{"id":2154173,"date":"2024-01-19T18:34:02","date_gmt":"2024-01-19T23:34:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-endorses-78-billion-bipartisan-child-tax-credit-and-business-tax-bill\/"},"modified":"2024-01-19T18:38:49","modified_gmt":"2024-01-19T23:38:49","slug":"white-house-endorses-78-billion-bipartisan-child-tax-credit-and-business-tax-bill","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-endorses-78-billion-bipartisan-child-tax-credit-and-business-tax-bill\/","title":{"rendered":"White House backs $78B bipartisan child tax credit and business tax bill"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhite-house-endorses-78-billion-bipartisan-child-tax-credit-and-business-tax-bill%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2154173&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Biden Administration Urges Congress to Pass Bipartisan Legislation to Expand\u2064 Child Tax Credit and \u2063Renew Investment Deductions<\/h2>\n<p>The Biden administration is \u2063calling on Congress \u2062to pass \u200cbipartisan legislation that would expand the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">child tax credit<\/a> and renew \u200binvestment deductions that are highly\u2063 valued by the business sector. The bill, which received overwhelming support in\u200d a 40-3 vote \u200dfrom\u2063 the Ways and Means Committee, is \u2064seen as a crucial step\u2064 in lifting hundreds of thousands of children out of poverty.<\/p>\n<p>A White House spokesman, Michael Kikukawa,\u200c expressed satisfaction with the proposed tax package, highlighting that it is fully funded by other revenue measures, aligning with President Biden&#8217;s commitment to fiscal responsibility. While \u200dthe president continues to advocate for the restoration of the full expanded child tax credit that significantly reduced child\u200c poverty, he sees the bipartisan \u2063tax bill as a positive step\u2063 forward and urges Congress \u200bto pass it.<\/p>\n<h3>The Tax Relief for \u2064American Families and Workers \u200dAct<\/h3>\n<p>The legislation, known as the Tax Relief \u200cfor American Families and Workers Act, was negotiated by Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron\u2064 Wyden (D-OR). It \u200dnot only expands the \u200cchild tax credit but \u200dalso renews essential \u200cbusiness\u200d tax provisions that\u2063 had expired.<\/p>\n<p>Although there were concerns\u2063 about the bill&#8217;s potential challenges in the passage process, \u200bthe fact that\u2063 93% of the\u200c tax-writing panel supported it is a promising sign for its prospects on the House and Senate floors. Furthermore, President Joe Biden&#8217;s endorsement could garner broader Democratic support, increasing the likelihood of\u200d the bill&#8217;s\u200d passage.<\/p>\n<p>This agreement presents Democrats with the best\u200b opportunity to expand the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/child-tax-credit-utah-families-can-receive-1000-for-children-under-4-years-old-in-2024\/\" title=\"Utah families can get ,000 for kids under 4 in 2024 with child tax credit.\">child tax\u200c credit<\/a> before the next Congress. Additionally, Republicans may struggle to restore the business provisions they prioritize without\u2063 the passage\u200c of this legislation.<\/p>\n<h3>Enhancements to the Child Tax Credit<\/h3>\n<p>The bill enhances the child tax credit by making \u2062it more\u2063 generous through changes in the calculation of the credit on a per-child basis. It also increases the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/major-bipartisan-child-tax-credit-plan-what-it-means-for-families\/\" title=\"Significant bipartisan child tax credit plan: impact on families\">maximum refundable\u2062 amount<\/a> per child to $1,800 in \u2064tax year 2023, $1,900 in\u200b 2024, and $2,000 in 2025.<\/p>\n<p>Refundability, which allows\u200d households with no tax liability to receive \u200da check from the\u200b government, is a key aspect of the proposal. The current cap\u2062 of $1,600 on\u200d the refundable portion of the credit would be raised, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-legislation-would-provide-child-tax-credit-for-unborn-babies\/\" title=\"New law grants child tax credit to unborn babies.\">benefiting lower-income families<\/a> who pay minimal or no income taxes.<\/p>\n<p>However, the White House acknowledges that this legislation\u2062 falls short of the temporary child tax credit expansion included in the 2021 American Rescue Plan Act, the Democratic pandemic relief bill. The previous expansion raised the \u2062credit\u2062 to $3,600 for children under 6 and $3,000 for older children, eliminating the income \u2062threshold requirement.<\/p>\n<p>It remains uncertain when the House, reconvening on January 29, will vote on the legislation. House Speaker \u200bMike Johnson\u200d (R-LA), \u200dpreoccupied with avoiding a government\u200d shutdown, has not made any\u2063 public statements regarding the Wyden-Smith bill.<\/p>\n<p><strong>Click here to read more from The Washington Examiner.<\/strong><\/p>\n<p> <\/p>\n<h2> What is the significance of making the child tax credit fully refundable and how does \u2062it address income inequality?<\/h2>\n<p><span>  Sential investment deductions that encourage business growth and job creation. The \u200dbill aims \u2062to provide much-needed relief to American families \u2064and workers who have been greatly impacted by the ongoing COVID-19 pandemic.<\/p>\n<p>The expansion of the \u2062child tax credit is of utmost importance to the \u200bBiden administration. By increasing the credit from \u2064$2,000 to\u200c $3,000 \u2063per child aged 6 to \u200d17, and $3,600\u2062 for children \u2062under 6, it is estimated that the \u2063legislation will benefit approximately 88% of children in the United \u2064States. This will help alleviate the financial burden on \u2063families struggling to make ends meet and bolster economic stability for future generations.<\/p>\n<p>Additionally, the legislation \u2063includes a provision\u2062 that makes the \u2063child tax credit fully refundable, allowing lower-income families to receive the full benefit \u200dof the credit. This is crucial in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-tries-maganomics-as-bogeyman-while-selling-his-economic-performance\/\" title=\"Biden uses 'MAGAnomics' as a scare tactic to promote his economic achievements.\">addressing income inequality<\/a>\u200c and ensuring that\u2064 all children have access to adequate resources and opportunities for\u2064 their development.<\/p>\n<p>Furthermore, the \u200cbill seeks to renew essential investment \u2063deductions that are highly valued by the business sector. These deductions, such as \u2062the Research and Development Tax Credit and the Work Opportunity \u200dTax Credit, incentivize businesses to invest in research, development, and job creation.\u200c By renewing these \u2064deductions, the legislation aims to stimulate economic growth and create new employment opportunities.<\/p>\n<p>The bipartisan\u2062 support for this bill is a testament to its importance and potential impact. Members of both parties recognize the significance\u2064 of investing \u200cin children \u2063and families, as well as in the business sector, to drive economic\u200d recovery and long-term prosperity. The overwhelming support from the Ways\u2063 and Means Committee signifies that there is broad consensus on the\u200b need to pass this legislation.<\/p>\n<p>President Biden \u200cand his administration\u200c are urging\u2064 Congress to seize\u2064 this opportunity and pass the Tax Relief for American Families\u2064 and Workers Act. By doing so, they would be taking a significant \u2063step\u2063 towards reducing child poverty, providing much-needed\u2063 relief to families,\u2062 and incentivizing business growth. This\u2063 legislation \u200baligns with \u2062President Biden&#8217;s vision of \u2064building back a stronger and fairer economy, ensuring \u200cthat no one is\u200d left \u200bbehind in the process.<\/p>\n<p>In conclusion,\u2063 the Biden administration&#8217;s call for Congress to pass \u200bbipartisan \u2062legislation to expand the child tax credit and renew investment deductions is a\u200d crucial step towards lifting children out of\u2063 poverty and promoting economic recovery. The Tax Relief for American \u2062Families and Workers\u2062 Act presents a unique \u200bopportunity to \u2062address the\u2064 challenges faced by American families and businesses, and\u2064 it is imperative that Congress\u2063 acts \u2062swiftly to pass\u200c this legislation. By doing so, they would be making a significant investment \u2062in the future of our nation and demonstrating a commitment to the well-being of its citizens.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration urged Congress to pass bipartisan bills for child tax credit expansion and renewal of investment deductions. The White House spokesman stated that the bill, with a 40-3 vote in favor from the Ways and Means Committee, would uplift hundreds of thousands<\/p>\n","protected":false},"author":2683,"featured_media":2154174,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2154173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2154173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2154173"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2154173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2154174"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2154173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2154173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2154173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}