House Passes Build Back Better Act

On November 19, 2021, the U.S. House of Representatives voted to approve the Build Back Better Act (H.R. 5376, the "BBB Act"), the budget reconciliation bill that includes much of President Biden's economic and social policy agenda, by a vote of 220 to 212, with all but one House Democrat voting for the bill and all House Republicans voting against it. The BBB Act also includes a number of health and welfare, retirement and executive compensation provisions.

According to a Congressional Budget Office ("CBO") score of the bill released on November 18, the BBB Act includes approximately $1.7 trillion in spending on health care, education, child care, climate change and energy incentives and other programs over 10 years and approximately $1.4 trillion in individual and corporate tax increases and other revenue raisers over 10 years. Although not reflected in the CBO estimate, House Democrats estimate hundreds of billions in additional revenue from the increased IRS