Washington – Today House Ways and Means Select Revenue Measures Subcommittee Chairman Mike Thompson (CA-05) voted to pass the Build Back Better Act, historic legislation that invests in families, workers, the economy and tackling climate change. The bill includes Thompson’s GREEN Act, sweeping legislation to tackle climate change by providing tax incentives to reduce greenhouse gas emissions.
“Today I voted to pass one of the most consequential bills of my time in Congress, President Biden’s Build Back Better Act. This bill makes an historic investment in American workers, families and communities and includes the most ambitious climate policies ever passed by Congress, my GREEN Act. THE BILL IS PAID FOR.
“For workers and families, this bill provides paid family leave, universal pre-K education for three- and four-year-olds and another year of expanded Child Tax Credit, a tax cut for working families. These programs invest in our children. In fact, the Child Tax Credit has already helped to cut child poverty in half. The Build Back Better Act also helps families get back into the workforce. It makes health insurance more affordable, supports local cities and towns, cuts taxes for homeowners, reduces the cost of medications and includes parts of my Disaster Tax Relief Act to incentivize investments in disaster resiliency.
“The Build Back Better Act tackles climate change. The bill includes my GREEN Act, which uses the tax code to increase the use of renewable energy, reducing greenhouse gas emissions enough to meet President Biden’s long-term emissions goals. I’m deeply humbled that my legislation will play a key role in our nation’s effort to address the threat of climate change.
“Though this bill is not everything that I wanted, it’s an important investment in our nation, one that will pay dividends for generations. I am proud to vote to pass it today and urge the Senate to pass it quickly. We must get this done for the American people.”
You can click here to watch Thompson’s floor speech in support of the Build Back Better Act. To learn more about the Build Back Better Act click here. To learn more about the GREEN Act, you can click here. The Build Back Better Act invests in
Children, families and caregiving through:
- Universal preschool for all 3- and 4-year-olds,
- Four weeks of paid family leave,
- Affordable high-quality childcare,
- Affordable, high-quality care for hundreds of thousands of older Americans and people with disabilities in their homes and communities, and
- An expanded Child Tax Credit:
Clean energy and combatting climate change through:
- $320 billion in clean energy tax credits,
- $105 billion in resilience investments,
- $110 billion in investments and incentives for clean energy technology, manufacturing, and supply chains, and
- $20 billion in clean energy procurement.
Affordable care for millions of hardworking Americans through:
- Affordable Care Act premium tax credits and
- New tools to negotiate lower prices of medications
- Ensuring Americans with diabetes don’t pay more than $35 per month for their insulin.
- Creating a new, out-of-pocket cap of $2,000 on what seniors pay for their drugs in Medicare Part D and
- Allowing Medicare to cover the cost of hearing.
Bringing down costs, reducing inflationary pressures, and strengthening the middle class through:
- $150 billion investment in housing affordability and reducing price pressures, including in rural areas,
- Education beyond high school and workforce, and
- Earned Income Tax Credit for 17 million low-wage workers, and
- Raising the State and Local Tax deduction cap to $80,000 through 2030.
Protections and Work Permits for millions of immigrants consistent with the Senate’s reconciliation rules.