"Rare Bipartisan Win: US House Passes $78B Child and Business Tax Breaks Bill!"

Wednesday, 31 January 2024

House Approval: The U.S. House of Representatives approves a $78 billion tax breaks package with bipartisan support.

Child Tax Credit Increase: The temporary measure includes a boost in the Child Tax Credit, allowing up to $2,100 per child by 2025.

Business Incentives: The package reinstates income deductions for business research, development, and specific capital investments until 2025.

Overwhelming Vote: The measure secures overwhelming bipartisan support with a 357-70 vote in the House

Temporary Solution: Aimed at addressing immediate concerns, the tax breaks package is a temporary measure.

Congressional Deadlock: Approval occurs amid a broader fiscal deadlock in Congress, involving issues like government funding and aid for Ukraine and Israel.

Southern Border Controls: The deadlock is fueled by Republican demands for stronger controls on the southern U.S. border.

SALT Relief Concerns: Some Republicans express concerns over the lack of tax relief for state and local taxes (SALT) in the approved package.

Political Opposition: Hardline conservative Republicans criticize the bill, labeling it a "welfare bill in drag," while progressive Democrats argue it favors corporations.