White House endorses $78 billion bipartisan child tax credit and business tax bill

The Biden administration called on Congress to pass bipartisan legislation to expand the child tax credit and renew investment deductions prized by the business sector.

A White House spokesman said that the bill, which advanced out of the Ways and Means Committee on Friday afternoon in an overwhelming 40-3 vote, would “lift hundreds of thousands of children out of poverty.”

“We are also pleased that the proposed tax package is fully paid for with other revenue measures, consistent with the president’s commitment to fiscal responsibility,” spokesman Michael Kikukawa said. “While the president will continue to fight to restore the full expanded child tax credit that helped cut child poverty in half, the bipartisan tax bill is a welcome step forward, and Congress should pass it.”

The legislation, dubbed the Tax Relief for American Families and
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