U.S. Representative Matt Cartwright (PA-08) today voted to pass the Build Back Better Act in the U.S. House. This historic legislation crafted by the President and Democrats in Congress will create good-paying jobs and bring more people back into the workforce, cut taxes for the middle class, reduce price pressures and fight climate change.
“The Build Back Better Act invests in workforce development, begins to tackle allowing Medicare to negotiate lower drug prices, boosts access to affordable child care and cuts taxes for working families. Most of this is paid for by asking the wealthiest Americans and biggest corporations to pay their fair share. Together with the Infrastructure Investment and Jobs Act, this legislation will give all working people and families a better shot at a good middle-class life, and a fair chance to share in the success of a growing economy.”
According to a report from Moody’s Analytics, the Build Back Better Act and the bipartisan infrastructure bill together will:
- Add 1.5 million jobs per year on average across the whole decade;
- Increase labor force participation and accelerate the return to full employment; and
- Increase our total economic output by $3 trillion throughout the next decade.
Moody’s also confirms that these bills will keep prices stable and decrease inflationary pressures as we continue our recovery from the COVID-19 pandemic.
The Build Back Better Act: More Jobs, Tax Cuts for the Middle Class, Lower Costs
- Workforce Development: The United States ranks near the bottom among the world’s biggest economies when it comes to training workers to seize the good-paying jobs of the future. In fact, funding for federal job training programs has dropped by nearly half since the beginning of the 21st century. The Build Back Better Act invests in training programs that will prepare Pennsylvania’s workers for high-quality jobs in fast-growing sectors like public health, child care, manufacturing, IT and clean energy. 20 public community colleges in Pennsylvania will have the opportunity to benefit from grants to develop and deliver innovative training programs and expand proven ones.
- Job Creation Through Climate Action: Pennsylvania has experienced 37 extreme weather events over the last decade, which has cost more than $10 billion in damage. It reduces carbon pollution, makes infrastructure ready to withstand extreme weather and strengthens the American clean energy economy.
Tax Cuts for the Middle Class
- Lower Taxes for Families with Children: The Build Back Better Act extends the life-changing tax cut of the Child Tax Credit of $300/month per child under 6 or $250/month per child ages 6 to 17.
- Prescription Drugs: The Build Back Better Act will begin to enable Medicare once again to negotiate for lower drug costs for seniors. It also:
- Ensures Americans with Diabetes will not pay more than $35 per month for insulin; and
- Creates a new out-of-pocket cap of $2,000 on what seniors pay for prescriptions in Medicare Part D.
- Health Care: The bill expands Medicare to provide coverage for hearing aids as well as hearing assessment and treatment services. It dramatically lowers premiums in the Patient Protection and Affordable Care Act Marketplace. It also makes historic investments to allow more seniors and the disabled to receive the services they need in their homes. These investments in the Build Back Better Act will help 122,000 Pennsylvanians gain coverage and hundreds of thousands more save on health costs each year.
- Child Care and Early Education:
- The average annual cost for child care in Pennsylvania is $11,402. The Build Back Better Act will expand access for over 700,000 young Pennsylvanians and ensure that no one pays more than 7 percent of their income on child care.
- Only 16 percent of 3- and 4-year-olds in Pennsylvania have access to publicly funded pre-K, while the average cost of private pre-K in the state is $8,600. The Build Back Better Act will ensure universal pre-school for all 3- and 4-year-olds.
- 54 percent of employers surveyed earlier this summer as part of a Pennsylvania Chamber of Commerce-led study reported losing employees because of a lack of affordable child care options. These investments will help more parents rejoin the workforce knowing their kids are cared for.
A full White House fact sheet on the impact of the Build Back Better Act for Pennsylvania is HERE.