Rep. Susie Lee: New Report Says Build Back Better Will Save Nevada Families Thousands of Dollars, Cut Taxes

WASHINGTON – Today, U.S. Rep. Susie Lee (Nev-.03) highlighted a new report showing that the Build Back Better Act would meaningfully lower costs and cut taxes for Nevada families, saving them thousands of dollars each year. According to the report, just four cost-cutting provisions of this landmark legislation alone will save the median Nevada family with two parents and two children at least $8,000 each year and save the median single-parent family with two children at least $14,150.

"I voted for the Build Back Better Act last month for a few simple reasons," said Rep. Susie Lee. "It will lower costs, cut taxes, create jobs, and give working families support so they can achieve the promise of the American Dream – something that has evaded far too many. With more money in their pockets, Nevadans will have the strength and security they need to get back to work, put food on the table, and afford the health care they need."

The House-passed Build Back Better Act will lower the burdensome costs that families face every day, from child care to health care to family care and more, while also delivering the largest middle-class tax cut in a generation with the extension of the expanded Child Tax Credit. This new report, assembled by Third Way, shows how the expanded Child Tax Credit, child care cost caps, capping Affordable Care Act's insurance premium costs, and expanding the ACA to close the Medicaid coverage gap will put more money in the pockets of Nevada families.

Below are examples of expected savings for Nevada families:

• A family with two working parents and two young children earning half of the state's median income would see $14,200 in new cost savings per year.
• A family with two working parents and two young children earning the state's median income would see $8,000 in new cost savings per year.
• A family with two working parents and two young children earning 150 percent of the state's median income would see $4,000 in new cost savings per year.
• A single-parent family with two young children earning half of the state's median income would see $14,150 in new cost savings per year.
• A single-parent family with two young children earning the state's median income would see $14,850 in new cost savings per year.
• A single-parent family with two young children earning 150 percent of the state's median income would see $13,900 in new cost savings per year.

According to Third Way, the "historic and groundbreaking middle-class tax cuts and cost protections for families" in the Build Back Better Act "will have an outsized effect on working and middle-income families with children."

Researchers also said that these savings do not include additional benefits that families can expect to receive under Build Back Better: "Not included in this calculation are the benefits families could receive such as universal Pre-K if they had a 3- or 4-year-old child, new housing subsidies, or SNAP benefits, among many others. Also not included in our analysis is that workers with no children may also benefit from a higher Earned Income Tax Credit."

The House passed the Build Back Better Act on November 19th.

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