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Combined Long-Run Effects of the Updated House Build Back Better Act Long-run Gross Domestic Product (GDP) It would also reduce average after-tax incomes for taxpayers across every income quintile over the long run. We estimate that the House bill would reduce long-run economic output by nearly 0.5 percent and eliminate about 125,000 full-time equivalent jobs in the United States. Excluding the anticipated revenue from increased tax compliance and the drug pricing provisions, the bill would raise about $521 billion from net tax increases over 10 years. Using the Tax Foundation General Equilibrium Model, we estimate that the tax provisions, IRS enforcement, and drug pricing provisions in the House bill would increase federal revenues by about $1.7 trillion over the next decade, before accounting for $658 billion in expanded tax credits for individuals and businesses, resulting in a net revenue increase of about $1 trillion. This analysis contains estimates of the budgetary, economic, and distributional impacts of the House bill as specified in the House Rules Committee Print 117-18 released on Novemand amended on November 4, 2021, and reflects subsequent analysis of the bill by the Congressional Budget Office.
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The House bill may differ from the Senate’s version of the legislation. Source: Tax Foundation General Equilibrium Model, November 2021.ĭemocratic lawmakers in the House of Representatives have advanced updated legislation containing the tax elements of President Biden’s Build Back Better agenda.