The politics complicating the $78 billion child tax credit and business tax bill

Election-year politics threaten the passage of the bipartisan $78 billion child tax credit and business tax break bill.

The bill faces hurdles in the Senate and the House, even after clearing the House Ways and Means Committee in an overwhelming 40-3 vote.

Two big political winners of the legislation’s passage would be Ways and Means Committee Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR), who crafted the plan during weeks of negotiations.

And the White House, at least from a messaging standpoint, also stands to gain a political advantage whether the legislation passes or not.

If the bill is signed into law, President Joe Biden’s campaign can emphasize that he and Democrats helped expand the child tax credit. If it fails, the campaign can blame Republicans for blocking a bigger child tax credit
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