Posted 2/1/2024, 4:20:00 AM
House Passes $79 Billion Bipartisan Tax Cut Package With Enhanced Child Credit and Business Breaks
- House passes $79 billion bipartisan tax cut package including enhanced child tax credit and business tax breaks
- Bill raises child tax credit to $1,800-2,000 per child, gives tax cuts averaging $680 per family
- Restores immediate business deductions for investments in equipment, R&D, provides more flexibility on interest deductions
- Faced some opposition from most liberal Democrats as helping the wealthy too much and conservative Republicans as too close to welfare
- Uncertain fate in Senate but passed House with broad 357-70 vote across parties, seen as rare productive breakthrough