Dear Colleague on JCT Report Affirming Build Back Better Is Fully Paid For & Reduces the Deficit

November 4, 2021
Press Release

Dear Democratic Colleague,

This morning, our Chairs regaled us with their presentations of the spectacular vision of Build Back Better.  Thank you for your participation and your thoughtful questions and helpful feedback.

Also 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.  It is essential that the legislation is fully paid for and reduces the debt.

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.”

We are proceeding with transformative legislation to drive historic progress For The People, For The Children and For The Planet!

Thank you for your leadership.