Bill Providing $78 Billion in Business, Child Tax Breaks Advances to House Floor

A House panel on Jan. 19 approved a bill that would provide $78 billion in business and child tax breaks, sending the measure to the chamber’s floor. In a bipartisan 40–3 vote, the House Ways and Means Committee advanced the Tax Relief for American Families and Workers Act of 2024. This agreement combines the reinstatement of tax breaks for businesses that were sought by Republicans during the Trump administration with the expansion of the child tax credit, which is something that Democrats have been pushing for. The committee, led by Republicans, fielded questions from the minority party about the child and corporation tax credits and whether the allocation of credits was appropriate....