.png)
The Build Back Better Act!
A Brief Overview
TIME IS RUNNING OUT TO PASS THE BUILD BACK BETTER ACT!
TAKE ACTION NOW WITH THESE 2 STEPS!
The original Build Back Better Act was a $3.5 trillion budget reconciliation bill that was first introduced by the Democrats on the Senate Budget Committee during August 2021 [1]. The original $3.5 trillion Build Back Better Act was projected to create at least 4 MILLION GOOD JOBS through public investment in infrastructure, green jobs, and care for the sick, elderly, and disabled.
The original $3.5 trillion Build Back Better Act was promoted by President Joe included widely popular policies such as:
-
Paid family and medical leave for all
-
Universal pre-kindergarten
-
Free tuition for two-year public community college
-
Lowering prescription drug prices
-
Expanding Medicare to include dental, vision, and hearing
-
Strengthing workers' rights to unionize
-
Tax reforms that require the wealthy and big corporations to pay their fair share
-
And more...
CIick here for a more in-depth overview of the original Build Back Better Act
Corporate-backed Politicians Cut the Orginal $3.5 Trillion Build Back
Bettet Act Down to $2.2 Trillion
The original $3.5 TCorporations and wealthy interests, who oppose paying their fair share in taxes, have launched aggressive lobbying efforts to influence Congress to make devasting cuts to the Build Back Better Act that will greatly reduce this bill's impact to help Americans desperately in need.
While unified opposition from Republicans is expected, some DEMOCRATS are siding with corporations and wealthy interests to make drastic cuts to the Build Back Better or even kill this bill altogether.
The revised version of the bill is estimated to cost approximately $2.2 trillion.[42][43] The White House's legislative framework, the costs of which were disputed by nonpartisan estimates, includes:[44][39]
-
$555 billion for clean energy and climate change provisions
-
$400 billion for childcare and preschools
-
$200 billion for child tax and earned income tax credits
-
$150 billion for home care
-
$150 billion for housing
-
$130 billion for Affordable Care Act credits
-
$90 billion for equity and other investments
-
$40 billion for higher education and workforce
-
$35 billion to expand Medicare to hearing services
Specifics of the bill include:[45]
-
An increase in the SALT deduction limit from $10,000 (expiring in 2026) to $80,000 (expiring in 2030)
-
Universal preschool for all three and four-year-olds
-
Child-care cost cap of 7% of income for parents earning up to 250% of a state's median income (including faith-based child-care that complies with ideological requirements)
-
$35-per-month limit on the cost of insulin under Medicare & limit on out-of-pocket prescription drug costs at $2,000 per year
-
Hearing benefits for Medicare beneficiaries, including coverage for a new hearing aid every five years
-
One year of expanded child tax credits
-
A provision for 4 weeks of paid family and medical leave (included in a package drafted by the House Ways and Means Committee)[46]
-
Extended Affordable Care Act subsidies
-
More than one million new affordable housing units, and modernizing existing public housing
-
Expanded home care for elderly and disabled individuals through Medicaid
-
Creation of 1–2 million new apprenticeship slots
-
Electric car tax credit of $7,500, plus an extra $4,500 for American-made vehicles built with union labor
-
New tax credits for installing solar panels or weatherizing homes
The pending payment methods are:[44]
-
$400 billion from IRS reform, including the enforcement of tax payments from taxpayers making over $400,000[47]
-
$350 billion by imposing a 15% minimum tax on foreign corporate profits
-
$325 billion via a 15% corporate minimum tax (applying to corporations making over $1 billion for three consecutive years)[48]
-
$250 billion by closing a Medicare tax loophole benefiting the wealthy
-
$230 billion from an adjusted gross income surcharge on the 0.02% most wealthy, applying a 5% rate for those who make $10 million, and an additional 3% surtax above $25 million
-
$170 billion by reducing business losses of the wealthy
-
$145 billion by repealing the 2017 tax act's rebate rule regarding prescription drugs
-
$125 billion via a 1% surcharge on corporate stock buybacks