![Tyson Foods Plant [Photo: Food Manufacturing]](https://southarkansassun.com/wp-content/uploads/2023/08/iStock_1185520857__1_.5e441daa51cca-600x337.jpg)
![Silverado Senior Living Management Inc. [Photo: Los Angeles Times]](https://southarkansassun.com/wp-content/uploads/2023/10/download-6-4-600x337.jpg)
![China's Wuhan Institute of Virology [Photo: Nature]](https://southarkansassun.com/wp-content/uploads/2023/09/d41586-021-01529-3_19239608-600x337.jpg)
Kiowa County Press recently reported about the noteworthy display of bipartisan support, a committee vote on Friday propelled a plan to temporarily expand the child tax credit and reinstate tax breaks for businesses. The Tax Relief for American Families and Workers Act (H.R. 7024) gained overwhelming approval with a 40-3 vote in the GOP-led U.S. House Committee on Ways and Means. The legislation, co-led by Chairs Jason Smith and Ron Wyden, addresses child poverty concerns and expired Trump-era tax breaks, signaling a rare moment of compromise in a politically divided Congress.
Photo from Google
Tax Deal Gains Strong Committee Backing
The Tax Relief for American Families and Workers Act receives significant bipartisan support, with a 40-3 vote in the U.S. House Committee on Ways and Means, showcasing an uncommon consensus in a politically divided Congress.
The legislation, co-led by Chairs Jason Smith and Ron Wyden, focuses on child tax credit expansion and reinstating tax breaks for businesses, addressing both parties’ priorities amid a contentious political climate.
Despite acknowledging the bill’s imperfections, lawmakers express approval for its inclusion of provisions supporting workers, families, and economic growth, emphasizing the realities of governing in a divided government.
Details of Child Tax Credit Changes and Business Incentives
The bill proposes incremental increases to the child tax credit for taxable years 2023 through 2025, reaching $2,000 in 2025. It also aims to restore tax credits for low-income housing construction, presenting a comprehensive approach to address various economic concerns.
To offset costs, the three-year deal plans to end a COVID-19 tax break for businesses retaining employees. The legislation’s emphasis on balancing economic relief and fiscal responsibility reflects the challenges of navigating a divided political landscape.
