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House Ways And Means Committee

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"House Passes Bipartisan Tax Bill Expanding Child Tax Credit and Business Breaks"

Originally Published 1 year ago — by USA TODAY

The House passed a bipartisan tax bill that would expand the child tax credit and reinstate some tax cuts for businesses, facing challenges in the Senate where Republicans are demanding additional hurdles. The bill would raise the child tax credit to $1,800 per child in 2023, $1,900 in 2024, and $2,000 in 2025, while also providing tax benefits for natural disaster victims and strengthening the low-income housing tax credit. However, ultraconservative lawmakers opposed the bill over the expanded child tax credit, while progressive lawmakers criticized it for not going far enough to expand the tax credit and unduly benefiting companies.

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"Congress Strikes Last-Minute $78 Billion Tax Deal to Expand Child Tax Credit and Boost Businesses"

Originally Published 2 years ago — by POLITICO

The chief tax writers in Congress have reached a deal to temporarily expand the Child Tax Credit and undo restrictions on popular business tax breaks, with the roughly $80 billion package also including subsidies for affordable housing and disaster assistance. The plan would be paid for by cracking down on the troubled Employee Retention Credit and could potentially be attached to must-pass budget legislation or passed as a standalone measure. The agreement represents a significant victory for Democrats and would cost roughly $35 billion over three years, largely benefiting lower-income individuals.

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