Text of Senate Amendment 5787

On 2026-06-04, Senator Cory A. Booker (D-NJ) delivered a floor speech titled "Text Of Senate Amendment 5787" in the Senate.

Text of Senate Amendment 5787

Congressional Record, Volume 172 Issue 95 (Thursday, June 4, 2026) [Congressional Record Volume 172, Number 95 (Thursday, June 4, 2026)] [Senate] [Pages S2630-S2637] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 5787. Mr. BOOKER submitted an amendment intended to be proposed to amendment SA 5453 proposed by Mr. Thune (for Mr. Graham) to the bill S. 2, to provide for reconciliation pursuant to title II of S. Con. Res. 33.; which was ordered to lie on the table; as follows: Strike sections 202 and 203 and insert the following: SEC. 202. ADDITIONAL DEPARTMENT OF HOMELAND SECURITY APPROPRIATIONS. In addition to amounts otherwise available, there is appropriated to the Secretary of Homeland Security for fiscal year 2026, out of any money in the Treasury not otherwise appropriated, $2,500,000,000, to remain available until September 30, 2029, for the purposes provided in this title or in paragraph (3) or (7) of section 100051 of Public Law 119-21. TITLE III--KEEP YOUR PAY ACT SEC. 301. SHORT TITLE; ETC. (a) Short Title.--This title may be cited as the ``Keep Your Pay Act''. (b) Amendment of 1986 Code.--Except as otherwise expressly provided, whenever in this title an amendment is expressed in terms of an amendment to a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. Subtitle A--Increase in Standard Deduction and Top Tax Rates SEC. 311. INCREASED STANDARD DEDUCTION. (a) In General.--Section 63(c) is amended-- (1) in paragraph (7), in the matter preceding subparagraph (A), by striking ``In the case'' and inserting ``Subject to paragraph (8), in the case'', and (2) by adding at the end the following new paragraph: ``(8) Temporary increase in standard deduction.--In the case of a taxable year beginning after December 31, 2025, and before January 1, 2036, paragraph (7) shall be applied-- ``(A) by substituting `$56,250' for `$23,625' each place it appears, ``(B) by substituting `$37,500' for `$15,750' each place it appears, and ``(C) in subparagraph (B)-- ``(i) by substituting `2026' for `2025', and ``(ii) by substituting `2025' for `2024'.''. (b) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2025. SEC. 312. INCREASE IN INCOME TAX RATES FOR HIGHEST EARNERS. (a) In General.--Section 1(j) is amended-- (1) in paragraph (1), by striking ``paragraphs (2) through (6)'' and inserting ``paragraphs (2) through (7)'', and (2) by adding at the end the following new paragraph: ``(7) Temporary increase in rates for highest earners.--In the case of a taxable year beginning after December 31, 2025, and before January 1, 2036, paragraph (2) shall be applied-- ``(A) by substituting `41%' for `35%' each place it appears, and ``(B) by substituting `43%' for `37%' each place it appears.''. (b) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2025. Subtitle B--Tax Cuts for Workers and Families SEC. 321. PERMANENT EXTENSION OF EARNED INCOME CREDIT RULES FOR INDIVIDUALS WITHOUT QUALIFYING CHILDREN. (a) Decrease in Minimum Age for Credit.-- (1) In general.--Subclause (II) of section 32(c)(1)(A)(ii) is amended by striking ``age 25'' and inserting ``the applicable minimum age''. (2) Applicable minimum age.--Paragraph (1) of section 32(c) is amended by adding at the end the following new subparagraph: ``(F) Applicable minimum age.--For purposes of this paragraph-- ``(i) In general.--The term `applicable minimum age' means-- ``(I) except as otherwise provided in this clause, age 19, ``(II) in the case of a student (as defined in section 152(f)(2)), other than a qualified former foster youth or a qualified homeless youth, age 24, and ``(III) in the case of a qualified former foster youth or a qualified homeless youth, age 18. ``(ii) Qualified former foster youth.--For purposes of this subparagraph, the term `qualified former foster youth' means an individual who-- ``(I) on or after the date that such individual attained age 14, was in foster care provided under the supervision or administration of an entity administering (or eligible to administer) a plan under part B or part E of title IV of the Social Security Act (without regard to whether Federal assistance was provided with respect to such child under such part E), and ``(II) provides (in such manner as the Secretary may provide) consent for entities which administer a plan under part B or part E of title IV of the Social Security Act to disclose to the Secretary information related to the status of such individual as a qualified former foster youth. ``(iii) Qualified homeless youth.--For purposes of this subparagraph, the term `qualified homeless youth' means, with respect to any taxable year, an individual who certifies, in a manner as provided by the Secretary, that such individual is either an unaccompanied youth who is a homeless child or youth, or is unaccompanied, at risk of homelessness, and self-supporting.''. (b) Elimination of Maximum Age for Credit.--Subclause (II) of section 32(c)(1)(A)(ii) is amended by striking ``but not attained age 65''. (c) Increase in Credit and Phaseout Percentages.--The table contained in paragraph (1) of section 32(b) is amended by striking ``7.65'' each place it appears and inserting ``15.3''. (d) Increase in Earned Income and Phaseout Amounts.--The table contained in subparagraph (A) of section 32(b)(2) is amended-- (1) by striking ``$4,220'' and inserting ``$9,820'', and (2) by striking ``$5,280'' and inserting ``$11,610''. (e) Inflation Adjustments.-- (1) In general.--Paragraph (1) of section 32(j) is amended to read as follows: ``(1) In general.--In the case of any taxable year beginning after-- ``(A) 2021, in the case of the dollar amount in subsection (i)(1), ``(B) 2026, in the case of the dollar amounts in the third row of the table in subsection (b)(2)(A), and ``(C) 2015, in any other case, each of the dollar amounts in subsections (b)(2) and (i)(1) shall be increased by an amount equal to the inflation amount.''. (2) Inflation amount.--Subsection (j) of section 32 is amended by adding at the end the following new paragraph: ``(3) Inflation amount.--For purposes of paragraph (1), the inflation amount with respect to any dollar amount for any taxable year is the amount equal to-- ``(A) such dollar amount, multiplied by ``(B) the percentage (if any) by which-- [[Page S2631]] ``(i) the CPI (as defined in section 1(f)(4)) for the calendar year preceding the year in which the taxable year begins, exceeds ``(ii) the CPI (as so defined) for-- ``(I) in the case of amounts in the third row of the table in subsection (b)(2)(A), 2025, ``(II) in the case of any other amount in subsection (b)(2)(A), 1995, ``(III) in the case of the $5,000 amount in subsection (b)(2)(B), 2008, and ``(IV) in the case of the $10,000 amount in subsection (i)(1), 2020.''. (f) Conforming Amendment.--Section 32 is amended by striking subsection (n). (g) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2025. SEC. 322. APPLICATION OF EARNED INCOME CREDIT TO POSSESSIONS OF THE UNITED STATES. (a) Puerto Rico.--Subparagraph (B) of section 7530(a)(1) is amended by striking ``in the case of calendar years 2021 through 2025,''. (b) Possessions With Mirror Code Tax Systems.--Subparagraph (B) of section 7530(b)(1) is amended by striking ``in the case of calendar years 2021 through 2025,''. (c) American Samoa.--Subparagraph (B) of section 7530(c)(1) is amended by striking ``in the case of calendar years 2021 through 2025,''. SEC. 323. ELECTION TO USE PRIOR YEAR EARNED INCOME. (a) In General.--Paragraph (2) of section 32(c) is amended by adding at the end the following new subparagraph: ``(C) Election to use prior year earned income.-- ``(i) In general.--If the earned income of the taxpayer for any taxable year is less than the earned income of the taxpayer for the preceding taxable year, the credit allowed under subsection (a) may, at the election of the taxpayer, be determined by substituting-- ``(I) such earned income for such preceding taxable year, for ``(II) such earned income for the taxable year for which such credit is being determined. ``(ii) Application to joint returns.--For purposes of clause (i), in the case of a joint return, the earned income of the taxpayer for the preceding taxable year shall be the sum of the earned income of each spouse for such taxable year. ``(iii) Special rules.-- ``(I) Errors treated as mathematical errors.--For purposes of section 6213, an incorrect use on a return of earned income pursuant to clause (i) shall be treated as a mathematical or clerical error. ``(II) No effect on determination of gross income, etc.-- Except as otherwise provided in this subparagraph, this title shall be applied without regard to any substitution under clause (i).''. (b) Effective Date.--The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2025. SEC. 324. ESTABLISHMENT OF REFUNDABLE CHILD TAX CREDIT WITH MONTHLY ADVANCE PAYMENT. (a) In General.--Subpart A of part IV of subchapter A of chapter 1 is amended by inserting after section 24 the following new sections: ``SEC. 24A. MONTHLY CHILD TAX CREDIT. ``(a) Allowance of Credit.--There shall be allowed as a credit against the tax imposed by this chapter for the taxable year the sum of the monthly specified child allowances determined with respect to the taxpayer under subsection (b) for each calendar month during such taxable year. ``(b) Monthly Specified Child Allowance.-- ``(1) In general.--For purposes of this section, the term `monthly specified child allowance' means, with respect to any taxpayer for any calendar month, the sum of-- ``(A) $300, with respect to each specified child of such taxpayer who will (as of the close of such month) have attained a