THE MOST PRO-BUSINESS LEGISLATION IN DECADES
Lost in the political posturing about the Build-Back-Better Act currently being negotiated and expected to pass, is the fact that it is the single greatest pro-business piece of legislation considered in the past 50 years.
Why?
Let’s look at several things covered in this Act:
UNIVERSAL PRE-K and CHILDCARE FUNDING
This provides pre-school for 3- and 4-year-olds and financial support for parents for childcare services (a cap of no more than 7% of their income). The result is that a large number of parents who were unable to take low- or medium-wage jobs because of the need for child care will now be freed up to take those jobs. Businesses will not need to pay for childcare or increase salaries to cover those costs.
CHILD AND EARNED INCOME TAX CREDITS.
Providing financial support for parents with children offsets the costs that businesses would need to pay in increased salaries and hourly pay and still provide families with a better living income.
CLIMATE CHANGE.
This provides $320B in new clean energy tax credits. Not only will this address the single greatest security challenge to this country (according to the Defense experts in the Trump Administration), but it will shift the costs away from individual businesses, allowing them to produce and use cleaner energy without having to expend their own capital.
INCREASED COLLEGE GRANTS
In a world in which high school education is insufficient to provide the skilled work force needed in many businesses, this provides a pathway for a larger proportion of the population to acquire those skills.