The Congressional Black Caucus Budget Proposes Fairer Tax Code, Universal Health Care, Making College More Affordable

WASHINGTON – Today, the Congressional Black Caucus (CBC) released a detailed outline of its alternative budget for FY 2018 that invests in programs and policies that will help African Americans and the rest of the nation achieve the American Dream.  In addition to protecting social safety net programs and providing other pathways out of poverty, the CBC budget proposes to make the tax code fairer by closing loopholes for the wealthy, provide universal health care by adding a public option to the Affordable Care Act (ACA), and make college more affordable by reducing interest rates on student loans and investing in HBCU’s.

The CBC budget reduces the deficit by approximately $2.87 trillion over 10 years compared to CBO’s January 2017 baseline. A detailed summary of CBC’s budget can be found here.

Congressman Danny K. Davis stated: "This is a budget aimed squarely at improving our nation's social, economic, physical and medical health and well being.  It is based on fairness, rooted in social justice and addresses the most pressing issues we face today.  It is a budget with vision while showing fiscal disipline.  It is a sustainable budget which reaches into every corner of our nation urban, suburban and rural.  I hope that it will be read and discussed widely and I believe that it will become the standard by which other budgets can judged.  This budget moves us toward a fair tax system while providing resouces for job growth, health care, education, infrastructure, the social safety net, retirement security, the sustainable energy and environment, transportation, and our veterans.

At the request of Chairman Richmond (D-La.), the CBC budget was developed by Congressman Robert C. “Bobby” Scott (D-Va.), Ranking Member of the House Committee on Education and the Workforce and former member of the House Budget Committee. Congressman Scott has been developing the CBC budget for the last decade and works with the Democratic staff of the House Budget Committeeto finalize it. Read his op-ed about the CBC budget here.

A FEW HIGHLIGHTS OF CBC’S ALTERNATIVE BUDGET

Fairer Tax Code – $3.9 Trillion in New Revenue

The CBC budget proposes a fairer tax code in order to meet the critical needs of the nation.  Specifically, the CBC budget calls for $3.9 trillion in revenue enhancements over ten years and proposes repealing many tax provisions that favor the richest of the rich.  With this additional revenue, the CBC proposes a $1 trillion investment over the next decade to rebuild our nation’s failing infrastructure and revitalize historically underserved communities, while employing millions of hardworking Americans in desperate need of job opportunities. 

Universal Health Care – Approximately $23 billion over 10 years

The CBC budget proposes to expand and enhance the Affordable Care Act (ACA) to ensure universal health care for all Americans.  Specifically, the CBC budget calls for the creation of a public health insurance option in the ACA health insurance exchanges, which saves an estimated $121 billion over 10 years. 

K-12/Higher Education - Approximately $250 billion over 10 years

The CBC budget proposes to fully fund the Every Student Succeeds Act, the 2015 reauthorization of the Elementary and Secondary Education Act, and invest in making college more affordable and accessible.  Specifically, the CBC budget invests in revitalizing HBCUs, reduces interest rates on federal student loans, increases the maximum Pell Grant award by $1,000, and ensures that no student graduates college saddled with unmanageable debt.