HOW BUILD BACK BETTER HELPS IA-03
Rep. Cindy Axne (IA-03)
- In IA-03, a district with over 67,300 children under age 6, the child care market fails to serve 24% of young children.
- 24% of young children in IA-03 don’t have all available parents in the workforce, while over 17,500 parents make career sacrifices due to issues with child care.
- The average annual cost of infant care in Iowa is $10,378. Contrasted with the median income of $95,380 for a family of four in IA-03, infant care costs as a share of median family income in the district total approximately 10.8%
- The Build Back Better Act will provide universal pre-k to all 3-and 4-year olds, giving all children access to high-quality early education, and will ensure that no working family in IA-03 pays more than 7% of their income on child care.
Child Tax Credit
- In IA-03, approximately 12% of young children live in poverty.
- About 172,000 children in IA-03 qualify for the enhanced Child Tax Credit payments, and a total of 98,000 payments were made to IA-03 families in October.
- The average payment per household across the state of Iowa was $461.
- The Build Back Better Act will extend the fully refundable enhanced Child Tax Credit to provide up to $3,600 per qualified child until 2023.
- The Build Back Better Act could help an estimated 10,000 IA-03 residents save an average $600 per year on health insurance premiums by extending expanded Affordable Care Act premium tax credits.
- Extending the expanded Premium Tax Credits through 2025 could give IA-03 residents an estimated average $509.08 tax cut per tax filer.
- The Build Back Better Act could also lead to expanded Medicare coverage of hearing benefits for up to 149,578 residents in IA-03.
- 8.1% of adults in IA-03 are unable to access care due to cost.
- 8.5% of adults in IA-03 have been diagnosed with diabetes; the Build Back Better Act will lower the price of insulin by placing a $35-per-month cap on the drug.
- 90% of registered voters in IA-03 support allowing Medicare to negotiate lower prescription drug prices.
- The Build Back Better Act will help ensure that drug costs do not increase faster than inflation by allowing Medicare to negotiate lower drug prices.
Earned Income Tax Credit
- The Build Back Better Act will extend the current expanded Earned Income Tax Credit for childless workers of up to $1,502 for one year.
- An estimated 52,000 working families in IA-03 will benefit from the expanded Earned Income Tax Credit.
- IA-03 is already home to 7,558 clean energy jobs, including 1,365 renewable energy jobs and 4,848 energy efficiency jobs. The Build Back Better Act will bring even more good-paying, green union jobs to IA-03.
- 83% of adults in IA-03 support providing tax rebates for energy-efficient vehicles or solar panels, and 71% believe corporations should do more to address global warming.
- The Build Back Better Act will make historic investments in clean energy technologies, and help middle class families save money transitioning to clean energy electrification.
- IA-03 faces an affordable housing shortage of over 10,611 homes, meanwhile, 20% of all renter households in the district are severely cost-burdened.
- The Build Back Better Act will make the largest investment in history for the construction, rehabilitation, and improvement of affordable housing.
- The Act will also make historic investments in rental and down payment assistance programs.