The House passed a bill on Jan. 31 aimed at providing tax relief for families with children and for small businesses.
The final tally for the 83-page measure, which would give $78 billion in tax relief to those groups, was 357-70 as 169 Republicans and 188 Democrats voted in favor while 47 Republicans and 23 Democrats voted in opposition. The legislation needed to pass with at least a two-thirds majority.
The Tax Relief for American Families and Workers Act of 2024 was negotiated between Senate Finance Committee Chairman Ron Wyden (D-Ore.) and House Ways and Means Committee Chairman Jason Smith (R-Mo.).
The bill would allow families to deduct $1,800 on their taxes per child for the 2023 tax year with the amount going up by $100 per year until the 2025 tax year. The credit is refundable….
