The passage of the Build Back Better Act by the House of Representatives puts us one step closer to providing working families with essential support they need as they continue to struggle with the effects of the pandemic. It will ease the burdens of the pandemic and help working families and retirees build a better future by expanding access to preschool and child care, extending the Child Tax Credit, instituting paid family and medical leave, allowing Medicare to negotiate prescription drug prices, and much more.
The Build Back Better Act will also empower workers to join together to improve their pay and working conditions by imposing substantial penalties on employers and executives who break the law by threatening and firing workers who speak up. It provides $350 million in additional funding for the National Labor Relations Board so that it can enforce the law.
It begins to undo some of the damage of the corporate Tax Cut and Jobs Act by adding an above-the-line deduction for union dues, instituting a 15% corporate minimum tax, and instituting a global minimum tax to stop rewarding companies for shipping jobs and profits overseas. Additionally, it will apply a surcharge to corporate stock buybacks, curbing the diversion of funds from wages and investments in order to artificially inflate stock prices.
We applaud President Biden and the House Democratic leadership for moving the Build Back Better Act forward, and urge the Senate to pass it without delay.