{"id":23383,"date":"2024-02-02T04:52:25","date_gmt":"2024-02-02T10:52:25","guid":{"rendered":"https:\/\/ustower.net\/?p=23383"},"modified":"2024-02-02T04:52:29","modified_gmt":"2024-02-02T10:52:29","slug":"us-house-backs-78-bln-child-business-tax-breaks-bill-in-rare-bipartisan-vote","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=23383","title":{"rendered":"US House backs $78 bln child, business tax breaks bill in rare bipartisan vote"},"content":{"rendered":"\n

WASHINGTON, Jan 31 (Reuters) – The U.S. House of Representatives on Wednesday overwhelmingly approved a $78 billion bipartisan package of tax breaks for businesses and low-income families that was put on a fast track even as Congress remains deadlocked over broader fiscal issues.<\/p>\n\n\n\n

The temporary tax measure<\/u><\/a>, which would increase the Child Tax Credit and reinstate income deductions on business research and development and certain capital investments through 2025, was approved on a strong bipartisan 357-70 vote.<\/p>\n\n\n\n

The measure was a rare example of cooperation between Republicans and Democrats amid a deadlock over government funding, including aid for Ukraine and Israel, that has been held up in Congress<\/u><\/a> for months over Republican demands for stronger controls on the southern U.S. border.<\/p>\n\n\n\n

It got a green light by House Speaker Mike Johnson after negotiations with some of his fellow Republicans who objected to its lack of tax relief for state and local taxes (SALT).<\/p>\n\n\n\n

Johnson agreed to continue working with members and House Ways and Means Committee Chairman Jason Smith “to find a path forward for legislation related to SALT,” Johnson spokesperson Athina Lawson said in a statement.<\/p>\n\n\n\n

Hardline conservative Republicans voiced objection to the package during debate because it would increase the amount that Child Tax Credit claimants can receive as cash payments, to up to $2,100 per child by 2025 at a total cost of $33.5 billion.<\/p>\n\n\n\n

“This is not a tax bill, it is a welfare bill in drag,” said Republican Representative Matt Gaetz, who added that it also provided “corporate welfare.”<\/p>\n\n\n\n

Representative Rosa DeLauro, a progressive Democrat, said the bill would heap more tax breaks on corporations while failing to adequately address poverty.<\/p>\n\n\n\n

“I cannot vote for a deal that lopsidedly benefits big corporations,” DeLauro said. “The deal is inequitable.”<\/p>\n\n\n\n

Smith, who brokered the deal that combines tax priorities of both parties, emphasized the business benefits of restoring immediate deductions passed under former President Donald Trump which expired in 2022.<\/p>\n\n\n\n

The bill also would eliminate double taxation of businesses and workers that operate both in the U.S. and Taiwan, including semiconductor manufacturers building U.S. factories.<\/p>\n\n\n\n

Smith said these provisions, estimated to cost $34.3 billion over 10 years, would encourage more than $470 billion in new research and development and small business capital investment and create more than 900,000 jobs.<\/p>\n\n\n\n

The bill also faced some opposition over its lack of relief for state and local taxes and mortgage interest.<\/p>\n\n\n\n

The Republican-passed tax-cut bill passed of 2017 capped the individual deductions for mortgage interest and state and local tax payments to help pay for business tax cuts.<\/p>\n\n\n\n

Some lawmakers in New York and California have sought to remove the caps, which led to higher overall tax bills for many taxpayers despite lower tax rates.<\/p>\n\n\n\n

Johnson in a statement praised the tax breaks package as “important bipartisan legislation to revive conservative pro-growth tax reform.”<\/p>\n\n\n\n

Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON, Jan 31 (Reuters) – The U.S. House of Representatives on Wednesday overwhelmingly approved a $78 billion bipartisan package of tax breaks for businesses and low-income families that was put on a fast track even as Congress remains deadlocked over broader fiscal issues. The temporary tax measure, which would increase the Child Tax Credit and reinstate […]<\/p>\n","protected":false},"author":5,"featured_media":23384,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[3304,1649,2607,21502,26334,21064,3023,10442,3174],"class_list":["post-23383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-business","tag-children","tag-democratic","tag-house","tag-relief-bill","tag-republican","tag-taxes","tag-us","tag-vote"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/23383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23383"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/23383\/revisions"}],"predecessor-version":[{"id":23385,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/23383\/revisions\/23385"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/23384"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}