Senate Republicans Block Bipartisan Tax Bill Aimed at Renewing Child Tax Credit, $700 Tax Cut, 200,000 Homes

Aug 1, 2024, 07:27 PM

Senate Republicans have blocked a bipartisan tax bill that aimed to renew the Child Tax Credit, which would have provided financial support to working families. The bill, which had passed the House with significant support, sought to lift nearly half a million children out of poverty, increase affordable housing, and incentivize innovation. The proposed legislation would have offered a $700 average tax cut for working families with children and facilitated the construction of 200,000 affordable rental homes. Despite the potential benefits, the bill was opposed by Senate Republicans, who were accused of prioritizing politics over the needs of working families and small businesses. Senators Hassan, Warnock, Durbin, and Shaheen expressed their disappointment over the failed vote.