![]() ![]() Notably, the deal does not change the minimum earnings threshold of $2,500 needed to begin to claim the credit. These provisions would be in effect for three tax years, from 2023 through 2025. And families would have the choice of using their earnings in the current year or the prior year, in case their earnings were volatile. ![]() ![]() In addition, it would adjust the tax credit for inflation starting in 2024. And it would allow low-income families with more than one child to would receive the same credit for each of their kids, just as higher-income families already do. It would increase the maximum refundable credit for those households who owe little or no income taxes. The package calls for temporarily enabling lower-income families to claim more of the credit. Meanwhile, some Democrats are opposed to the deal because they don’t think the proposal broadens eligibility for the child tax credit to enough families who currently receive no credit or only a partial amount because they earn too little. Byron Donalds of Florida, also a Freedom Caucus member, echoed a similar sentiment: “I’m leaning ‘no’ right now, but I want to hear out Chairman Smith, really sit down, go through it all,” he said. I think we need to fix the child tax credit and bring it up under the rule,” he said. House Freedom Caucus Chairman Bob Good of Virginia said he’s concerned about expanding the child tax credit for people who aren’t paying taxes and worried that illegal migrants may potentially receive it – something the Ways and Means panel has pushed back on – and also took issue that it would be brought to the House floor under suspension of the rules. House Ways and Means Committee Chairman Jason Smith, a Missouri Republican who negotiated the deal with his Democratic counterpart in the Senate, presented the deal to a smaller group of Republicans on Monday evening and is expected to brief the full conference on Tuesday.Ĭoncerns over the child tax credit expansionīut some Republicans are pouring cold water on the proposal. The bill was discussed at length during a House GOP leadership meeting Monday and a floor vote could come as soon as this week, though GOP sources cautioned it hasn’t been set in stone yet. We’re not going to get a perfect bill when we have divided government as we do.” ![]() He added: “There’s a lot of great policy in there. And I think you’re gonna get a very high vote tally, probably on both sides of the aisle.” “There’s a few subsets of members you have concerns for various reasons, but we’re gonna probably run it on suspension. “It is gonna come up,” Johnson said at a Congressional Institute event on Monday, according to a transcript obtained by CNN. Speaker Mike Johnson said at a private event on Monday that the bill – which also restores some business tax breaks that are favored by Republicans – will come to the floor under a suspension of the rules, which is an expedited process that requires a two-thirds majority for passage. House GOP leaders are moving forward with a $78 billion bipartisan tax package even as some Republicans express reservations over the deal, which includes an expansion of the popular child tax credit - a top Democratic priority. ![]()
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