"House Passes Bipartisan Bill Expanding Child Tax Credit and Business Breaks"

The House passed a bipartisan tax bill, the Tax Relief for American Families and Workers Act of 2024, which would increase the child tax credit and restore deductions. The $78 billion package faces an uncertain fate in the Senate, where it would need to be approved before taking effect through 2025. The bill received overwhelming support in the House but faced criticism from both conservative and liberal lawmakers over issues such as state and local tax deductions and the scope of the child tax credit expansion.