$78 Billion Tax Cut Package Blocked by Senate Republicans, Leaving Low-Income Families and Businesses in Limbo

Senate Republicans Block $78 Billion Tax Cut Package, Angering Business Groups and Low-Income Families

Republicans Block Bill to Help Low-Income Families and Corporations

According to the report of IB Times, Senate Republicans have blocked a $78-billion tax cut package that was meant to help businesses and low-income families which could affect voter support in the upcoming election. The bill had already passed the House with strong bipartisan backing, but it failed to get the 60 votes needed in the Senate to end a filibuster. Only three Republicans—Josh Hawley, Markwayne Mullin, and Rick Scott voted with the Democrats in favor. Senate Majority Leader Chuck Schumer criticized the GOP for stopping a bill that would expand the child tax credit and benefit major U.S. companies calling it a big loss for American families.

The bill aimed to increase the $2,000 per child tax credit for low-income families and adjust it for inflation over the next two years starting in 2024. It also planned to help large corporations with significant investments in capital and research. A group of 250 business organizations including the U.S. Chamber of Commerce strongly supported the bill believing it would boost both the economy and support working families.

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(photo: Bloomberg)

Senate Democrats Push for Tax Reform After Bill’s Failure: What’s Next?

After the bill failed, Schumer said he’s open to making changes and hopes Republicans might change their minds after a monthlong break. Some Republicans like Senator Mike Crapo suggested waiting until next year, when the 2017 Trump tax cuts end, which could be under a Republican government. The IRS had said families could have received refund checks within six weeks if the bill had passed making its failure a big blow for both economic and social plans.

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