The House passed a bill Wednesday that would expand the child tax credit through 2025, despite opposition from some Republican lawmakers.

“American Families and Workers Tax Relief Act of 2024, a bipartisan bill negotiated between the Democratic-led Senate Finance Committee and the Republican-led House Ways and Means Committee, would reform and expand the credit through 2025. The House voted Wednesday to suspend normal rules and pass the bill. The vote was 357 in favor to 70 against. (Related: 'We're not happy at all': House of Commons Conservatives slam child tax credit expansion)

“For the past three years, American families, farmers, workers, and small businesses have borne the brunt of inflation as they have seen their paychecks cut and their purchasing power eroded.” I have written Republican Rep. Jason Smith (Missouri), chairman of the House Ways and Means Committee, said in a press release on his website on January 26th: This is to prevent the effects of inflation. ”

“The American Families and Workers Tax Relief Act improves on today's child tax credit in a number of ways, most notably by adjusting the tax credit for inflation and increasing the penalty for large families to secure the child tax. By abolishing it, we will relieve parents from high prices… pic.twitter.com/AmIPomHao8

— American Principles 🇺🇸 (@approject) January 29, 2024

Republican Rep. Chip Roy of Texas said, “I'm not at all happy with the further expansion of the child tax credit, which is pretty high. By the way, this basically gives the children of illegal aliens a tax credit.” This does not exclude the possibility that this may occur.” On the other hand, some moderate conservatives also oppose credit expansion, believing it would lead to the expansion of the welfare state.

The bill would recalculate the tax credit on a “per child'' basis, giving parents a credit worth 15% of their income per child. The bill would also increase the per-child deduction limit from the current $1,600 to $1,800 for the 2023 tax year, and then increase by $100 each year until 2025, adjusting for inflation. .

The bill reforms the child tax credit after the previous expansion expired in 2016. 2022, has sparked debate among various conservative groups. The populists in the House Freedom Caucus, for example, oppose the bill on grounds of fiscal impact as well as fiscal impact. absence Regarding the prohibition on receiving money from foreign nationals who are in the country illegally, their minor children may be U.S. citizens. eligible For credit.

Negotiators are seeking business tax concessions by allowing companies to deduct business interest from their tax liability with respect to other deductions for earnings before interest, taxes, depreciation and amortization (EBITDA) in exchange for expanded tax credits. was secured. This provision will last until 2026.

“16 million children in low-income families will be better off as a result of this plan.” I have written Democratic Sen. Ron Wyden of Oregon, chairman of the Senate Finance Committee, when the agreement was announced. He added, “This plan will improve low-income housing tax credits and create more than 200,000 new affordable housing units.”

🚨 The House of Representatives is reportedly considering new tax cuts and changes to follow the committee-passed tax deal that would expand the Child Tax Credit (CTC) and restore the business tax credit.

Lawmakers in particular are debating voting on plans that would weaken the state. pic.twitter.com/RlIwu0pwyV

— CRFB.org (@BudgetHawks) January 31, 2024

“Democrats know they won a better end of the deal with the stealth welfare expansion of the child tax credit.” I have written On Tuesday, the Wall Street Journal's conservative-leaning editorial board said: “[T]His regulations typically favor part-time work at the expense of the stable full-time employment that families need to lift themselves out of poverty. That should be the goal of a social safety net, not putting families on a government check. ”

In addition to reforming the child tax credit, this bill: It contains Provisions for the United States to negotiate bilateral tax agreements with Taiwan. It also created deductions for victims of the 2023 train derailment near East Palestine, Ohio, and for research and development expenses, and helped companies underreport their taxes by claiming employee reserves. Penalties will be imposed on tax advisors. Credit during COVID-19.

Some Republican lawmakers have procedurally objected to considering a bill that would suspend the rules, and Congressional leaders would make the deduction available to families by the April 15 deadline for filing their 2023 taxes. I was looking for something. to do things under suspension of rules.” Said Virginia Republican Rep. Bob Good, chairman of the House Freedom Caucus, told Politico. Others, especially lawmakers in high-tax residential areas in New York and California, wanted legislation to expand state and local tax (SALT) deductions.

“There's a lot of great policy out there. It's not a perfect bill. You can't have a perfect bill in a government as divided as it is right now,” House Speaker Mike Johnson told reporters. He spoke about this bill. invoice.

Smith and Senate Majority Leader Chuck Schumer did not respond to requests for comment.

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