There was strong support from both Democrats and Republicans for the expansion of the Child Tax Credit and a trio of business tax breaks.
The House passed bipartisan tax legislation Wednesday evening that would expand the Child Tax Credit and restore several business tax breaks — a rare feat in an otherwise bitterly divided Congress that has frequently suffered crippling dysfunction.
The $78 billion tax package was sent to the Senate on a vote of 357 to 70, with strong support from both Republicans and Democrats. It awaits an uncertain future in the upper chamber, with some Senate Republicans calling for hearings and others eager to make changes in the bill.
Some House progressives voted against the package, saying it wouldn’t do enough to slash child poverty. They were joined by Republicans on the right who grumbled that it’s an expansion of the welfare state in disguise.
But moderates from both parties provided the tax deal with the two-thirds majority it needed to get through the House under an expedited procedure known as suspension of the rules.
Should be a rule if you post a story about a law that doesn’t include a link to the actual law you should post the link.
https://www.finance.senate.gov/imo/media/doc/the_tax_relief_for_american_families_and_workers_act_of_2024_technical_summary.pdf
For anyone with questions - it’s not a long read, I do have more questions after reading. Like why was a full part about Taiwan residency? I read through it twice and didn’t understand why there exclusively.
I’m thinking it’s a way of treating Taiwan more like other countries we deal with, rather than treating them as a part of China.
“Subtitle B – United States-Taiwan Tax Agreement Authorization Act Because the U.S. is unable to enter into a bilateral tax treaty with Taiwan due to Taiwan’s unique status, subtitle B provides authorization to the President to negotiate and enter into a U.S.-Taiwan tax agreement that includes provisions generally conforming with those customarily contained in U.S. tax treaties.”