U.S. Sen. Cory Booker announced legislation Monday that would make the first $75,000 of income tax-free for married couples filing jointly.

The proposal, called the Keep Your Pay Act, would offer proportional tax relief for single filers and heads of household and would more than double the standard deduction for all taxpayers if passed.

The current standard deduction for married couples filing jointly is $32,200, and half that amount for single taxpayers.

The proposal also includes an expansion of tax credits such as the Child Tax Credit, increasing the credit to $3,600 per child ages 6 to 17 and $4,320 for children under 6, with an additional $2,400 "baby bonus" in the year a child is born.

The plan would be fully paid for by "closing unfair tax loopholes used by the ultra-wealthy and big corporations and requiring them to pay their fair share," according to Booker's announcement.

His office unveiled a calculator to see how much money you would save under the proposed legislation.