Cory Booker unveils new tax credit plan ahead of Iowa visit

Democratic presidential candidate Sen. Cory Booker...

Democratic presidential candidate Sen. Cory Booker...

Cory Booker's presidential campaign says he is proposing a significant expansion of the earned income tax credit to lower the annual tax bill for almost half of American taxpayers.

The New Jersey Democratic senator, who recently launched a national tour aimed at boosting his 2020 presidential bid, plans to discuss his new tax credit proposal during a visit to Iowa on Monday — the date that most Americans' taxes are due to the IRS.

Booker would pay for his expanded tax credit by taxing capital gains income at the same rate as other income. His campaign, citing the nonpartisan Tax Policy Center, projects the bigger credit would benefit 154 million Americans.