Senate Republicans Block Bipartisan Tax Relief Bill Expanding Child Tax Credit

Aug 1, 2024, 06:56 PM

The Senate Republicans have blocked the Tax Relief for American Families and Workers Act, a bipartisan bill that had passed the House. The legislation, known as the Wyden-Smith tax bill, aimed to expand the Child Tax Credit, which previously helped cut child poverty in half in 2021 under the American Rescue Plan. The bill was expected to lift nearly half a million children out of poverty and provide financial support to millions of American families. It also included provisions to boost affordable housing, incentivize innovation, and reward businesses investing in R&D. Despite broad support, Senate Republicans opposed the bill, citing concerns over its timing and political implications. The Senate vote on this critical measure is seen as a significant setback for working families and small businesses, who would have benefited from the proposed tax relief and credits.