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ARTICLE · 25 NOVEMBER 2021

U.S. House Passes The Build Back Better Act

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The U.S. House of Representatives passed a crucial part of President Biden's agenda by a vote of 220-213 on November 19.

United StatesTax
Robert Swenson
Robert Swenson
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The U.S. House of Representatives passed a crucial part of President Biden's agenda by a vote of 220-213 on November 19. The Build Back Better Act (BBBA) includes numerous provisions related to areas ranging from health care, climate change and immigration to education, social programs, and of course, taxes.

Related Read: Potential Tax Law Changes Hang Over Year-End Tax Planning for Individuals

IMPACT ON THE DEFICIT

The House vote came after the Congressional Budget Office (CBO) released its score on the legislation on November 18. The CBO estimates that the legislation will increase the deficit by $367 billion over a ten-year period.

However, the CBO score does not take into account any additional revenues generated by improved compliance with federal tax laws. The BBBA allocates $80 billion for the IRS to heighten enforcement (which the CBO did include in its calculation), likely to target primarily high-wealth individuals, businesses and

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