HOW BUILD BACK BETTER HELPS NJ-05
Rep. Josh Gottheimer (NJ-05)
- In NJ-05, a district with over 46,500 children under age 6, the child care market fails to serve 53% of young children.
- 35% of young children in NJ-05 don’t have all available parents in the workforce, while over 70,000 parents make career sacrifices due to issues with child care.
- The average annual cost of infant care in New Jersey is $12,988. Contrasted with the median income of $145,640 for a family of four in NJ-05, infant care costs as a share of median family income in the district total approximately 8.9%
- 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 NJ-05 pays more than 7% of their income on child care.
Child Tax Credit
- In NJ-05, approximately 6% of young children live in poverty.
- About 108,000 children in NJ-05 qualify for the enhanced Child Tax Credit payments, and a total of 78,000 payments were made to NJ-05 families in October.
- The average payment per household across the state of New Jersey was $404.
- 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 19,100 NJ-05 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 NJ-05 residents an average tax cut of $545.28 per tax filer.
- The Build Back Better Act could also lead to expanded Medicare coverage of hearing benefits for up to 144,148 residents in NJ-05.
- 9.5% of adults in NJ-05 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 NJ-05 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 29,000 working families in NJ-05 will benefit from the expanded Earned Income Tax Credit.
- NJ-05 is already home to 5,119 clean energy jobs, including 816 renewable energy jobs and 3,612 energy efficiency jobs. The Build Back Better Act will bring even more good-paying, green union jobs to NJ-05.
- 85% of adults in NJ-05 support providing tax rebates for energy-efficient vehicles or solar panels, and 75% 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.
- NJ-05 faces an affordable housing shortage of over 15,962 homes, meanwhile, 25% 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.