Nonpartisan Joint Committee on Taxation report finds 'Build Back Better' is solidly paid for, Joe.

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Senator Joe Manchin @Sen_JoeManchin Nov 3
West Virginians are concerned about rising inflation. We cannot throw caution to the wind & continue to pile on debt that our country can't afford.

Speaker Pelosi today in a dear colleague letter:

...this morning, the nonpartisan Joint Committee on Taxation issued their report which shows that Build Back Better is solidly paid for. Specifically, the report finds that the tax-increase provisions in the bill would raise $1.5 trillion over 10 years. This analysis does not include the legislation’s other pay-fors, including prescription drug pricing savings and IRS enforcement. Estimates suggest that these two pay-fors together will raise approximately $650 billion, putting the total revenue above $2 trillion.

Previous reports, including from the nonpartisan Moody’s Analytics and 17 Nobel Prize-winning economists, have affirmed that Build Back Better will grow the economy without increasing inflation because it is fully paid for. As the Moody’s report concluded, “Concerns that the plan will ignite undesirably high inflation and an overheating economy are overdone.” The Nobel economists similarly found, “Because this 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.”


U.S. Treasury Secretary Janet Yellen: “The investments and revenue provisions of the Build Back Better package would raise over $2 trillion in offsets, making the entire package paid for over ten years and would reduce deficits over the long term.”

Joint Committee on Taxation analysis finds Build Back Better Act will generate $1.5 trillion in revenue, not including $650 billion in additional pay-fors

WASHINGTON, D.C. — A new analysis released today by the Joint Committee on Taxation confirms that the Build Back Better Framework will not only be fully paid for, but will lower the national debt in the long-term. The JCT report finds that the Build Back Better Framework will raise $1.5 trillion in revenue by ensuring the ultra-wealthy and big corporations finally pay their fair share. This $1.5 trillion combined with other popular revenue-raising provisions including strengthening IRS enforcement to crack down on tax cheats and allowing Medicare to negotiate the price of prescription drugs, amounts to over $2 trillion in revenue, which is more than enough to cover the Build Back Better Framework.

U.S. Treasury Secretary Janet Yellen affirmed this analysis today, noting that the package Congress has put together is both “fiscally responsible and critical to the future prosperity of our economy.” In a statement, Yellen said: “Investments and revenue provisions of the Build Back Better package would raise over $2 trillion in offsets, making the entire package paid for over ten years and would reduce deficits over the long term.”

Furthermore, the Build Back Better Framework is fully paid for without raising taxes by one cent on any taxpayer making less than $400,000. And these revenue-raisers will make the American economy more competitive by reducing profit shifting by large corporations, ending a corporate tax race to the bottom that hurts all of us, and overhauling a two-tiered system of tax administration — where American workers pay what they owe, but the wealthiest do not.

The JCT report comes on top of the release of a new Moody’s Analytics report that also found that the Build Back Better Framework is fully paid for, will grow the economy, create millions of jobs, and ease inflationary pressure.

https://buildingbacktogether.org/news/icymi-u-s-treasury-and-joint-committee-on-taxation-affirm-build-back-better-can-be-fully-paid-for-and-reduce-deficits/

[onecaliberal]

1. Manchin just needs to come out and say that his corporate owners forbid him from voting for any of

the Democratic agenda.

[Quakerfriend]

2. Exactly 😂😂😂

I do wish the Dems would stop saying “And, it’s all paid for” without telling people how -
I assume it’s through taxing corporations & the uber rich.
But, the dems are thought of as over spending- and, this needs to be put to rest.

[Chille]

3. Can you or someone

explain to how it pays for itself? I don’t understand and would like to know. Thank you in advance

[Mme. Defarge]

4. As stated above.

“Specifically, the report finds that the tax-increase provisions in the bill would raise $1.5 trillion over 10 years. This analysis does not include the legislation’s other pay-fors, including prescription drug pricing savings and IRS enforcement. Estimates suggest that these two pay-fors together will raise approximately $650 billion, putting the total revenue above $2 trillion.

Previous reports, including from the nonpartisan Moody’s Analytics and 17 Nobel Prize-winning economists, have affirmed that Build Back Better will grow the economy without increasing inflation because it is fully paid for. As the Moody’s report concluded, “Concerns that the plan will ignite undesirably high inflation and an overheating economy are overdone.” The Nobel economists similarly found, “Because this 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.”

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8. Center on Budget and Policy Priorities

The legislation would raise revenue in three main ways: requiring people with high incomes to pay a fairer amount of tax, reducing unwarranted tax advantages for profitable corporations (particularly large multinationals), and improving enforcement of the nation’s tax laws to close the roughly $600 billion annual gap between taxes legally owed and taxes paid — a gap disproportionately due to high-income filers’ noncompliance with the law. Together, these measures would make the tax code more equitable and adequate.

Requiring High-Income Individuals to Pay Fairer Amount of Tax

Much of the income of very wealthy households doesn’t appear on their annual tax returns, unlike the vast majority of households, whose incomes come mainly from wages and salaries. And when wealthy households do pay tax, they often benefit from special tax breaks or discounted rates. Changes in tax policy since the late 1990s have expanded these advantages, particularly President George W. Bush’s tax cuts of 2001 and 2003 and President Trump’s 2017 tax cuts.

BBB includes several policy changes to begin to address — though not eliminate — these tax advantages. They include:

Surtax on multi-millionaires. BBB imposes a new 5 percent surtax on households with adjusted gross income (AGI) above $10 million and an additional 3 percent tax (for a combined 8 percent) on those with AGI above $25 million. This would raise $230 billion over ten years, according to the Biden Administration.

A major advantage of this provision is the relatively broad base of income types it applies to, including realized capital gains, dividends, pass-through income, and wage and salary income, and it is applied before most deductions are taken into account. Thus, the surtax applies both to labor income (such as wages) and capital income (such as realized capital gains and other income from wealth, which is concentrated at the top of the income scale). In contrast, an increase in ordinary income tax rates would apply to income after all deductions are considered and not to most capital income, which is subject to separate, preferential rates.

While BBB doesn’t eliminate certain existing tax breaks, such as preferential treatment for carried interest or the 20 percent deduction for pass-through income, the surtax applies to these types of income for very high-income people. Similarly, while BBB doesn’t directly raise the tax rates on capital gains and dividends, the surtax effectively raises these tax rates for multi-millionaires.

more: https://www.cbpp.org/research/federal-tax/build-back-better-requires-highest-income-people-and-corporations-to-pay

[GoodRaisin]

5. Intereresting that the amount it saves is about the same as the amount

that Republicans stole with their 2017 tax scam.

[Champp]

6. Excelllent!

Let's go America!

[triron]

7. So Pelosi sent this to Manchin, I presume?

[LakeArenal]

9. Don't die quietly Democrats.

One of you Senators shout “Take that
Man-chin and stuff it up your poop pipe.”

Take out billboards. Shout on tv and radio.

Not solid quiet logical stuff.

Republicans are LIARS (Shout that word).
THEY ARE LYING TO YOU.

We DO NOT want to go back to 1950.
We want to move forward to the
22nd Century.

We want culture EXPANDED. We want US Civilization not some antiquated fake reality of the 20th Century.

[WHITT]

10. Each One Of Manchin's Fake Excuses

keeps getting blown up. I'm sure the next one will be even sillier.

[NowISeetheLight]

11. The problem is...

No one believes it and people don’t care about the truth. Trump claimed his tax cut was paid for. It wasn’t. People hate BBB because it’s Biden’s idea. It could be paid for 10x over and the Maga folks still wouldn’t care. They’re the same uneducated folks who credit him with cutting taxes not realizing they got pennies while the rich got everything. They view BBB as a giant “handout”. The right has portrayed the democrats as the party of “handouts”.

They will happily take advantage of the child tax credit and the pre-k schooling and the lower drug prices. The Democrats need to stop bickering and start advertising the benefits to real working class folks that BBB will bring.