Infographic: What Is in the Build Back Better Act?
On November 19, 2021 the House passed the Build Back Better Act, a wide-ranging bill that aims to accomplish numerous priorities of the Biden Administration. According to a CRFB analysis of calculations from the Congressional Budget Office and the Joint Committee on Taxation, the legislation would raise the deficit over the next 10 years by $160 billion. While the new spending is mostly offset by other savings, the bill also includes a number of budget timing gimmicks which could hide its true cost.
The proposed spending, tax cuts, and offsets are broken down in the following ways.
Further Reading
The President’s Budget Doesn’t Address National Debt, and Calls for Highest Defense Spending in History
As lawmakers prepare the fiscal year 2027 (FY2027) appropriation bills, the Administration’s budget submission sets out its funding requests for executive agencies. The Administration would…
Tax Reform Alone May Not Be Enough to Stabilize the National Debt
A new report from the Tax Foundation breaks down the drivers of the fiscal imbalance and concludes that tax increases alone cannot solve the problem.
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If the full savings from the gas tax holiday were passed on to consumers, the average licensed driver would only save approximately $8.90 per month.