Washington Examiner

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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