Representative Malinowski Celebrates Passage of the Build Back Better Act
(Washington, DC) Today, the House of Representatives passed legislation lowering the cost of living for working families – from health care expenses to child care – responsibly paid for by making big corporations and the wealthiest Americans pay their fair share.
“My goal from the beginning of our negotiations has been to make life in New Jersey more affordable for the middle-class families I represent,” said Representative Malinowski. “The Build Back Better bill does this and more by restoring the SALT deduction, lowering the price of prescription drugs, capping the cost of child care for working parents, and by addressing the climate crisis with the urgency it demands. I am confident our Senate colleagues also will unite to show our democracy can deliver.”
Together along with the bipartisan infrastructure bill, the Build Back Better Act will create an average of 2 million jobs each year over the course of the decade. The Build Back Better Act focuses its investments in the following key areas:
Lowers Health Care Costs
- Allows negotiation for lower drug costs for seniors, thus halting Big Pharma’s outrageous price hikes above inflation for all Americans.
- Creates a new, out-of-pocket cap of $2,000 on what seniors pay for their drugs in Medicare Part D.
- Expands the ACA to make coverage more affordable for those who buy insurance on their own by lowering premiums in the ACA Marketplace and by expanding the ACA to cover those in the states that have refused to adopt the Medicaid expansion.
- Helps older Americans access affordable hearing care through Medicare.
Lowers Child Care & Family Care Costs
- Saves most families more than half their current spending on child care, ensuring the vast majority of families will have to pay no more than 7% of their income for child care.
- Expands free schooling in America for the first time in 100 years with universal pre-school for all 3- and 4-year olds.
- Extends the American Rescue Plan’s Child Tax Credit which provides more than 35 million households up to $3,600 (or $300 per month) in tax cuts per child.
- Establishes a universal and permanent paid family and medical leave program, providing four weeks of paid parental, family caregiving, and medical leave.
- Expands access to high-quality home care for older adults and people with disabilities.
The Largest Investment to Combat Climate Crisis in History
- Provides the largest effort to combat climate change in American history, investing $555 billion over 10 years in clean energy and climate investments including for climate pollution reduction grants and the greenhouse gas reduction fund.
- Implements green tax credits, which will save the average American family hundreds of dollars per year in energy costs.
- Invests in clean energy technology – from wind turbine blades to solar panels to electric cars – by providing $1 billion for zero-emissions vehicle infrastructure, and nearly $3 billion for a reliable 21st century electric energy grid.
- Creates good paying, green jobs to ensure America leads the clean energy economy.
Restores Tax Fairness
- Raises the current $10,000 cap on the State and Local Tax (SALT) deduction to $80,000 for the years 2021 through 2030.
- Extends the expansion and improvements in the Earned Income Tax Credit for workers without qualifying children that were included in the American Rescue Plan for one year, through the end of 2022.
Expands the American Workforce
- Reforms the legal immigration system by granting temporary protection to those who have lived and worked in service to our country and our communities for more than 10 years and serve significant public benefit.
- Gives back to our essential workforce and their families by providing relief to nearly 1.6 million DREAMERs, 360,000 TPS recipients and 3.6 million essential workers.
- In addition to lowering the cost of everything from prescription drugs, to health insurance to clean energy, the bill pays for its investments by ensuring multinational corporations pay taxes, and high-income individuals pay their fair share. Americans making less than $400,000 a year won’t see their taxes go up by one penny.
- Establishes a new “alternative minimum tax” of 15% on all U.S. corporations earning more than $1 billion a year in profits, so that companies like Amazon and Google can no longer use foreign tax shelters and accounting tricks to avoid paying taxes.
- Provides a new surtax on the income of multi-millionaires and billionaires – the wealthiest 0.02 percent of Americans.
- Reduces the deficit by more than $112 billion in the first 10 years and at least $2 trillion in the outyears.