President Biden’s ABC-opposed partisan budget reconciliation package, formally titled the Build Back Better Act (H.R. 5376), passed the House on Nov. 19, 2021, by a vote of 220-213.
To pay for the trillion-plus-dollar policies in the Build Back Better Act, the bill seeks to repeal the key victories from the Republican’s Tax Cuts and Jobs Act of 2017 and enact anti-growth, penalizing tax policies, including raising the corporate tax rate and increasing the capital gains tax after death. The bill’s tax hikes on small businesses would have a devastating impact on construction businesses and the economy as a whole.
As of this writing, the Build Back Better Act has been rejected by key Senate Democrats and awaits further negotiations and guidance from the White House and Democratic senators.
Maintaining pro-growth tax policies will be essential to ensuring the economy is able to fully recover from the COVID-19 pandemic. ABC will continue to advocate for the beneficial tax proposals included in the Tax Cuts and Jobs Act that will spur economic growth and create jobs throughout the country.
Additionally, ABC will continue to oppose the destructive partisan process under budget reconciliation and tax increases in the proposal. ABC urges members to tell Congress to reject this reckless tax and spending spree. To learn more and take action visit freeenterprisealliance.org/stop-tax-hikes/.