House-passed child tax credit and business bill faces obstacles in Senate

The bipartisan $78 billion child tax credit and business tax bill passed by the House now faces hurdles in the Senate.

The bill, crafted between Ways and Means Committee Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR), cleared the House with major bipartisan support in a 357-70 vote. It also has support from the White House.

Still, the measure, H.R. 7024, the Tax Relief for American Families and Workers Act, could hit several snags in the Senate.

Most notably, the legislation faces skepticism from Republican senators over its enlargement of the child tax credit, and specifically provisions that some conservatives have said would amount to an expansion of welfare and discourage work. Others have raised objections related to the legislation’s effects on the deficit.

Changes to the carefully negotiated bill could imperil bipartisan support.

“I
Read more…

Please follow and like us: