President Biden’s Build Back Better plan recently passed by the House of Representatives is historic legislation that lowers costs for working families, creates good-paying jobs, and helps build an economy that works for all of us. The plan is fully paid for by making the wealthiest Americans and biggest corporations begin to pay their fair share of taxes. No one earning less than $400,000 a year will pay a penny more in federal taxes.
The Build Back Better plan will lower costs for working families by:
- Making healthcare, childcare, education, housing and other vital services more affordable.
- Capping out of pocket prescription-drug costs for seniors using Medicare at $2,000 a year.
- Providing all 3- and 4-year-olds with a free preschool education, eliminating a major expense for young families.
- Cutting childcare costs in half for many families by capping their costs at 7% of a family’s income, which will allow parents to get back to work.
- Guaranteeing a month of paid leave from work if you get sick or must care for a loved one.
- Cutting taxes and raising incomes for working families and the middle class by extending the Child Tax Credit, which is now being paid out to families every month instead of once a year.
Build Back Better will make historic investments in fighting climate change, which will create millions of good-paying jobs and better protect communities from fires, floods and droughts.
Build Back Better is fully paid for by requiring the wealthy and big corporations to start paying their fair share of taxes.
- The plan will not raise taxes on anyone making under $400,000 a year.
- It rewards work, not wealth.
- The plan establishes a 15% minimum corporate tax rate to end the scandal of highly profitable corporations paying zero or little federal income taxes in some years.
- The plan closes tax loopholes that encourage corporations to shift jobs and profits offshore.
- The plan prioritizes catching wealthy tax evaders and corporate tax cheats. The richest 1% are evading at least $160 billion a year in taxes they owe.
The Build Back Better Plan is really popular with the public.
Polling compilation shows voters strongly support BBBA, or an even more robust version of it.
The Build Back Better plan will not add to inflation, but instead lower costs.
- It directly cuts the costs of some of the biggest expenses of working families and seniors, including healthcare, prescription drugs, childcare, eldercare, education and housing.
- Leading economists and independent experts on Wall Street have confirmed that the plan won’t fuel inflation. It will boost the economy and reduce costs for millions of families.
- It is fully paid for by making the wealthy and corporations pay their fair share of taxes, so it won’t add to the deficit.