GOP and Democrats announce $600 billion plan for child tax credit and key business breaks

Lawmakers on Tuesday announced a bipartisan agreement to reinstate major expired tax provisions, including an expansion of the child tax credit and a renewal of business investment deductions.

Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) worked together in crafting the agreement, which Smith said would amount to over $600 billion in tax cuts.

Specifically, the plan expands the child tax credit by changing the calculation of the credit on a per child basis to make it more generous. It also increases the maximum refundable amount per child to $1,800 in tax year 2023, $1,900 in 2024, and $2,000 in 2025.

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Notably, it also indexes the credit for inflation this year and in 2025.

In return for a bigger child tax credit, some prized
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