Estimate the potential tax impact of BBB provisions including expanded child tax credit and SALT deduction changes.
Current SALT cap: $10,000; BBB proposal: $80,000
Key BBB Provisions (as proposed): Child Tax Credit: $3,600 (under 6) / $3,000 (6-17) — expanded SALT Cap raised from $10,000 to $80,000 Childcare credit: up to 50% of expenses
About the Build Back Better Act
The Build Back Better Act (H.R.5376) was a proposed $1.75 trillion social spending and climate bill. While it passed the House in November 2021, it was never enacted by the Senate. Key tax provisions included expanded child credits, SALT deduction changes, and a corporate minimum tax.
Key Tax Provisions
Enhanced Child Tax Credit: $3,600 for children under 6, $3,000 for ages 6-17 (fully refundable)
SALT Deduction: Cap raised from $10,000 to $80,000 through 2031
Childcare Credit: Up to 50% of childcare expenses for qualifying families
Surtax on High Earners: 5% on income over $10M, additional 3% over $25M