The leaders of the Senate Finance and House Ways and Means committees have announced a bipartisan bicameral $78 billion deal that pairs the revival of Republican-sought Trump-era tax breaks for businesses with expanding the child tax credit that Democrats have pushed for.
The two committee chairmen said in a joint statement on Jan. 16 that the proposal would bring back a range of tax deductions for businesses, while boosting the low-income housing tax credit and expand the child tax credit.
Other provisions of the deal—which, despite its bipartisan nature, faces an uncertain pathway through Congress—include disaster tax relief and ends the Employee Retention Credit program, a pandemic-era tax credit for businesses for not laying off employees that was hit by major cost overruns and led to some $3 billion in fraudulent claims….
