News from Representative Larson

Dear Friends- 

Over the past two weeks, the Ways and Means Committee has debated and advanced the Build Back Better Act, legislation based on proposals put forward by President Biden, which includes many of my priorities. This bill will provide historic, long-term investments in our nation’s economic future. During this time, we approved measures to provide tax cuts for workers and families, create jobs, lower health care costs, and combat the climate crisis. With this bill, Democrats have put forward the most consequential investment in the middle-class since the New Deal. Republicans on the committee attempted to dismantle this bill, opposing spending that would reach those who need it to support their families.  

The Republican tax cuts of 2017 saw 83 percent of the cuts go to the nation’s wealthiest 1 percent. They believe that the middle class and working poor should be grateful for the benevolence of what trickles down to them, while the wealthiest 1 percent buy stock options and assets and only further expand their wealth.  This is a tale of two tax cuts: one that that trusts working families with the resources they need to assist their families with the essentials of life - the other helping the rich get richer and expecting people will be grateful for what little that they’ll get in trickle down. We know the working and middle class buy food, pay utilities, educate their children, and pay for health care with these benefits, despite labeling from my colleagues on the other side of the aisle. I spoke on just how important these efforts are, and you can watch my remarks below.  

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This historic legislation : 

  • Extends the American Rescue Plan expansion of the Child Tax Credit monthly payments benefitting 122,000 children in Connecticut’s First District. 
  • Provides income assistance to approximately 17 million low-wage workers through permanent enhancements to the Earned Income Tax Credit including an expansion to include more than 160,000 childless workers in Connecticut. 
  • Contains the single largest investment ever in the green economy, helping the United States to reach 80% clean energy generation by 2030 and spurring good-paying jobs in every Congressional District.  
  • Lowers prescription drug costs and extends the American Rescue Plan provision reducing health insurance premiums by an average of 40 percent. In Connecticut, premiums would be reduced by $1,000 a month for an average family of four. 
  • Creates nearly 1.4 million new affordable rental units nationally and 12,700 units across Connecticut over the next ten years through the Low-Income Housing Tax Credit enhancements.
  • Provides up to $8,000 in tax cuts for families with childcare or long-term care needs through the caregiver tax credit and dependent care credit.  
  • Requires wealthy corporations and high-income individuals to pay their fair share of tax at the same time providing a tax cut for small business.  

I will continue to work with my colleagues to get the Build Back Better Act across the finish line and ensure it meets the moment our country is in now. To follow what I’m working on both in Washington and in Connecticut, visit my Facebook page, follow me on Twitter, or follow me on Instagram.  

Regards,
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John B. Larson
Member of Congress

 

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