Congressional Ldrs. Reach Bipartisan Deal on Child Tax Credit Expansion

[Webster]

(The Guardian) Senior lawmakers in Congress have announced a bipartisan deal to expand the child tax credit and provide a series of tax breaks for businesses.

The deal would enhance refundable child tax credits in an attempt to provide relief to families that are struggling financially and those with multiple children. It would also adjust the tax credit for inflation starting in 2024.

Senate Finance committee chair Ron Wyden, an Oregon Democrat, and House Ways and Means committee chair Jason Smith, a Missouri Republican, unveiled the agreement as a “common sense, bipartisan, bicameral tax framework that promotes the financial security of working families, boosts growth and American competitiveness, and strengthens communities and Main Street businesses.”

In a statement, Smith said: American families will benefit from this bipartisan agreement that provides greater tax relief, strengthens Main Street businesses, boosts our competitiveness with China, and creates jobs.

Wyden said in a statement: Fifteen million kids from low-income families will be better off as a result of this plan, and given today’s miserable political climate, it’s a big deal to have this opportunity to pass pro-family policy that helps so many kids get ahead.

Wyden has said he hopes to pass the deal by the beginning of tax filing season on 29 Jan but the deal, which was not negotiated by the leadership, still faces many hurdles amid a looming government shutdown.

 

[MrDawn]

The deal would enhance refundable child tax credits in an attempt to provide relief to families that are struggling financially and those with multiple children. It would also adjust the tax credit for inflation starting in 2024.

That sounds nice. But sadly, I feel like that will lead to more inflation and that's the kind of thing a lot of people don't want.