MEMO: Build Back Better will lower costs for families, seniors, and workers

  • Helping parents with the costs of raising children by continuing the Child Tax Credit (CTC) which provides $250 every month per child over 6and $300 every month per child under 6 — reducing child poverty nearly in half, and ensuring that the lowest-income families are permanently eligible for the full benefit. In fact, the expanded CTC would benefit nearly 90 percent of children.
  • Giving parents of young children economic relief by establishing universal preschool. Build Back Better makes it free, saving the average family of a preschooler $8,600 a year per child.
  • Ensuring that child care is accessible and affordable for all families in America. Investments in child care will lower a typical families’ annual child care costs by around $5,000 to $6,500 per infant or toddler.
  • Boosting the incomes of over 17 million low-income working adults without children, through the expanded Earned Income Tax Credit (EITC) which provides a tax cut worth up to $1,500 annually.
  • Making prescription drug prices more affordable. Out of pocket prescription drug expenses for seniors and people with disabilities will be capped at $2,000 annually, but currently millions of seniors pay $6,000 out of pocket expenses for prescription drugs, saving Medicare users who reach their cap $4000 a year. Further, insulin costs will be capped at $35 per month, while currently diabetics pay up to $1,000 per month for insulin, this will save some diabetics more than $11,500 a year.
  • Expanding health insurance coverage to millions more Americans. This will help reduce health care costs, and save thousands of lives each year. People enrolled in ACA marketplace plans will save an average of $600 annually.
  • Making historic investments in maternal health care to help address our country’s maternal mortality crisis and ensure that anyone who gives birth has access to high quality and comprehensive care.
  • Saving the average family $500 annually on energy costs through investments in clean electricity and energy efficiency by 2030.
  • Making big corporations start paying their fair share in taxes and invest those resources to lift up working people, by creating a paid family and medical leave program and raising wages for child care and home-care workers.

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Hard-hitting news + analysis paired with action on the issues that matter most. Working alongside @AmProg.