Politics Taxation News

"House Approves $78 Billion Tax Bill Expanding Child Tax Credit and Reviving Business Tax Breaks"

The US House passed a $79 billion tax cut package with bipartisan support, enhancing the child tax credit for lower-income families and boosting tax breaks for businesses. The bill faces uncertainty in the Senate, but represents a rare breakthrough for the House. Republicans seek to address the $10,000 cap on property tax deductions, while Democrats focus on boosting the child tax credit. The bill also enhances a tax credit for rental housing and provides relief for victims of natural disasters and the East Palestine, Ohio, train derailment.