New Report on Build Back Better Act: ‘Historic and groundbreaking middle-class tax cuts and cost protections for families’

From the Speaker's Press Office:

Joining the world's top economists and leading rating agencies, a new study from Third Way supports the enormous cost-cutting investments in working families that President Biden and Democrats' will deliver in the Build Back Better Act.

Researchers found, "Democrats' Build Back Better Act includes a series of tax cuts and cost protections that will have an outsized effect on working and middle-income families with children."

This interactive map included in the study shows four Build Back Better provisions alone saving families in every state thousands of dollars each year –the Child Tax Credit, slashing child care costs, strengthening the Affordable Care Act's subsidies and expanding access to affordable health insurance to close the Medicaid coverage gap.

These "historic and groundbreaking" investments in the middle class are fully paid for by making big corporations and the wealthiest pay their fair share, and yet Republicans are opposing the legislation tokeep prices high and pad the profits of their corporate friends at the expense of working families.

See below for a small glimpse of the tax cuts and savings for working families, as mentioned in NPR's write up on the new study, and click here for a more detailed breakdown on the thousands of dollars Democrats are putting back in American's pockets.

• Third Way's report found that changes to the child tax credit, child care cost caps, expansions to the Affordable Care Act and closing the Medicaid coverage gap could save families thousands each year.
• "A two-parent family of four would receive or save up to about $7,400 from these four provisions," said Moeller.
• "A single mother with two kids would receive or save as much as $15,000."
• Moller points to the Democrats' spending package as a way for families to combat rising costs.
• "In this era of inflation, I think it's important to realize one of the most important things about the Build Back Better Act is it focuses on costs that working families often worry about, such as child care and health care," he said. "Our analysis reflects the savings that families will have in those areas."

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