Senate Republicans Block $78 Billion Bipartisan Tax Package Expanding Child Tax Credit and Business Tax Breaks

Aug 1, 2024, 04:34 PM

Senate Republicans have blocked a $78 billion bipartisan tax package that aimed to expand the Child Tax Credit and restore business tax breaks. The bill, which previously passed the House with a 357-70 vote, was intended to provide significant financial relief to millions of American families and businesses. The expanded Child Tax Credit had previously helped cut child poverty nearly in half in 2021. Senate Majority Leader Chuck Schumer criticized Republicans for standing in the way of this legislation, which he argued would lift children out of poverty and support businesses investing in research and development. Despite Democratic support, the bill failed to pass in the Senate during a key test vote on Thursday afternoon. The House-passed bill had been blocked by Senate Republicans for 6 months.