ICYMI: U.S. TREASURY AND JOINT COMMITTEE ON TAXATION AFFIRM BUILD BACK BETTER CAN BE FULLY PAID FOR AND REDUCE DEFICITS

FOR IMMEDIATE RELEASE: November 4, 2021
PRESS CONTACT: [email protected]

ICYMI: U.S. TREASURY AND JOINT COMMITTEE ON TAXATION AFFIRM BUILD BACK BETTER CAN BE FULLY PAID FOR AND REDUCE DEFICITS

U.S. Treasury Secretary Janet Yellen: “The investments and revenue provisions of the Build Back Better package would raise over $2 trillion in offsets, making the entire package paid for over ten years and would reduce deficits over the long term.”

Joint Committee on Taxation analysis finds Build Back Better Act will generate $1.5 trillion in revenue, not including $650 billion in additional pay-fors 

WASHINGTON, D.C. — A new analysis released today by the Joint Committee on Taxation confirms that the Build Back Better Framework will not only be fully paid for, but will lower the national debt in the long-term. The JCT report finds that the Build Back Better Framework will raise $1.5 trillion in revenue by ensuring the ultra-wealthy and big corporations finally pay their fair share. This $1.5 trillion combined with other popular revenue-raising provisions including strengthening IRS enforcement to crack down on tax cheats and allowing Medicare to negotiate the price of prescription drugs, amounts to over $2 trillion in revenue, which is more than enough to cover the Build Back Better Framework. 

U.S. Treasury Secretary Janet Yellen affirmed this analysis today, noting that the package Congress has put together is both “fiscally responsible and critical to the future prosperity of our economy.” In a statement, Yellen said: “Investments and revenue provisions of the Build Back Better package would raise over $2 trillion in offsets, making the entire package paid for over ten years and would reduce deficits over the long term.” 

Furthermore, the Build Back Better Framework is fully paid for without raising taxes by one cent on any taxpayer making less than $400,000. And these revenue-raisers will make the American economy more competitive by reducing profit shifting by large corporations, ending a corporate tax race to the bottom that hurts all of us, and overhauling a two-tiered system of tax administration — where American workers pay what they owe, but the wealthiest do not.

The JCT report comes on top of the release of a new Moody’s Analytics report that also found that the Build Back Better Framework is fully paid for, will grow the economy, create millions of jobs, and ease inflationary pressure.

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