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Friends,
I have been working with my colleagues in Congress to finalize the remaining details of the Build Back Better agenda. While we aren't done with the legislation yet, I wanted to share some of the key details included in the bills that will help working families here in Iowa.
Most importantly, these bills will create millions of jobs, provide tax cuts for working Iowans, and lower costs for Iowa's families — making everything from prescription drugs to housing more affordable in Iowa.
And we're investing in child care, broadband, clean energy, and the things Iowans need most — all while ensuring that we aren't increasing taxes on anyone making less than $400,000 a year.
Instead, we're ensuring the largest corporations and top 1% — who for years have dodged hundreds of billions in taxes — are paying their fair share for these investments in Iowa families.
Keep reading to learn what the Build Back Better Act and Infrastructure Investment and Jobs Act will do for Iowans.
The key to growing our economy and bringing new economic success to Iowa is creating good-paying jobs for Iowans.
The Build Back Better agenda will create those jobs and support the working families that fill those openings.
First, the Infrastructure Investment and Jobs Act will bring more than $5 billion to Iowa though investments in bridge repairs, road construction, broadband expansion and more — all while creating over 750,000 good-paying jobs to put those investments into action.
We're also investing in creating new child care options for Iowans by creating new job opportunities and supporting the working families who have left the workforce over lack of affordable care options. Right now, the average family of four in Iowa spends almost a quarter of their income on child care. With the Build Back Better Act, we cap that amount at 7%.
I also successfully fought to see investments in Iowa biofuels included in this bill. With a $1 billion investment to expand the use of biofuels, our legislation will put $500 million in the pockets of Iowa farmers and create new jobs in Iowa's rural communities as we expand the use of this homegrown clean energy source.
And to ensure Iowa will have the workforce it needs in the coming years, the legislation also increases the Department of Labor's investments in workforce development and career skills training by 50 percent for the next five years. This will help make sure we have enough workers to help overcome challenges like supply chain bottlenecks and shortages.
The Build Back Better Act delivers one of the largest middle class tax cuts in U.S. history.
It extends the expanded Child Tax Credit, which is already cutting taxes for more than 80 percent of Iowa's working families and injecting $157 million a month into Iowa's economy.
The legislation extends the Earned Income Tax Credit to reduce tax burdens on childless workers as well. This tax cut provides up to $1,000 more in benefits to 171,000 working Iowans that don't have children.
Additionally, this bill will continue the Affordable Care Act tax credits that were originally provided through the American Rescue Plan. These tax credits have already cut premiums in half for Iowans who are on Healthcare.gov plans, delivering an average savings of $876.
We also lower costs for Iowans by:
- Allowing Medicare to negotiate the price of prescription drugs and capping out-of-pocket drug costs
- Expanding Medicare for 600,000 older Iowans to cover hearing services
- Providing grants to farmers and small businesses to upgrade their energy efficiency
- Increasing the amount Iowa students can get through Pell Grant awards to cover college and other career training opportunities
- Improving elder care by delivering more affordable services to thousands of older Iowans using home and community-based services (HCBS)
The Build Back Better Act invests in the future success of Iowa, plain and simple.
One of the easiest ways to secure future success for Iowa is by investing the education of our next generation.
That's why the bill I've helped craft guarantees access to pre-K for every single Iowan ages 3 or 4. Right now, only 18% of those kids have access to a publicly funded preschool option. With this bill, we will ensure entire generations of Iowans get the investments we know deliver massive returns for our communities down the line.
This legislation will also bring more than $400 million in affordable housing investments to Iowa, and put funds towards revitalizing and repairing existing housing to remove lead paint and other health hazards — a huge health risk to babies and young children. These are provisions I helped get into this bill through my role as Vice Chair of the Housing Subcommittee.
And to ensure Iowa can succeed in the future, we have to meet the greatest challenge of our time: the climate crisis.
The Build Back Better Act is the largest-ever effort to combat climate change — and it's projected to cut emissions by 20% in the next decade while reducing energy costs for Iowans and create thousands of new clean energy jobs.
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There's still time to go before we get these bills to the President's desk, but I want folks to see the great benefits already included in this agenda so they can understand why I've been fighting to get this done for Iowa.
The bottom line: these bills won't raise your taxes and they will help create the jobs and solutions that our state needs to be successful for decades to come.
We aren't irresponsibly adding to our nation's debt either, because we're paying for these provisions by ensuring the wealthiest in this country are paying the taxes they already owe and that American corporations aren't allowed to use our roads and bridges without paying taxes.
Stay tuned for more news on this important agenda.
Be well,
Cindy
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