{"id":2167285,"date":"2024-02-04T05:18:01","date_gmt":"2024-02-04T10:18:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-passed-child-tax-credit-and-business-bill-faces-obstacles-in-senate\/"},"modified":"2024-02-04T05:20:59","modified_gmt":"2024-02-04T10:20:59","slug":"house-passed-child-tax-credit-and-business-bill-faces-obstacles-in-senate","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-passed-child-tax-credit-and-business-bill-faces-obstacles-in-senate\/","title":{"rendered":"House-approved child tax credit and business bill encounters hurdles in Senate"},"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\">22<\/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-passed-child-tax-credit-and-business-bill-faces-obstacles-in-senate%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=2167285&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 $78 Billion Child Tax Credit \u200band Business\u2064 Tax \u2063Bill\u2062 Faces\u2063 Challenges in the Senate<\/h2>\n<p>The bipartisan bill \u200daimed at\u200c providing tax relief for American families and workers has successfully passed the House with \u2063overwhelming\u2064 support. However, its journey \u2064through the Senate may not be as \u2064smooth.<\/p>\n<p>Crafted by Chairman Jason \u200bSmith and Chairman Ron Wyden, the bill, known as\u200b H.R. 7024, has garnered skepticism from Republican senators. Their\u200c concerns primarily revolve around the expansion of the\u2063 <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>, which some conservatives argue could lead to an increase in welfare dependency\u200c and discourage \u200dwork. Additionally, there are objections related to the bill&#8217;s impact on\u2063 the deficit.<\/p>\n<p>Any changes made to the bill could jeopardize the bipartisan support\u2062 it currently enjoys. G. William Hoagland, senior vice president at the Bipartisan \u200bPolicy\u2062 Center, acknowledges the challenges ahead, stating, \u200c&#8221;I see lots of \u2064issues in the Senate, and this is not a slam \u2063dunk.&#8221;<\/p>\n<p>Senate Finance Committee&#8217;s top Republican, Senator Mike Crapo, has expressed the need for the panel to conduct its own markup of \u200dthe bill. This\u200c process would allow senators\u2063 to\u2063 propose\u2064 amendments, \u200dpotentially delaying \u200bthe bill&#8217;s passage.<\/p>\n<p>One \u2062of the concerns raised by GOP senators, including Senator Crapo, is the provision that\u200c allows parents to use the previous\u200b year&#8217;s income \u200cto \u200ccalculate the \u200bchild tax credit for the current and following years. Critics argue that this could lead \u2063some parents to leave\u200d the workforce. \u200dThe\u2064 Wall Street Journal editorial board has also criticized the measure, stating, &#8220;Work one year \u2014\u200d and earn benefits for two.&#8221;<\/p>\n<p>Furthermore, the bill&#8217;s timing as \u2064an election year adds \u2063another layer \u200dof complexity. Senator \u200dChuck Grassley even suggests that expanding the <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.\">child tax \u2063credit<\/a> during this period \u2062could benefit President Joe Biden&#8217;s \u200bchances of re-election.<\/p>\n<p>If the bill becomes \u2064law, Biden&#8217;s campaign can highlight his role in expanding the child tax \u2064credit. Conversely, if it fails, Republicans can be blamed\u200d for blocking a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-1-75t-build-back-better-framework\/\" title=\"Biden unveils .75T \u2018Build Back Better\u2019 framework\">larger child tax credit<\/a> and tax provisions favored by corporations.<\/p>\n<p>Republicans also express concerns about the fiscal impact of the legislation. While the\u2063 bill aims to be deficit-neutral \u2063through changes to the pandemic-era employee retention tax credit, some Senate Republicans view \u200dthis as deceptive, as it merely\u200c scales back a program that was already contributing \u200dto the national debt.<\/p>\n<p>Despite these obstacles, there \u200bis optimism among some in the tax world that the \u200cbill, or a modified version of\u200c it, \u2064will ultimately pass. Alex Conant, a GOP strategist, believes that Senate Republicans are eager to demonstrate their ability to govern and predicts that the Senate will pass\u2063 the House&#8217;s bill.<\/p>\n<p>Overall, the fate \u200dof the $78 billion child tax credit and business\u200b tax\u2062 bill now rests in the \u2064hands of the Senate, where \u2063it \u2062will\u2063 face a series of challenges\u200b and potential amendments.<\/p>\n<p> <\/p>\n<h2>Is Congress going to \u200dpass \u200bchild tax\u2062 credit?<\/h2>\n<p><span>WASHINGTON \u2014 The House voted Wednesday night to pass a $78 billion tax package that includes an expansion of the child\u200b tax \u2063credit, sending it\u2062 to the Senate, where\u2064 its path is uncertain. The Republican-led House passed the bipartisan measure 357-70, using a fast-track process that requires a two-thirds majority. Chairman, Ron Wyden, remains hopeful about the bill&#8217;s progress in the Senate. He believes that \u200dthe expansion of the child tax \u2064credit is necessary to provide \u2062relief for struggling \u2064families, especially during the current economic downturn caused by the ongoing pandemic. Wyden argues \u2063that the enhanced credit will \u200breduce child poverty and help families\u200d cover \u2064essential expenses such as childcare and healthcare.<\/p>\n<p>However,\u2064 Republican senators \u200cexpress \u200cconcerns about the potential consequences of increasing the child \u200btax credit. They worry that it could \u200cdisincentivize work,\u200b as some \u200cfamilies may choose to rely on government assistance rather than seeking employment. Critics argue that this may lead to long-term dependency and \u2064hinder economic growth.<\/p>\n<p>Furthermore, there are \u2062reservations about the bill&#8217;s impact on the national deficit. The\u2064 projected cost\u200b of $78 billion raises concerns about the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/north-korea-has-a-seemingly-harmless-plan-to-get-ahead-but-theres-a-dark-truth-behind-it-report\/\" title=\"Dark truth behind North Korea's seemingly harmless plan revealed: Report\">long-term financial sustainability<\/a> of \u200dthe legislation. \u200dRepublican\u2064 senators emphasize the need for fiscal responsibility and question whether the \u200bbenefits of the bill outweigh its potential drawbacks.<\/p>\n<p>Reaching a consensus on these issues \u2064will be crucial in ensuring the bill&#8217;s successful passage \u200dthrough the Senate. Both sides need to engage in productive discussions to address concerns and find common ground. The senators must carefully assess the potential benefits and drawbacks of the bill, considering its impact on American families and the\u2064 overall economy.<\/p>\n<p>The outcome of \u2063the bill&#8217;s journey through the Senate will depend on finding a balance between providing necessary relief for families and workers, addressing\u200c concerns over welfare dependency, and maintaining fiscal responsibility.\u200b Both parties\u200b must work together to find practical solutions that can garner broad support and secure the bill&#8217;s passage.<\/p>\n<p>Ultimately, the \u200cfate of the $78 billion child tax credit \u2062and business tax \u2063bill rests in the hands of \u200dthe Senate. It will require bipartisan cooperation, open dialogue, and thoughtful deliberation to navigate the\u200b challenges \u200cand arrive at a decision \u2064that benefits the American people. As the bill advances through the\u200d Senate, all \u200deyes will be on the legislators to see\u200c if they can \u2062overcome their differences and deliver much-needed relief.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The $78 billion child tax credit and business tax bill, a bipartisan effort between Jason Smith and Ron Wyden, passed the House with strong support. However, it now encounters obstacles in the Senate. Despite backing from the White House, further challenges lie ahead for the bill&#8217;s progress<\/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-2167285","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\/2167285","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=2167285"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2167285\/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=2167285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2167285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2167285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}