark of economic status out of reach to many just because they don’t make enough money,” Booker said. He proposed funding the program by reforming the tax structure to eliminate loopholes and “benefits enjoyed only by the richest individuals and biggest corporations.”
Booker will continue to build out his campaign platform in the upcoming weeks, but based on his proposed policies, voters can probably expect to see ideas supporting low- and middle-income families from the former mayor of Newark, N.J.
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