{"id":7931,"date":"2024-02-02T04:30:09","date_gmt":"2024-02-01T23:00:09","guid":{"rendered":"https:\/\/cccfornews.com\/index.php\/2024\/02\/02\/house-passes-78-billion-tax-relief-bill\/"},"modified":"2024-02-02T04:30:09","modified_gmt":"2024-02-01T23:00:09","slug":"house-passes-78-billion-tax-relief-bill","status":"publish","type":"post","link":"https:\/\/cccfornews.com\/index.php\/2024\/02\/02\/house-passes-78-billion-tax-relief-bill\/","title":{"rendered":"House Passes $78 Billion Tax Relief Bill"},"content":{"rendered":"


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The House of Representatives passed bipartisan legislation expanding the child tax credit.<\/p>\n

The Tax Relief for American Families and Workers Act passed by a vote of 357-70. Forty-seven Republicans and 23 Democrats voted against the bill.<\/p>\n

If the bill becomes law, the package would temporarily include a \u201cphased-in annual increase of the child tax credit\u2019s maximum refundable amount from $1,600 until it hits $2,000 for 2025, its final year,\u201d Fox News Digital reported<\/a>.<\/p>\n

The bill also increases businesses\u2019 ability to expense research and development costs if done in the United States to incentivize U.S. manufacturing.<\/p>\n

House Speaker Mike Johnson (R-LA) said in a statement, \u201cThe Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reform. Crucially, the bill also ends a wasteful COVID-era program, saving taxpayers tens of billions of dollars.\u201d<\/p>\n

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1) Johnson: The\u00a0Tax Relief for American Families and Workers Act\u00a0is important bipartisan legislation to revive conservative pro-growth tax reform. Crucially, the bill also ends a wasteful COVID-era program, saving taxpayers tens of billions of dollars.<\/p>\n

\u2014 Chad Pergram (@ChadPergram) January 31, 2024<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

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3) Johnson: This bottom-up process is a good example of how Congress is supposed to make law.<\/p>\n

\u2014 Chad Pergram (@ChadPergram) January 31, 2024<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

The bill was led<\/a> by House Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR).<\/p>\n

Smith said of the bill, \u201cThe Tax Relief for American Families & Workers Act is pro-growth, pro-jobs, pro-American. The legislation locks in $600 billion in pro-growth tax policies by restoring three key provisions from President Trump\u2019s successful 2017 tax reform that had a proven record of creating millions of jobs, raising workers\u2019 wages, and sparking more investment and economic growth right here at home.\u201d<\/p>\n

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The Tax Relief for American Families & Workers Act locks in $600 billion in pro-growth, pro-worker, and pro-American tax policies.<\/p>\n

Passing this bill will restore key provisions of the 2017 Trump Tax Cuts. pic.twitter.com\/kLBbYeNAYS<\/a><\/p>\n

\u2014 Rep. Jason Smith (@RepJasonSmith) January 31, 2024<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Some Republicans did not vote in support of the bill, saying it expands the welfare state.<\/p>\n

\u201cThe plan, basically, will actually increase welfare benefits by providing the extension child tax credit or an income tax credit,\u201d said Rep. Andy Biggs (R-AZ). \u201cWho\u2019s gonna get that? Children of illegal aliens. And that\u2019s going to be hundreds of billions of dollars over time.\u201d<\/p>\n

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I voted against tonight\u2019s tax bill that balloons our already out-of-control welfare system. <\/p>\n

Here\u2019s what this bill really does: pic.twitter.com\/DKYVrD29um<\/a><\/p>\n

\u2014 Rep Andy Biggs (@RepAndyBiggsAZ) February 1, 2024<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Rep. Chip Roy (R-TX) also voted against the bill due to its welfare benefits.<\/p>\n

\u201cUnfortunately, as happens in this town, this legislation comes with provisions that, frankly, the people I represent are tired of,\u201d he said<\/a>, adding, \u201cAnd it\u2019s provisions that would continue to expand the welfare state, as \u2018The Wall Street Journal\u2019 editorialized about, by expanding the child tax credit in ways that will continue to fund people directly through refundable credits which we find to be problematic, and we think undermines the kind of economic activity and incentive to work and incentive to, you know, produce value that we think is critically important for economic growth.\u201d<\/p>\n<\/div>\n