With the recent passing of a large tax bill intended to extend certain company tax benefits and increase the Child Tax Credit, the House had a rare instance of bipartisanship. The legislation’s future in the Senate is still unknown, though.
By a vote of 357 to 70, Democrats in the House supported the bill more than Republicans. Now, attention turns to the Senate, where the bill needs 60 votes to move forward and reach President Biden’s desk.
An agreement on the legislation was disclosed last month by House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden. They praised it for being a “common sense, bipartisan, bicameral tax framework” that would increase growth, foster community development, and advance financial stability.
Republican senator from North Dakota, Kevin Cramer, stressed the value of working across party lines when drafting legislation this complicated. Though he wasn’t sure, he said that he would like to evaluate the measure.
Reiterating his support for the bill, Senate Majority Leader Charles Schumer suggested working with Wyden to determine the best course of action. The Tax Relief for American households and Workers Act of 2024 is a piece of legislation that aims to improve the Child Tax Credit in order to help lower-income households.
Nonetheless, several Senate Republicans who are worried about the expense and how it would affect President Biden’s reelection campaign are anticipated to oppose it. Progressives also fault the law for failing to provide low-income Americans with enough assistance.
Senator Mitt Romney voiced doubts regarding the bill’s price, especially in light of its long-term financial effects. The House approved the bill, which would have cost an estimated $33 billion and extend the credit for three years.
Senator Chuck Grassley, a Republican, expressed reservations regarding the bill’s timing in an election year and its potential effects on President Biden’s chances of being reelected.
Senator Angus King was optimistic that the legislation will receive support from all members of the Senate, notwithstanding the obstacles. However, a packed legislative agenda that includes talks about border security and approaching deadlines to prevent a government shutdown could cause delays in the negotiations.
Alejandro Mayorkas, the secretary of the Department of Homeland Security, could face impeachment, which could further restrict the Senate’s availability.
In conclusion, the Senate faces several challenges in moving forward with the Child Tax Credit expansion measure amidst a busy legislative calendar and political concerns, even though the House’s passage represents a significant milestone.