SIOUX CITY, Iowa (AP) — Democratic presidential candidate Cory Booker on Monday proposed a significant expansion of the earned income tax credit that he said would lower the annual tax bill for almost half of American taxpayers.

The senator from New Jersey, who recently launched a national tour aimed at boosting his 2020 presidential bid, touted the plan during a campaign event in Iowa as creating a tax code "that reflects our values." His announcement came on the date that most Americans' taxes are due to the IRS.

"Why should somebody who works for a hedge fund in New York City, who makes a million dollars a year, pay less in taxes than that schoolteacher?" he asked the audience at his Sioux City event.

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 policy would benefit 154 million Americans.

Booker also suggested his tax policy would boost the economy.

"We are a consumption-based society. Giving tax credits directly to the people who invest the most in our society actually will grow our economy," he said.

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Schor contributed to this report from Washington.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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