Rep. Payne, Jr. Helps Pass the Build Back Better Act to Support American Families and Protect the Environment
Washington, D.C. — Rep. Donald M. Payne, Jr. voted for the Build Back Better Act today. The bill, H.R. 5376, provides $1.75 trillion to lower drug prices and make historic investments in child care, universal pre-kindergarten, health care, and actions to fight climate change. The bill creates two million new jobs every year for a decade and will be funded with tax increases for corporations and Americans who earn $400,000 or more annually.
“This bill will provide much-needed resources and services to help American families,” said Rep. Donald M. Payne, Jr. “For the first time in American history, families will get universal pre-kindergarten to help children learn and develop as well as financial support for child care. As a diabetic, I am proud to see that insulin payments will be capped at $35 dollars per month and the bill reduces out-of-pocket costs for other life-saving medications. In addition, it provides funding to fight climate change and extreme weather events that could help our area avoid future damages from storms like Hurricane Sandy and Tropical Storm Ida. I applaud President Biden for his leadership to better the lives of millions of Americans through his Build Back Better agenda. This is a great bill for New Jersey and I am proud to help pass it.”
The bill provides several benefits to New Jersey families, residents and workers, such as:
- Universal pre-kindergarten for all three- and four-year-old children.
- Child care expense limits so families spend no more than seven percent of their income on it.
- Expanded Child Tax Credits for another year to help more than 35 million American households and reduce child poverty.
- $555 billion investments in American clean technology production and extreme weather protections to reduce climate change.
- Expansion of the Affordable Care Act to provide health care to an additional three million Americans.
- Medicare coverage of hearing for seniors.
- $150 billion investments in affordable housing to build or improve more than one million affordable rental and single-family homes, including rural areas.
- Support for Historically-Black Colleges and Universities, Hispanic-Serving Institutions, and other Minority-Serving Institutions.
- Replacement of Lead Service Lines in Drinking Systems throughout the country.
The funding for this bill would come from taxes on corporations and the wealthiest Americans to make sure everyone pays their fair share. The bill would place a 15 percent minimum tax on corporations and add a one percent surcharge to corporate stock buybacks. In addition, it would put a new surtax on multi-millionaires and billionaires, limit the amount of business losses these individuals can claim on their taxes, and close tax loopholes.
Now that the U.S. House of Representatives has passed the Build Back Better Act, it moves to the U.S. Senate for debate. If this version of the bill passes the Senate, it will be sent to President Biden for his signature to become law. Hopefully, the Senate will pass it soon to get this assistance to the American people quickly.