A new report from the House Taxation Joint Committee found Build Back Better is fully paid and reduces the deficit.
Rebuilding is better paid and would reduce the deficit
The rapporteur Pelosi wrote in a letter from his dear colleague provided to PoliticusUSA:
Also this morning the non-partisan mixed tax commission issued its relationship which proves that Build Back Better is well paid. Specifically, the report notes that the tax hike provisions in the bill would increase $ 1.5 trillion over 10 years. This analysis does not include other legislation incentives, including savings on prescription drug prices and IRS enforcement. Estimates suggest that these two pay-for combined will increase by approximately $ 650 billion, bringing total revenue above $ 2 trillion. It is essential that the legislation be fully paid and reduce the debt.
Previous reports, including apartheid Moody’s Analytics and 17 Nobel Prize-winning economists, have said that Build Back Better will grow the economy without increasing inflation because it is fully paid. As the Moody’s report concluded, “fears that the plan could trigger undesirably high inflation and an overheating economy are exaggerated.” Similarly, Nobel economists found: “As this agenda invests in long-term economic capacity and will increase the ability of more Americans to participate productively in the economy, it will ease long-term inflationary pressures.”
Senator Joe Manchin has no excuses
Democrats have made changes to the bill that make it both paid and deficit-friendly. There is no reason for Senator Manchin to continue dragging his feet to support the bill. Senator Manchin will likely want to see more data, but if the CBO score matches the report from the Fiscal Committee, there will be no reason for Manchin to continue holding Build Back Better (BBB).
It appears that the BBB train is leaving the station and it is time for Manchin to decide whether to board.
Mr. Easley is the managing editor. He is also a White House Press Pool and Congressional Correspondent for PoliticusUSA. Jason has a BA in Political Science. His undergraduate work has focused on public policy, with a specialization in social reform movements.
Professional awards and registrations
Member of the Society of Professional Journalists and the American Political Science Association