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

The House approved a bipartisan tax bill, the Tax Relief for American Families and Workers Act of 2024, which aims to expand the Child Tax Credit and extend some business tax credits. The bill would increase the Child Tax Credit from $1,600 per child to $1,800 in 2023, $1,900 in 2024, and $2,000 in 2025, with the potential to lift at least half a million children out of poverty. It also includes revived tax cuts for businesses, such as research and development deductions, making it more appealing to congressional Republicans. The measure now moves to the Senate for consideration.