It would also bolster certain #business tax credits — including deductions for R&D, interest expenses & investments in equipment — that were limited in an effort to cap the total costs of Trump’s 2017 tax cut law.

But in the #Senate … #Republicans can block the bill w/a #filibuster….

#law #taxes #LowIncomeFamilies #ChildPoverty #poverty

Sen #ChuckGrassley (R)criticized the measure, which nonpartisan estimates say could lift 400k #children out of #poverty, because it could help #Biden’s #reelection campaign. He said he would evaluate the bill after the #House vote.

Sen #MittRomney (R),who supported previous #ChildTaxCredit expansions, called the new #legislation “excessive”& said it would turn into “another entitlement program which is massively expensive.”

(#entitlement = #Republican speak for #LowIncomeFamily programs)

#law

…The #ChildTaxCredit expansion would ensure that more of the poorest #families — who traditionally can’t claim the credit because they don’t owe any #IncomeTax — would qualify for at least some assistance. It would allow the lowest-income families to claim the credit for each #child; the current credit allows those at the lowest end of the #income spectrum only to receive payments for one child.

#law #taxes #LowIncomeFamilies #ChildPoverty #poverty

#Trump’s 2017 #tax #law doubled the existing #ChildTaxCredit from $1k to $2k per child. In 2021, #Biden’s #AmericanRescuePlan increased it to $3k for kids under 17, or $3,600 for kids under 6. That helped cut #ChildPoverty significantly. #Democrats sought to extend it, but most #GOP lawmakers — & Sen #JoeManchin III (D?) — opposed the move, & it expired at the end of 2021.

The expanded child tax credit kept 3 million #children out of poverty, acc/to Columbia’s Ctr on #Poverty & #Social #Policy.