"Congress Strikes $78 Billion Bipartisan Tax Deal to Expand Child Tax Credit and Boost Businesses"

Senior lawmakers in Congress have reached a $78 billion bipartisan tax deal to expand the child tax credit and provide tax breaks for businesses. The agreement aims to enhance refundable child tax credits to benefit low-income families and lift the $1,600 refundable cap, potentially lifting 400,000 children above the poverty line in the first year. Democrats sought a larger child tax credit after an earlier version expired, causing child poverty to rise again. The deal also revives some expired portions of the 2017 Trump tax cuts for businesses, including expensing for research and experimental costs, an earlier interest deduction, small-business expensing expansion, and bonus depreciation extension. The goal is to pass the deal before the beginning of tax filing season, but Congress faces other priorities, such as averting a government shutdown and completing its funding process.