Bipartisan Tax Bill Appears Headed to House Vote

Bipartisan Tax Bill Appears Headed to House Vote

Congress could be closer to passing its first big bipartisan legislation of the year as House Speaker Mike Johnson, R-La., planned to bring a tax package to the floor Wednesday night.

Politico reported that the bill will need significant numbers of Democrats and Republicans because Johnson is moving the legislation under suspension of the rules, which requires a two-thirds majority to pass.

The House Ways and Means on Jan. 19 approved the bill 40-3, a margin that indicates passage is likely, though some lawmakers have expressed concerns.

For example, House Freedom Caucus members say that the child tax credit under current law allows undocumented immigrants with U.S.-born children to get tax refunds, Politico reported.

Johnson, though, touted the bill earlier Wednesday.

“The Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reform,” Johnson said in a statement. “Crucially, the bill also ends a wasteful COVID-era program, saving taxpayers tens of billions of dollars.

“Chairman [Jason] Smith [R-Mo.] deserves great credit for bringing this bipartisan bill through committee with a strong vote of confidence, and for marking up related bills under regular order earlier in this Congress. This bottom-up process is a good example of how Congress is supposed to make law.”

Johnson planned for a vote near 8 p.m. ET.

Senate Majority Leader Chuck Schumer supports the deal, but some Senate Republicans have mentioned amendments to it, Politico reported.

The House bill advanced after a long night of negotiations with a group of New York Republicans who said the deal over its lack of state and local tax relief.

Punchbowl News reported that the New Yorkers were appeased by Johnson giving a separate vote on a bill doubling the SALT deduction for married couples filing jointly.

The tax relief bill will include significant provisions related to child tax credit expansion and business tax breaks, Politico reported.

“The [child tax] expansion would be in effect for three years,” the progressive Center on Budget and Policy Priorities said. “While modest in size, the proposal would have a significant impact. In the first year, more than 80 percent of the roughly 19 million children under 17 in families with low incomes who don’t now get the full credit would benefit — about 16 million children.”

While progressive groups support the child tax credit legislation, pro-life groups also see it as providing financial support to help families have kids instead of abortions, The New Republic reported.

The three business tax breaks, which will run through 2025, would help companies that benefited from the breaks in the 2017 Trump-era tax reform until they recently ended or were beginning to be phased out, CNN reported.

Charlie McCarthy ✉

Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.


© 2024 Newsmax. All rights reserved.

https://platform.twitter.com/widgets.js

Originally Posted on: https://www.newsmax.com/politics/bipartisan-tax-package-house/2024/01/31/id/1151742
[By:

Written by:

5,561 Posts

View All Posts
Follow Me :