Tue. Jun 18th, 2024

Child tax credit bill passes committee on a big bipartisan vote, heading to House floor

By 37ci3 Jan19,2024

WASHINGTON — The House Ways and Means Committee voted 40-3 Friday to approve a bill. bilateral tax package It includes expanding the child tax credit and a series of breaks for businesses, sending it fast to the full chamber.

Panel vote above 78 billion dollar bill It’s time for the Republican-led House of Representatives to go into recess for a week. But lawmakers hope the chamber will vote on it by next week, which coincides with the start of tax filing season.

Republican sources said the bill will go to the House on January 29 after the House returns. One lawmaker said they believed it would be on the House floor for the first few days of that week, potentially under “suspension,” a process that allows bills to be fast-tracked but requires a two-thirds majority to pass.

The office of Speaker Mike Johnson, R-La., said no decision had yet been made, with a spokesman saying only that “the Speaker’s office has no comment on the bill.”

The bill was sponsored by House Ways and Means Chairman R-Mo. It’s the product of a deal between Jason Smith and Senate Finance Chairman Ron Wyden, D-Ore. months of negotiations.

“Today’s strong bipartisan vote in the Ways and Means Committee shows that there is a path forward for Republicans and Democrats to come together to deliver tax relief for workers, families, farmers and small businesses,” Smith said after the vote.

Still, the bill could face headwinds. Some Democrats have complained that the package is too pro-business and the expansion of the child tax credit is insufficient, which could split the party. The three opponents of the measure on the committee were Democrats: Gwen Moore of Wisconsin, Lloyd Doggett of Texas and Linda Sanchez of California.

The Wall Street Journal editorial board, which maintains influence over big-business Republicans, exploded child tax credit provisions and lamented that the bill would give “Democrats a huge policy victory.” The House Freedom Caucus, an ultraconservative group that wields enormous influence over Republican leadership, has yet to take a position.

But if the bill passes, it would be a rare act of bipartisan cooperation on a key issue in a divided Congress struggling to govern.

If the legislation clears the House, its path will be more difficult in the Senate, where it needs 60 votes and some top members want to make their own amendments.

Sen. Mike Crapo of Idaho, one of the top Republicans on the Finance Committee, said he is not ready to support the package as it is and wants to amend it — either in the committee or in the Senate.

“There are changes that are needed,” Crapo said in an interview. “I’m not discussing the substance of the negotiations, but there are changes that are needed and I will try to see if we can make those changes here.”

While some in the House are considering adding it to an upcoming government funding bill, Crapo said he doesn’t believe that will happen. But he expects the House to move it quickly and try to get a two-thirds vote after next week.

Rep. Richard Neal of Massachusetts, the top Democrat on Ways and Means, said the legislation could still be revised to accommodate Democrats who “want a more refined and robust child credit” and to “satisfy some of the frustrations of Senate Republicans.”

But in another good sign for the bill, it received well-deserved praise from the White House and quickly won the support of Senate Majority Leader Chuck Schumer, who hailed the child tax credit as a benefit to “up to 16 million.” children in low-income families,” he said, referring to the figures of the survey analysis By the liberal Center on Budget and Policy Priorities. Schumer also noted that the deal included an expansion of the low-income housing tax credit, which he said was a red line requirement for negotiators.

“I am proud to support this bipartisan tax agreement because it will provide much-needed relief for low-income families and keep American businesses competitive against the Chinese Communist Party,” Schumer said on the Senate floor Wednesday.

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By 37ci3

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