AssetID: 53371795
Headline: UNCAPTIONED: Divided Congress Reaches Pro-Family Deal to Boost Child Tax Credit
Caption: Divided Congress Reaches Pro-Family Deal to Boost Child Tax Credit. On January 16, Congress announced a bipartisan deal that will expand the child tax credit and introduce a number of tax breaks for businesses. NBC reports that the $78 billion tax agreement ends months of negotiations meant to find common ground amid a divided Congress. "American families will benefit from this bipartisan agreement that provides greater tax relief, strengthens Main Street businesses, boosts our competitiveness with China, and creates jobs." "We even provide disaster relief and cut red tape for small businesses, while ending a COVID-era program that’s costing taxpayers billions in fraud." Jason Smith, (R-Mo) House Ways and Means Chair, via NBC. The deal would expand refundable child tax credits in an attempt to provide some relief for families struggling financially and those with multiple children. The agreement will also lift the tax credit's $1,600 refundable cap, while also adjusting for inflation. According to an analysis by the Center on Budget and Policy Priorities, the deal will benefit approximately 16 million children in low-income families. "The expansion would meaningfully reduce child poverty. In the first year, the expansion would lift as many as 400,000 children above the poverty line. 3 million more children would be made less poor as their incomes rise closer to the poverty line." Center on Budget and Policy Priorities, via NBC. Senate Finance Chair Ron Wyden hailed the pro-family legislation and the divided Congress' ability to work together to get it approved. "Fifteen million kids from low-income families will be better off as a result of this plan, and given today’s miserable political climate, it’s a big deal to have this opportunity to pass pro-family policy that helps so many kids get ahead." Ron Wyden, (D-Ore) Senate Finance Chair, via NBC. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
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