{"id":2163767,"date":"2024-01-31T09:52:02","date_gmt":"2024-01-31T14:52:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-moves-toward-vote-on-bipartisan-child-tax-credit-and-business-tax-bill\/"},"modified":"2024-01-31T09:57:25","modified_gmt":"2024-01-31T14:57:25","slug":"house-moves-toward-vote-on-bipartisan-child-tax-credit-and-business-tax-bill","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-moves-toward-vote-on-bipartisan-child-tax-credit-and-business-tax-bill\/","title":{"rendered":"House nears vote on 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=\"&quot;\"><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%2Fhouse-moves-toward-vote-on-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=2163767&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\u2063 House Considers Major\u200d Bipartisan \u2062Proposal to Expand Child \u2063Tax Credit and Renew \u200dBusiness Investment \u200cDeductions<\/h2>\n<p>The House is gearing up to \u2064discuss a significant bipartisan proposal \u2063that \u200caims to expand \u200bthe <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 <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>.&#8221;>child tax\u200b credit<\/a> and renew crucial business investment deductions. House Majority Leader Steve Scalise \u200d(R-LA) has added the legislation, known \u2063as H.R. 7024 or the Tax Relief \u2062for American Families and Workers \u200dAct, to the schedule for Wednesday.<\/p>\n<p>This floor vote has\u2062 been highly anticipated, especially\u200d as some Democrats\u2062 and Republicans have expressed reservations about \u200cthe bill. On \u2063Tuesday, New York Republicans even \u2064attempted to halt action on the House \u2062floor to \u2064demand changes to the legislation. House Speaker Mike Johnson (R-LA) is determined to\u200b push the bill through,\u2063 but\u2062 it will require a two<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mayorkas-impeachment-hearings-conclude-as-house-eyes-next-steps\/\" title=\"House concludes Mayorkas impeachment hearings, next steps considered\">-thirds\u200b majority vote<\/a> to\u200c pass, meaning it needs\u2063 support from both parties.<\/p>\n<p>The leadership&#8217;s goal is\u200c to pass the bill into law in time for tax\u2063 season, which\u2062 typically begins at the end of January.<\/p>\n<h3>Expanding \u2063the Child Tax Credit and Renewing Business Investment\u2062 Deductions<\/h3>\n<p>The legislation \u200dfocuses\u2064 on two key areas: expanding\u200b the child tax credit and restoring expired tax breaks for\u2064 business investment. Both Democrats and Republicans\u2064 have long advocated for these measures.<\/p>\n<p>Business\u2063 groups have been particularly vocal in\u2064 urging lawmakers to \u2063pass the bill. They argue \u200cthat the expired provisions have been detrimental to their companies and\u200c the overall economy.<\/p>\n<ul>\n<li>The legislation\u2063 renews a tax deduction for research\u200c and\u200b development costs, which businesses have been unable\u2063 to claim since it \u2063expired. This change will alleviate \u2064the\u2063 higher tax burden they have faced.<\/li>\n<li>The bill also temporarily pauses the phaseout of bonus depreciation, a\u2062 provision from the 2017 Trump tax cuts. This provision allowed companies to immediately write off certain \u200ccapital expenditures instead of\u2063 spreading the\u2064 deductions over the asset&#8217;s useful \u200dlife.<\/li>\n<\/ul>\n<p>On the child \u2062tax credit front,\u2062 the bill seeks\u200d to make the credit \u200cmore \u2064generous by \u2062changing\u200d the \u200dcalculation on a per-child basis. It\u2062 also increases the maximum refundable amount per \u2064child over the next few years.<\/p>\n<p>Lower-income families stand to benefit the most from \u2064the proposal, as it\u200d raises the current cap on\u2062 the refundable \u2064portion of the credit.<\/p>\n<h3>Critics from Both Sides<\/h3>\n<p>As with most legislation \u2063aimed \u2063at appeasing both parties, there are \u200bcritics from both the Left and the Right.<\/p>\n<p>Some Democrats believe\u200b that the enhancement to the \u200bchild tax credit should be even\u200b greater. In\u200b 2021, shortly after President Joe Biden took office and Democrats controlled both chambers of\u2062 Congress, they passed \u2062a significantly expanded, albeit temporary, \u2064child tax credit. However, those enhancements \u200bhave since \u200dexpired. The current proposal includes work requirements, which\u2063 Republicans consider a red \u200cline.<\/p>\n<p>Additionally, some Democrats argue that \u200cthe legislation prioritizes\u2063 tax breaks for corporations\u2063 over assistance \u200dfor struggling \u2064families.\u2062 Senator Elizabeth Warren (D-MA) expressed \u200dher\u2064 concerns, stating, &#8220;We should demand\u2063 more \u2062of ourselves than going\u200b along with a deal that gives big corporations \u200bbillions \u200cand billions of dollars more \u2064in tax breaks than help\u2064 for \u2064struggling families.&#8221;<\/p>\n<p>On the Right,\u2064 there are concerns about the bill&#8217;s \u2064cost.\u200d While the $78 billion bill\u2064 is fully paid for through changes to the \u200bpandemic-era employee retention tax\u200b credit, some Republicans believe that the estimate \u2064is subject \u2063to\u2062 change and could ultimately add to the deficit. If all the tax breaks \u200dwere made permanent, it would cost $645\u2064 billion through 2033, according to the Committee\u200b for a Responsible Federal Budget.<\/p>\n<p>Conservative \u2063lawmakers have also raised concerns about the \u200bbill potentially encouraging illegal immigration. They argue that it does not do enough \u2064to \u2062prevent \u2064illegal immigrants from claiming child tax credits. \u2063However, the bill&#8217;s Republican authors have emphasized that providing the Social \u200dSecurity\u2064 numbers of the children is \u200bstill\u2062 a requirement \u2063to\u200b receive the credit, aiming \u2063to\u2063 limit\u2062 benefits from being claimed by illegal immigrants.<\/p>\n<p>The bill&#8217;s \u2064fate in the Senate remains uncertain. However, if it receives approval from both chambers, President Joe Biden\u2063 has indicated that he would sign it\u2064 into law.<\/p>\n<p> <\/p>\n<h2> \u200dHow do Democrats feel about the measures \u200ctaken in the \u2063Med bill to support middle and lower-income families? <\/h2>\n<p><span>  Med at addressing a major issue, there are critics from both sides of the aisle. Some Democrats argue that the bill does not go far enough\u200c in \u2062providing relief for middle\u2062 and lower-income \u2064families. They believe that the \u2064child tax\u2063 credit expansion\u200b should be \u2064even more generous and that additional measures should be\u2063 taken to support families\u2063 struggling \u2063during the pandemic.<\/p>\n<p>On the other hand, some Republicans believe that the \u200bbill is too costly\u2063 and will add to the national debt. They argue\u2064 that instead\u2064 of expanding tax credits and deductions, the government should focus on reducing tax rates and regulations to stimulate economic growth.<\/p>\n<p>Despite these criticisms, there\u200d is hope that a compromise can be reached. The bill&#8217;s bipartisan support is \u200da positive\u200b sign that lawmakers from both parties recognize the importance\u200b of providing assistance \u2062to\u200b families and supporting business investment.<\/p>\n<p>Conclusion<\/p>\n<p>The House&#8217;s consideration\u200c of\u200c the Tax Relief for American Families and Workers Act represents a major step toward providing \u200drelief to families and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-expats-are-flooding-arizona\/\" title=\"Californians are flocking to Arizona\">supporting business growth<\/a>.\u2063 The bill&#8217;s focus on expanding the child tax credit and renewing business investment deductions addresses key priorities for both \u2063Democrats and\u200d Republicans.<\/p>\n<p>While there\u200c are critics and concerns from both sides, the bill&#8217;s bipartisan support indicates that there is\u2064 a common\u200c understanding of the need to provide support to struggling families and promote economic growth. If \u2064passed, this legislation could have a significant impact on both individuals \u200band businesses,\u200c providing much-needed relief during these\u2062 challenging times.<\/p>\n<p>As the House prepares for the\u200b crucial vote, all eyes will \u200cbe on the outcome. Whether the bill passes or\u200d not, this bipartisan\u2062 effort\u2064 serves as a reminder that even in the\u2062 midst of political differences, there can be common ground\u200b in addressing the needs of the American people.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House will review a significant bipartisan proposal on Wednesday. The proposal aims to enhance the child tax credit and extend crucial business investment deductions. House Majority Leader Steve Scalise (R-LA) included the legislation, H.R. 7024, the Tax Relief for American Families and Workers Act, in Wednesday&#8217;s schedule. The floor vote is eagerly awaited<\/p>\n","protected":false},"author":2683,"featured_media":2315279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2163767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2163767","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=2163767"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2163767\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2163767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2163767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2163767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}