Divided Congress Reaches , Pro-Family Deal , to Boost Child Tax Credit.
On January 16, Congress announced a bipartisan
deal that will expand the child tax credit and
introduce a number of tax breaks for businesses.
NBC reports that the $78 billion tax agreement ends months of negotiations meant to find common ground amid a divided Congress.
American families will benefit
from this bipartisan agreement
that provides greater tax relief,
strengthens Main Street businesses,
boosts our competitiveness
with China, and creates jobs, Jason Smith, (R-Mo) House Ways and Means Chair, via NBC.
We even provide disaster relief
and cut red tape for small businesses,
while ending a COVID-era program
that’s costing taxpayers billions in fraud, Jason Smith, (R-Mo) House Ways and Means Chair, via NBC.
The deal would expand refundable child tax credits in
an attempt to provide some relief for families
struggling financially and those with multiple children.
The agreement will also lift the
tax credit's $1,600 refundable cap,
while also adjusting for inflation.
According to an analysis by the Center on
Budget and Policy Priorities, the deal will benefit
approximately 16 million children in low-income families. .
The expansion would meaningfully reduce
child poverty. 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, Center on Budget and Policy Priorities, via NBC.
The expansion would meaningfully reduce
child poverty. 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, Center on Budget and Policy Priorities, via NBC.
Senate Finance Chair Ron Wyden hailed the
pro-family legislation and the divided Congress'
ability to work together to get it approved. .
Fifteen million kids from low-income
families will be better off as a result
of this plan, and given today’s miserable
political climate, it’s a big deal to have
this opportunity to pass pro-family
policy that helps so many kids get ahead, Ron Wyden, (D-Ore) Senate Finance Chair, via NBC.
Fifteen million kids from low-income
families will be better off as a result
of this plan, and given today’s miserable
political climate, it’s a big deal to have
this opportunity to pass pro-family
policy that helps so many kids get ahead, Ron Wyden, (D-Ore) Senate Finance Chair, via NBC