{"id":14968,"date":"2024-02-01T12:48:38","date_gmt":"2024-02-01T12:48:38","guid":{"rendered":"https:\/\/shareperformanceinsight.com\/index.php\/2024\/02\/01\/house-passes-78-billion-tax-bill-expanding-child-tax-credit-and-boosting-us-manufacturing\/"},"modified":"2024-02-01T12:48:38","modified_gmt":"2024-02-01T12:48:38","slug":"house-passes-78-billion-tax-bill-expanding-child-tax-credit-and-boosting-us-manufacturing","status":"publish","type":"post","link":"https:\/\/shareperformanceinsight.com\/index.php\/2024\/02\/01\/house-passes-78-billion-tax-bill-expanding-child-tax-credit-and-boosting-us-manufacturing\/","title":{"rendered":"House passes $78 billion tax bill expanding child tax credit and boosting US manufacturing"},"content":{"rendered":"
\n
\n

The House of Representatives approved a major bipartisan deal to temporarily expand the child tax credit and revive a number of business tax breaks on Wednesday.<\/p>\n

The $78 billion tax bill passed in a 357-70 vote with wide support from both Democrats and Republicans, despite issues raised earlier this week by key factions on the right and left.\u00a0<\/p>\n

It got support from 188 Democrats and 169 Republicans. Forty-seven Republicans voted against the bill along with 23 Democrats.<\/p>\n

Speaker Mike Johnson, R-La., gave the bill his blessing hours before the final vote.<\/p>\n

\u2018The Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reform. Crucially, the bill also ends a wasteful COVID-era program, saving taxpayers tens of billions of dollars,\u2019 Johnson said in a statement.<\/p>\n

It\u2019s now headed to the Senate, where Sen. Mike Crapo, R-Idaho, the top Republican on the Senate Finance Committee, previously called the bill a \u2018starting point\u2019 in tax talks.\u00a0<\/p>\n

House GOP leaders opted to put up the bill under suspension of the rules, which bypasses a procedural hurdle known as a rule vote in exchange for raising the threshold for passage to two-thirds of the chamber rather than a simple majority.<\/p>\n

Rule votes would traditionally fall across party lines; even lawmakers who oppose the legislation itself would vote along with their leadership to pass the rule.\u00a0<\/p>\n

But it\u2019s been weaponized several times during the 118th Congress by GOP factions who have deliberately sunk rule votes in protest of how Republican leaders are handling matters, even those unrelated to the legislation they\u2019re voting on.<\/p>\n

The tax deal would temporarily include a phased-in annual increase of the child tax credit\u2019s maximum refundable amount from $1,600 until it hits $2,000 for 2025, its final year. It would also enhance child tax credit benefits for families with multiple children.<\/p>\n

The child tax credit was expanded during the COVID-19 pandemic, but efforts by Democrats to make those changes permanent failed in the last Congress. In a win for GOP negotiators, work requirements remain in place to qualify for the child tax credit, despite calls from the left to do away with them.<\/p>\n

It would also boost American businesses\u2019 ability to expense research and development costs if it\u2019s conducted inside the U.S. in a bid to incentivize new U.S. manufacturing.\u00a0<\/p>\n

Rep. Randy Feenstra, R-Iowa, a member of the Ways & Means Committee, argued the bill helped families in his rural Iowa district while keeping the U.S. competitive against China.\u00a0<\/p>\n

\u2018This legislation includes provisions to build affordable homes in our rural communities, expand the child tax credit to help supplement the costs of raising a family, and lower taxes for hardworking Iowans,\u2019 Feenstra told Fox News Digital. \u2018It also helps our farms, businesses, and manufacturers compete with China by allowing them to purchase needed equipment, invest in cutting-edge research and development, hire new employees, and keep their operations profitable.\u2019<\/p>\n<\/div>\n

This post appeared first on FOX NEWS<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

The House of Representatives approved a major bipartisan deal to temporarily expand the child tax credit and revive a number of business tax breaks on Wednesday. The $78 billion tax bill passed in a 357-70 vote with wide support from both Democrats and Republicans, despite issues raised earlier this week by key factions on the <\/p>\n","protected":false},"author":0,"featured_media":14969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-14968","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"_links":{"self":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts\/14968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/comments?post=14968"}],"version-history":[{"count":0,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts\/14968\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/media\/14969"}],"wp:attachment":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/media?parent=14968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/categories?post=14968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/tags?post=14968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}