Eshoo Votes for Transformative Build Back Better Act
WASHINGTON, D.C. – Today, U.S. Rep. Anna G. Eshoo (CA-18) released the following statemen after voting for the Build Back Better Act.
“The Build Back Better Act is an economic launching pad for the middle class and working families who are struggling today. For those with children, it means drastically lower costs for child care, with the majority of American families paying no more than seven percent of their income on childcare.
For families with an income of less than $150,000, it means they will continue to receive monthly payments from the expanded Child Tax Credit for another year. And for those with 3 and 4 year old children, it means free, universal pre-K. For families who care for elderly and disabled family members, the legislation removes a heavy burden with improved and affordable home-based care.
For the thousands of constituents who lost their deductibility of state and local taxes, the legislation raises the cap to $80,000 until 2030 without adding a cent to the deficit. Prior to the harmful $10,000 cap that was put into place in the 2017 Trump tax cut law, my constituents claimed an average SALT deduction of $63,083.
Very importantly, the legislation invests in future generations by making the largest clean energy investment in our country’s history and puts the U.S. on a path to cut greenhouse gas emissions in half by 2030 to meet our climate goals under the Paris Agreement.
And for all my constituents, the legislation means more affordable medicine and a guarantee they won’t pay more than $35 per month on insulin. For those who get their insurance through the Affordable Care Act, it means lower insurance premiums by an average of $600 per person per year.
All of these policies are fully paid for without raising taxes on anyone earning less than $400,000 per year. Revenue is raised through a new 15 percent minimum tax on businesses that report more than $1 billion in profits to shareholders. This ends the shameful practice of large, profitable businesses paying zero in income taxes. It also raises taxes on the wealthiest 0.02 percent of Americans with a 5 percent surtax on incomes of more than $10 million and a further 3 percent on incomes over $25 million. Finally, the bill provides robust funding for IRS tax enforcement to crack down on tax cheats which the nonpartisan Congressional Budget Office estimates will raise $207 billion in revenue.
Let history record that House Democrats finally came together to pass legislation to drastically improve the lives of the American people and that sadly, not one Republican chose to join us.”