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Joint Economic Committee Democrats Chairman - Rep. Don Beyer (D-VA)

Build Back Better Supports Economic Growth by Increasing Tax Fairness

Key Points:
Build Back Better asks the wealthy and corporations to pay their fair share
Build Back Better will ensure that multinational corporations cannot avoid paying taxes
Raising revenue from the wealthy and big corporations is consistent with economic growth
Independent analysis shows that Build Back Better will create jobs, boost economic growth and fight inflation
Build Back Better cuts taxes for working families while asking the top 1% to pay their fair share

The Build Back Better Act will reduce costs and cut taxes for working families, make critical investments to grow the economy, promote shared prosperity and increase revenue by asking the wealthiest Americans and the most profitable corporations to pay their fair share. Passing the fully paid-for Build Back Better Act, in addition to the recently enacted bipartisan Infrastructure Investment and Jobs Act, will support sustained economic growth, increase productivity, create jobs and reduce long-term inflationary pressure.

  • Build Back Better asks the wealthy and big corporations to pay their fair share, while cutting taxes and reducing costs for an average family of four by $7,400.
  • Moody’s Analytics projected that passing both the Build Back Better Act and the bipartisan Infrastructure Investment and Jobs Act would boost real GDP growth to 4.8% in 2022.
  • The Economic Policy Institute projected that the Build Back Better Act will support 2.3 million jobs per year in its first five years.

In addition, 17 recipients of the Nobel Prize in economics wrote in a September letter that “Because this [Build Back Better] agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures.”

Read the full brief here.