GOP and Democrats propose $600B plan for child tax credit and business breaks
Lawmakers Reach Bipartisan Agreement to Reinstate Major Tax Provisions
Exciting news! Lawmakers have just announced a groundbreaking bipartisan agreement to reinstate some major expired tax provisions. This includes a much-needed expansion of the child tax credit and a renewal of business investment deductions.
Working together, Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) have crafted this agreement, which is estimated to result in over $600 billion in tax cuts. That’s a significant boost!
What’s in the Plan?
The plan focuses on making the child tax credit more generous. It does this by changing the calculation of the credit on a per child basis. But that’s not all! The maximum refundable amount per child will also increase to $1,800 in tax year 2023, $1,900 in 2024, and $2,000 in 2025. That’s fantastic news for families!
But wait, there’s more! The credit will also be indexed for inflation this year and in 2025. This ensures that families will continue to receive the support they need, even as the cost of living changes.
And here’s the cherry on top: in exchange for the expanded child tax credit, some prized business tax deductions will be revived. It’s a win-win situation!
Stay tuned for more updates on this breaking story. Exciting times are ahead!
What business tax deductions will be revived in exchange for the expanded child tax credit
Lawmakers Reach Bipartisan Agreement to Reinstate Major Tax Provisions
Exciting news! Lawmakers have just announced a groundbreaking bipartisan agreement to reinstate some major expired tax provisions. This includes a much-needed expansion of the child tax credit and a renewal of business investment deductions.
Working together, Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) have crafted this agreement, which is estimated to result in over $600 billion in tax cuts. That’s a significant boost!
What’s in the Plan?
The plan focuses on making the child tax credit more generous. It does this by changing the calculation of the credit on a per child basis. But that’s not all! The maximum refundable amount per child will also increase to $1,800 in tax year 2023, $1,900 in 2024, and $2,000 in 2025. That’s fantastic news for families!
But wait, there’s more! The credit will also be indexed for inflation this year and in 2025. This ensures that families will continue to receive the support they need, even as the cost of living changes.
And here’s the cherry on top: in exchange for the expanded child tax credit, some prized business tax deductions will be revived. It’s a win-win situation!
Stay tuned for more updates on this breaking story. Exciting times are ahead!
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