What is the $3.5 Trillion Reconciliation Package?
The $3.5 trillion reconciliation package is President Biden’s Build Back Better comprehensive spending plan for the NEXT TEN YEARS. Although it only totals 1.2% of our expected $287 trillion 10-year Gross Domestic Product (GDP), it will deliver transformative, life-changing benefits for working families across the nation by expanding education, health care, and childcare, tackling the climate crisis, and making further investments in infrastructure.
Build Back Better meets the moment and will continue to grow our economy and bring Americans back to work with: JOBS, TAX CUTS, and LOWER COSTS for working families. This bill will be partially PAID FOR BY cracking down on tax dodgers and ensuring the top 1.8 percent pay their fair share in taxes.
While everyday Americans pay their taxes, the ultra-rich use loopholes to hide their wealth. The choice is simple: invest in the pursuit of the American Dream, or protect billionaires, rich corporations, and tax cheats.
JOBS
Ensures the U.S. leads the world’s race toward a clean energy future by reducing 50% of carbon emissions by 2030 and boosting incentives to manufacture and buy electric vehicles and other technologies of the future right here in the U.S.
Connects American workers to good-paying jobs through workforce development and job training.
Strengthens manufacturing supply chains and brings jobs home by investing in Research & Development.
Expands small business access to credit, investments, and markets.
Invests in-home care and home care workers that our families need.
TAX CUTS
Delivers one of the largest tax cuts ever for American families and workers by:
Continuing the expanded Child Tax Credit, which cut taxes for nearly all families with children.
Extending the expanded Earned Income Tax Credit to put even more money in workers’ pockets.
Extending the expanded Child and Dependent Care Tax Credit to help working families pay for child care expenses.
LOWER COSTS
Establishes universal Pre-K for 3- and 4-year-olds and a new child care benefit for working families.
Makes community college tuition-free for two years, increases the Pell grant award, and invests in Historically Black Colleges and Universities (HBCUs) and other institutions that serve underrepresented communities.
Provides hearing, vision, and dental coverage for our kūpuna through Medicare for the first time.
Cuts prescription drug costs for Americans by empowering Medicare to negotiate drug prices.
Creates federal Paid Family and Medical Leave benefits for all Americans for the first time in U.S. history.
Modernizes the electricity sector to lower energy costs and accelerate progress toward a clean electric grid.
PAID FOR BY
Establishes accountability for 55 of the biggest corporations, which paid $0 in federal income taxes last year despite making $40 billion in profits, and for the wealthiest billionaires who paid almost nothing.
Cracks down on corporate tax dodgers and makes sure the wealthiest are paying their fair share.
No one making less than $400,000 a year will pay a penny more in taxes. In fact, working families will continue to receive massive tax cuts.