‘There are no new taxes on families making $400,000 or less and no new taxes on small businesses,’ says the official summary of the Inflation Reduction Act of 2022.

Republicans are seizing on a hypothetical budget estimate to argue that Build Back Better would cost more than it actually does.

The cost of President Joe Biden’s spending package would be more than offset by cost-saving measures and new taxes on corporations and the wealthy, according to a nonpartisan analysis released Thursday.

A nonpartisan congressional analysis found the Build Back Better plan would cut taxes for Americans making under $200,000.