ICYMI: New Third Way Report Finds Build Back Better Will Produce $7,400 In Savings And Tax Cuts For The Typical Family

Even before the COVID-19 pandemic, too many American families felt the squeeze of an ever-increasing cost-of-living. Now, a new report from the non-partisan think tank, Third Way, finds that key provisions of the Build Back Better Act will produce $7,400 in tax cuts and savings for a typical two-parent family of four and $15,000 in tax cuts and savings for a single mother with two kids. The report includes an interactive map that allows readers to discover estimated savings and tax cuts for families across all 50 states and the District of Columbia.

The Third Way report also suggests that the Build Back Better Act could produce savings and tax cuts that go well beyond the report's estimates because the analysis focused exclusively on just four of the Framework's many transformative provisions – the expanded Child Tax Credit, investments in child care affordability, expanded health care Premium Tax Credits, and closing the Medicaid coverage gap. The report did not include the savings and tax cuts families would receive from universal and free preschool for every 3- and 4-year-old, the single largest and most comprehensive investment in affordable housing in history, the expanded Earned Income Tax Credit for low-wage workers, prescription drug savings, or the most transformative investment in access to home care in 40 years, among other things. As Third Way concludes, "the Build Back Better (BBB) Act provides historic and groundbreaking middle-class tax cuts and cost protections for families."

Read the full Third Way report here.