Washington, D.C. — Today, the House of Representatives Ways and Means Committee released its funding proposal for President Joe Biden’s Build Back Better legislation. Following the release, Seth Hanlon, senior fellow at the Center for American Progress, released the following statement:
The broken tax code has been an important factor enabling the dramatic increase in inequality over recent decades that has led to a less dynamic and less just economy. The Ways and Means Committee’s mark of the revenue component of Build Back Better is a long-awaited first step toward fixing a fundamentally flawed and inequitable tax code. As such, it is a critical step toward an economy that works for all. The mark would raise substantial revenue—more than $2 trillion—to fund essential investments in a stronger and more inclusive economy.
The Ways and Means Committee includes many of those investments in the other components of its mark—including transformative investments in clean energy, a historic commitment to paid leave, policies that will extend health care to millions more Americans, and an extension of the child tax credit that is already changing millions of children’s lives for the better, among other important investments.
The revenue mark includes many critical tax reforms that make the wealthy and corporations pay more of their fair share. Congress should go further in the direction of tax fairness by incorporating additional proposals from President Biden and Senate Finance Committee members, such as reforming the capital gains tax base and improving tax reporting by financial institutions. But today’s proposal is a crucial step toward creating a stronger and more inclusive economy.
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