Sun. Jun 16th, 2024

House to vote on an expanded child tax credit bill

By 37ci3 Jan31,2024

WASHINGTON — The House plans to vote Tuesday to pass a $78 billion tax package that includes expanding the child tax credit, sending it to the Senate, where the path forward is uncertain.

The Republican-led chamber will aim to move the bipartisan measure through a fast-track process a two-thirds majority is required.

The bill has broad bipartisan support, but there is conflict objections from several corners including liberal Democrats who oppose business tax credits, right-wing Republicans who dispute the child tax credit policy, and members of the New York GOP who complain about its lack of expansion. $10,000 in federal deductions for state and local taxes.

If passed, the legislation would be sent to the Democratic-led Senate, where it would need 60 votes to pass. It is not clear that the voices are there.

Senate skeptics include Sen. Chuck Grassley, R-Iowa, who serves on the Finance Committee and had concerns about Wednesday’s bill. make President Joe Biden “look good” in an election year.

Senate Majority Leader Chuck Schumer, D-N.Y., declined to say Wednesday when the tax bill would come up for a vote or whether it would be amended.

“I support the tax bill,” Schumer told reporters. “I am working with Senator Wyden to find the best way forward.”

The legislation would expand refundable child tax credits to help struggling families, especially parents with multiple children. This would gradually raise the $1,600 repayable limit on the loan and adjust it to inflation. It would also restore parts of the Republican tax cuts for businesses that expired in 2017, including research and experimental expenses and small business expenses.

Senate Minority Leader Mitch McConnell’s office said the Kentucky Republican has deferred to Sen. Mike Crapo, R-Idaho, a member of the Finance Committee, to lead the Senate’s GOP response.

Crapo said he wants the bill to go through a committee where it can be revised and have “a floor process where all members can present their amendments.” One change she wants is to eliminate a provision that allows taxpayers to use prior-year income if it allows them to claim a larger child tax credit.

“I think we need to fix the child tax credit look-back requirement so that we don’t reduce the job requirement. That’s one of them,” he said. “In the child tax credit, they allow income earned in one year to be used in another year.”

“But I don’t discuss everything,” he said. “We’ll see.”

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By 37ci3

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