Rep. Maloney: New Report Says Build Back Better Will Save NY Families Thousands of Dollars in Lower Costs, Cut Taxes

Dec 2, 2021
Press Release

WASHINGTON, DC — Today, Congresswoman Carolyn B. Maloney (D-NY) highlighted a new report showing that Democrats’ Build Back Better Act would meaningfully lower costs and cut taxes for New York 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 New York family with two parents and two children at least $8,250 each year and save the median single-parent family with two children at least $16,250.

 

“Build Back Better, which I proudly voted for last month, will be transformative for nearly every family: lowering costs, cutting taxes and fighting harmful inflation,” said Rep. Maloney. “With more cash in hand and more breathing room in their budget, New Yorkers will have the financial security they need to get back to work or care for their loved ones. This report is the latest proof that the Build Back Better agenda will be life-changing: meeting New Yorkers urgent needs and building a foundation on which anyone can succeed.”

 

Inspired by President Biden’s vision, the House-passed Build Back Better Act will lower the burdensome costs that families face every day, from childcare to health care to family care and more, while also delivering the largest middle-class tax cut in a generation. This new report 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 New York families.

 

According to the report, the “historic and groundbreaking middle-class tax cuts and cost protections for families” in the Build Back Better Act “will have an outsized effect on working and middle-income families with children.”

 

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.”

 

Congresswoman Maloney voted to pass the Build Back Better Act, which passed the House on November 19, 2021.

 

Background

 

According to this new report:

 

  • A family with two working parents and two young children earning half of the state’s median income would see $15,800 in new cost savings per year.
  • A family with two working parents and two young children earning the state’s median income would see $8,250 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 $3,250 in new cost savings per year.
  • A single-parent family with two young children earning half of the state’s median income would see $17,000 in new cost savings per year.
  • A single-parent family with two young children earning the state’s median income would see $16,250 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 $16,200 in new cost savings per year.

 

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