Today, Congresswoman Nikema Williams (GA-05) highlighted a new report showing that Democrats’ Build Back Better Act would meaningfully lower costs and cut taxes for Georgia families, saving them thousands of dollars each year. According to the report, just four cost-cutting provisions of this landmark legislation alone will save the median Georgia family with two parents and two children at least $3,750 each year and save the median single-parent family with two children at least $16,450.
“The Build Back Better Act, which I proudly voted for last month, will be transformative for nearly every family: lowering costs, cutting taxes and fighting harmful inflation,” said Congresswoman Williams. “With more cash in hand and more breathing room in their budget, Georgians will have the financial security they need to get back to work and care for their loved ones so they can thrive, not just survive.
“During the pandemic – but even long before – Georgia families have been held back by the soaring everyday costs they face. This report is the latest proof that Democrats’ Build Back Better will be life-changing for Georgia families.”
Inspired by President Biden’s vision, the House-passed Build Back Better Act will lower the burdensome costs that families face every day, from child care to health care to family care and more, while also delivering the largest middle-class tax cut in a generation. This new report, assembled by Third Way, shows how the Biden Child Tax Credit, child care cost caps, capping Affordable Care Act’s insurance premium costs, and expanding the ACA to close the Medicaid coverage gap will put more money in the pockets of Georgia families.
- A family with two working parents and two young children earning half of the state’s median income would see $11,300 in new cost savings per year.
- A family with two working parents and two young children earning the state’s median income would see $3,750 in new cost savings per year.
- A family with two working parents and two young children earning 150 percent of the state’s median income would see $3,000 in new cost savings per year.
- A single-parent family with two young children earning half of the state’s median income would see $17,550 in new cost savings per year.
- A single-parent family with two young children earning the state’s median income would see $16,450 in new cost savings per year.
- A single-parent family with two young children earning 150 percent of the state’s median income would see $11,450 in new cost savings per year.
Researchers also said that these savings do not include additional benefits that families can expect to receive under Build Back Better: “Not included in this calculation are the benefits families could receive such as universal Pre-K if they had a 3- or 4-year-old child, new housing subsidies, or SNAP benefits, among many others. Also not included in our analysis is that workers with no children may also benefit from a higher Earned Income Tax Credit.”
The Democratic House passed the Build Back Better Act on November 19th.
CONTACT: PressGA05@mail.house.gov
Original source can be found here.
