ICYMI: THE BUILD BACK BETTER PLAN WILL DELIVER HISTORIC MIDDLE-CLASS TAX CUTS

Build Back Better Agenda Would Cut Taxes for 50 Million Americans, Including 4 Million Small Businesses

The Build Back Better agenda will deliver one of the largest tax cuts in history — this time benefiting the middle class, not the wealthy, as outlined in a White House memo obtained by Politico.

President Biden’s Build Back Better agenda will cut taxes for American families by extending the Child Tax Credit, as well as for those who have key expenses like child-care or long term-care needs and health care premiums — paid for by making the wealthy and corporations pay their fair share.

KEY POINTS: 

  • The Build Back Better plan will cut taxes for over 50 million American families including nearly 4 million small business owners – continuing the tax relief first provided in the President’s American Rescue Plan (ARP). These tax cuts have helped workers and families make ends meet during the COVID-19 pandemic. If Congress doesn’t pass President Biden’s Build Back Better agenda, these hard-working families and small business owners will see their taxes go up. President Biden believes that would be unacceptable.

  • President Biden’s Build Back Better plan will provide 39 million households and the parents of nearly 90 percent of American children a major tax cut and cut child poverty nearly in half by extending the historic expansion of the CTC.

  • President Biden’s Build Back Better plan will deliver one of the largest middle-class tax cuts in history, bolstering families’ financial security, spurring economic growth, and dramatically reducing child poverty in America.

Read the full memo here.

The memo is part of the Biden administration’s efforts to raise awareness of how the president’s tax plan will benefit middle class families.

Read more from Axios below:

Axios: White House spoils for fight on taxes

The White House plans to lean into attacks on proposed taxes to pay for President Biden’s “Build Back Better” agenda as “an inflection point where leaders need to choose which side they’re on.”

Why it matters: Both ends of Pennsylvania Avenue are heading into an epic fall debate over the size and funding of transformational social and climate programs. The 2022 midterms are the backdrop, with Democrats running partly on jobs created by infrastructure spending.

White House deputy press secretary Andrew Bates tells me: “The President inherited the worst economic crisis since the Great Depression and yet he has delivered unprecedented job creation and the fastest economic growth in decades. That’s because he’s putting Scranton above Park Avenue and rebuilding the American middle class.”

“If Republicans in Congress favor … preserving exorbitant tax giveaways for the wealthiest Americans over historic tax cuts for middle class families, or ensuring that some of the most profitable corporations continue to pay no taxes at the expense of lower costs for elder care, then they’ve obviously made their choice.”

Commerce Secretary Gina Raimondo made a similar point yesterday in virtual remarks to the City Club of Cleveland. “We don’t have a blank check and we need to pay for these investments in a way that strengthens America’s middle class,” she said

“We can do it. But it will require America’s largest corporations and the wealthiest Americans to pay more.”

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