PRESS RELEASE: HOUSE WAYS & MEANS TAX PLAN WILL FUND JOB CREATION, HELP CUT COSTS WITHOUT RAISING TAXES ON MIDDLE-CLASS

FOR IMMEDIATE RELEASE
September 14, 2021

Contact:
Maddy McDaniel, Communications Director
[email protected] or 914-471-7716

HOUSE WAYS & MEANS TAX PLAN WILL FUND JOB CREATION, HELP CUT COSTS WITHOUT RAISING TAXES ON MIDDLE-CLASS

House Ways and Means Committee Tax Plan Would Raise $2.9 Trillion By Ensuring Corporations and the Wealthy Pay Their Fair Share in Taxes

Polling: 60% of Voters — Including 64% of Independents — Believe It’s Time For the Wealthy & Large Corporations to Pay Their Fair Share & Fund the Build Back Better Agenda

WASHINGTON, D.C. — The draft tax plan proposed by the House Ways and Means Committee is a historic tax break for the middle class that will level the playing field for small businesses, reward work instead of wealth, and fund the Build Back Better agenda’s job-creating, cost-cutting investments.

Invest in America Action senior advisor Zac Petkanas made the following statement: 

“President Biden took office with a promise to deliver for working families, prioritize Main Street over Wall Street, and rebuild the middle class. The Ways and Means Committee’s draft plan is a critical step towards accomplishing these goals.

“The revenue raised from ensuring the wealthy and big corporations pay their fair share in taxes will pave the way for a once-in-a-generation investment in child care, education, housing, and more that will create millions of jobs and lower costs for American families — all without raising taxes by a single dollar on those making less than $400,000 a year.”

The Build Back Better agenda will give much-needed tax breaks to middle class families. 

  • The expansion of the Child Tax Credit enacted in the American Rescue Plan could mean an over $556 billion tax break to help cut child poverty by more than half.

  • Permanently extending the expanded Earned Income Tax Credit could mean an over $135 billion tax break to lessen the burden on hard-working Americans.

  • A permanent extension of expanded Child and Dependent Care Tax Credits would result in over $98 billion in tax cuts to help families stay employed and put food on the table.

  • Implementing a payroll tax credit for child care workers and providing credits for caregiver expenses would result in $35 billion in tax cuts.

  • The Build Back Better agenda includes a $198 million tax credit to expand access to health coverage, and lower health insurance costs.

The Build Back Better agenda will make our tax code fairer by rewarding work not wealth — and making the wealthy and big corporations pay their fair share, not working families and small businesses. 

  • The Build Back Better Agenda would protect 97 percent of small business owners from income tax rate increases and deliver tax cuts to more than 3.9 million entrepreneurs.

  • The plan will undo President Trump’s tax cuts for the wealthy — the profits of which went to executives and investors over workers by a nearly 3-to-1 margin. 

  • No one earning less than $400,000 per year will see their taxes increase.

###