House passes tax bill
WASHINGTON (NEXSTAR) – A major tax bill passed through the House Wednesday night.
The tax bill passed with overwhelming support from both parties, which is rare in a Congress that has been defined by bitter political fights and division.
More than 300 House lawmakers voted to pass a new package of tax cuts.
The legislation would boost the child tax credit to a maximum of $2000 per child which Congressman Richard Neal says will help 16 million kids.
“Addressing childhood poverty in America ought to be a priority for us every single day,” said Neal.
It also brings back 3 key tax breaks for businesses including deductions for research and development and certain investments.
Author of the bill, Congressman Jason Smith, calls those meaningful changes.
“Each of these policies will help American businesses grow, create jobs, and sharpen their competitive advantage against China,” said Smith.
The bill is estimated to cost $78 billion but that would be largely offset by savings from ending a Covid era program that has been a massive target for fraud.
“We are replacing bad tax policy with good tax policy,” Smith added.
Congressman Matt Gaetz (R-Fla.) criticized the enhancement of the child tax credit.
“This is not a tax bill. It is a welfare bill in drag,” said Gaetz.
On the other side of the aisle Congresswoman Rosa DeLauro (D-Conn.)) argued the bill gives too much tax relief to businesses and not enough to families.
“This bill provides billions of dollars in tax relief for the wealthy, pennies for the poor,” DeLauro said.
The bill now goes to the Senate where Majority Leader Chuck Schumer has said he’s working to move it forward.
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