After four years of an administration that warred against the media, news outlets stand to benefit greatly from President Joe Biden’s Build Back Better Act that passed in the House on Friday.
For media and newspapers like The Washington Informer, the Build Back Better Act includes tax credits for local print, online and broadcast news outlets to employ journalists. The measure provides a credit of up to $25,000 to offset employment taxes during the first year for each employee. It provides an additional $15,000 per employee for the next four years.
The Senate still must pass the bill before it could land on Biden’s desk for signature.
The Congressional Budget Office said the bill would increase America’s budget deficit by $367 billion through 2031. But many in Congress noted that the IRS has ramped up its collection and enforcement of taxes, which should further decrease the strain on the budget.
“We, this Democratic Congress, are taking our place in the long and honorable heritage of our democracy with legislation that will be the pillar of health and financial security in America,” said House Speaker Nancy Pelosi.
Florida Democratic Rep. Val Demings declared the plan “fiscally responsible” and said it would create new jobs and reduce the cost of essential services, including health care, child care, senior care, education and housing.
“Our mission is clear: to put money in the pockets of working families, dramatically reduce the cost of things that keep [residents] up at night, and get people back to work,” Demings said. “No new middle-class taxes. No deficit increases. Just long-overdue changes to make our economy fair for people who have to go to work every day.”
The House passed the measure Friday following a more than eight-hour rant by House Minority Leader Kevin McCarthy, who some say aspires to the role of House speaker if Republicans retake the chamber in the 2022 midterm elections.
The legislation, among the Biden administration’s most aggressive social safety measures, includes funding for universal pre-K, the extension of the child tax credit, and paid family and medical leave.
Under the bill, expansion to Medicare would include covering hearing benefits and extending Medicaid coverage for an estimated four million individuals. It would also lower prescription drug costs and reduce premiums in the Affordable Care Act.
The legislation also includes the president’s $1.9 trillion spending and climate change initiatives that the administration has touted since its early days in January.