this post was submitted on 16 Jan 2024
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96
Congress announces major tax deal to expand child tax credit and revive breaks for businesses (www.nbcnews.com)
submitted 9 months ago by MicroWave@lemmy.world to c/news@lemmy.world
10 comments fedilink hide all child comments
 

The bipartisan agreement between the House and the Senate tackles priorities for both parties.

Senior lawmakers in Congress announced a bipartisan deal Tuesday to expand the child tax credit and provide a series of tax breaks for businesses.

The $78 billion tax agreement between House Ways and Means Chair Jason Smith, R-Mo., and Senate Finance Chair Ron Wyden, D-Ore., caps months of negotiating and pursuing common ground in the divided Congress.

...

The deal, details of which were reported earlier by NBC News, would enhance refundable child tax credits in an attempt to provide relief to families that are struggling financially and those with multiple children. It would also lift the tax credit's $1,600 refundable cap and adjust it for inflation.

The new child tax credit policy would benefit about 16 million kids in low-income families, according to an analysis by the liberal-leaning Center on Budget and Policy Priorities. “The expansion would meaningfully reduce child poverty,” CBPP wrote. “In the first year, the expansion would lift as many as 400,000 children above the poverty line. 3 million more children would be made less poor as their incomes rise closer to the poverty line.”

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[–] gAlienLifeform@lemmy.world 38 points 9 months ago

The new agreement would provide smaller benefits than the monthly payments under the American Rescue Plan.

...

Republicans were motivated to revive some expired portions of the 2017 Trump tax cuts for businesses. The deal includes expensing for research and experimental costs, restoration of an earlier interest deduction, an expansion of small-business expensing and an extension of bonus depreciation, according to a section-by-section summary released by the Ways and Means Committee.

So we're gonna restart a bunch of Trump's tax policies that made it easier for rich people to defraud tax collectors while only bringing back a fraction of the assistance we had been providing to children in poverty? What a great victory for the American people /s