A “bipartisan, bicameral” framework also contains other provisions.
Senator Ron Wyden of Oregon, chairman of the Senate Finance Committee, and Representative Jason Smith of Missouri, who chairs the House Ways and Means Committee, announced they had reached a deal on a tax framework that includes, among other things, expansion of the child tax credit.
Senator Wyden stated, “Fifteen million kids from low-income families will be better off as a result of this plan.“ He added, “It’s a big deal to have this opportunity to pass pro-family policy that helps so many kids get ahead.”
Representative Smith said, “American families will benefit from this bipartisan agreement that provides greater tax relief, strengthens Main Street businesses, boosts our competitiveness with China and creates jobs.”
Some estimate that as many as 400,000 children would move above the poverty line, while 3 million would move up closer to it. The proposed change to the child tax credit would give parents $2,000 per child by 2025. Currently, that maximum credit is $1,600. The cost of the program change is about $80 billion.
As the Lord Leads, Pray with Us…
- For discernment for members of the House and Senate as they weigh the costs and benefits of expanding the child tax credit.
- For the president, House speaker, House minority leader, and Senate majority and minority leaders as they discuss U.S. border funding and aid to Ukraine today.
Sources: News Nation, The Hill
