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1 Build Back Better Act: Details and Analysis of the $3.5 Trillion Budget Reconciliation Bill 1 (2021)

handle is hein.taxfoundation/bdbkbrat0001 and id is 1 raw text is: The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. ©2021 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org Build Back Better Act: Details & Analysis of the $3.5 Trillion Budget Reconciliation Bill Democratic lawmakers on the House Ways and Means Committee have advanced legislation containing the tax elements of President Biden's Build Back Better agenda. The draft legislation could be modified by the House Rules Committee before moving to the House floor and may differ from what Senators are preparing. This analysis contains estimates of the tax legislation as introduced by the House Ways and Means Committee. Using the Tax Foundation General Equilibrium Model, we estimate that the House Ways and Means proposals would increase federal revenues by about $2.1 trillion over the next decade, before accounting for $1 trillion in expanded tax credits for individuals and businesses, resulting in a net revenue increase of about $1.06 trillion. Excluding tax revenue from increased tax compliance, the proposals would raise $862 billion over ten years. We estimate that the Ways and Means tax proposals would reduce long-run economic output by 0.98 percent and eliminate 303,000 full-time equivalent jobs in the United States. It would also reduce after-tax incomes for the top 80 percent of taxpayers over the long-run. TABLE 1. Combined Long-Run Effects of Changes Under House Ways & Means Tax Proposals Long-run Gross Domestic Product (GDP) -0.98% Long-run Gross National Product (GNP) -1.01% Capital Stock -1.84% Wage Rate -0.68% Full-Time Equivalent Jobs -303,000 Source: Tax Foundation General Equilibrium Model, September 2021.

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