Posted 1/11/2024, 11:46:27 PM
Congress Nears $70 Billion Deal on Child Tax Credits and Business Tax Breaks
- Congressional leaders closing in on $70B bipartisan deal including child tax credit expansion and business tax breaks
- Seeks to provide relief for needy and multi-child families, boost refundable credits, and allow use of prior year income
- Revives expired business tax policies from 2017, including R&D deductions, interest deductions, bonus depreciation
- Rare bipartisan effort in divided Congress; Democrats want expanded child tax credit, Republicans want business tax incentives
- Some criticism from Democrats about tilting too far towards corporate tax breaks vs working families