“Build Back Better” Legislation to Include Broad Tax Increases for Many

Springfield, MA….Today, House Ways and Means Committee Chairman Richard E. Neal (D-MA) announced that the Committee will continue consideration of legislative proposals under the budget reconciliation instructions on Tuesday, September 14, 2021 at 9:00 a.m. ET and Wednesday, September 15, 2021 at 9:00 a.m. ET. The Committee will mark up measures to combat the climate crisis, create jobs, encourage economic and affordable housing development, extend tax cuts for workers and families, lower health care costs, and reinstate key tools to help states and localities finance investments, as well as measures on funding these priorities.

“On Tuesday, we will continue our work on the Build Back Better Act with the consideration of investments to provide critical support to families, spur the development of clean energy, reinstate Build America Bonds, and improve Americans’ ability to afford health care,” said Chairman Neal. “Our proposals allow us to both address our perilously changing climate and create new, good jobs, all while strengthening the economy and reinvigorating local communities. We seek to help families better afford essentials with the continuation of the expanded Child Tax Credit and investments that will lower the cost of prescriptions and health insurance premiums. And we can do all this while responsibly funding our plans. Taken together, these proposals expand opportunity for the American people and support our efforts to build a healthier, more prosperous future for the country.”

The markup on Tuesday and Wednesday will include measures that will:

  • Support clean energy investment and deployment, and the creation of good, well-paying jobs;
  • Extend the extremely impactful American Rescue Plan expansion of the Child Tax Credit, and makes permanent the American Rescue Plan expansions of the Earned Income Tax Credit and the child and dependent care tax credit;
  • Reinstate Build America Bonds and advanced refunding bonds to provide financing to state and local governments and spur investment in the private sector;
  • Expand proven tax credit programs that encourage economic and affordable housing investments in our communities that are most in need;
  • Lower prescription costs for Americans by allowing the HHS Secretary to negotiate for lower drug prices;
  • Provide immediate coverage for Americans in the Medicaid coverage gap;
  • Extend the American Rescue Plan’s expanded premium tax credits to help lower health insurance costs;
  • Mitigate wealth inequality and strengthen the progressive power of our tax system by increasing the individual tax rate, increasing the top capital gains rate, and adding a modest surtax on the highest-income taxpayers;
  • Level the playing field by cutting taxes for our nation’s smallest businesses and bringing the corporate rate to 26.5 percent;
  • Promote global competitiveness while ensuring that multinational corporations pay their fair share by better harmonizing the U.S. corporate minimum tax rate with the rate agreed to by over 130 countries in international negotiations; and
  • Invest in tax fairness by better equipping the IRS with updated technology and the human capital necessary for the complex audits of high-wealth individuals.

Section-by-Section of the Committee Print for Subtitles F, G, H, and J can be found HERE.
Section-by-Section of Subtitle I can be found HERE.

Full text:

###

Leave a Reply