Posted 26 days ago
House Speaker Mike Johnson, R-La., is coming out in support of a bipartisan tax deal scheduled for a vote later on Wednesday.
"The Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reform," Johnson said in a statement. "Crucially, the bill also ends a wasteful COVID-era program, saving taxpayers tens of billions of dollars."
"Chairman Smith deserves great credit for bringing this bipartisan bill through committee with a strong vote of confidence, and for marking up related bills under regular order earlier in this Congress. This bottom-up process is a good example of how Congress is supposed to make law."
The bill is a result of negotiations between House Ways & Means Committee Chairman Jason Smith, R-Mo., and Senate Finance Committee Chairman Ron Wyden, D-Ore. It is aimed at temporarily expanding the child tax credit while also reviving key tax deductions for small businesses, including for research and development conducted inside the U. S.
However, it has faced pushback from an unusual coalition of conservative and moderate Republicans, albeit for different reasons. GOP hardliners have claimed the bill’s child tax credit would be available to illegal immigrants, something Smith had vehemently denied.
Meanwhile, moderates, specifically from the suburbs outside of major cities like New York City and Los Angeles, were frustrated the bill does not touch state and local tax (SALT) deduction caps. They have argued it is a critical issue for their swing district constituents and could make or break House Republicans’ chances of holding onto their razor-thin majority in November.... (Read more)