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
How Does the Capital Gains Tax Work, and What Are Some Proposed Reforms?
While the capital gains tax affects anyone selling a capital asset, higher-income individuals are typically subject to the tax more so than average Americans.
Social Security’s Funding Gap is 1.3% of GDP — Here’s How We Can Close It
Social Security is an integral part of the nation’s fiscal picture and a vital economic lifeline for millions of recipients.
Should We Eliminate the Social Security Tax Cap?
There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.