Senate to vote on major tax bill to expand Child Tax Credit, business breaks
CBSN
Washington — The Senate is set to vote Thursday on a major tax package that would bolster the popular Child Tax Credit and cut taxes for businesses, a bill that cleared the House by wide bipartisan margins earlier this year but now faces GOP opposition in the upper chamber heading into November's election.
Known as the Tax Relief for American Families and Workers Act of 2024, the legislation would expand the Child Tax Credit to provide relief to lower-income families. Though it's more modest than a pandemic-era enhancement of the credit, which greatly reduced child poverty and ended in 2021, it could still lift roughly half a million children out of poverty, according to the Center on Budget and Policy Priorities. The bill also includes some revived tax cuts for businesses, like research and development deductions.
The Senate is scheduled to take a procedural vote on the measure Thursday, which would require 60 votes to move forward.
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