Commissar SFLUFAN Posted January 10 Share Posted January 10 Negotiators inch closer to a Child Tax Credit deal WWW.SEMAFOR.COM The package would beef up the benefit in exchange for reupping tax breaks for businesses. But an agreement would still face high hurdles passing Congress. Quote House and Senate tax writers are closing in on an agreement to expand the Child Tax Credit in return for extending and restoring some popular tax benefits for businesses. “We’ve made a substantial kind of progress. We’ve already prevailed on a crucial issue, which is that there’s going to be equal treatment for working families with business,” Senate Finance Chair Ron Wyden, D-Ore. told Semafor. Wyden said he believed that Jan. 29 — the start of tax filing season — amounted to a deadline to have the changes reach President Biden’s desk. He plans to brief Senate Finance Committee Democrats on the latest in the tax negotiations on Wednesday. On Tuesday, Wyden met to discuss the potential deal with House Ways and Means Committee Chair Jason Smith, R-Mo., and Senate Finance Committee Ranking Member Mike Crapo, R-Idaho. “Things are progressing really, really well,” Smith told reporters. A person briefed on the talks said the total cost of the package is likely to range between $50 billion-to-$80 billion, though they added that negotiations were ongoing and the amount wasn’t final. Democrats are looking to expand the Child Tax Credit by bumping up the portion that families can receive as a cash payment if they don’t owe any more money to the IRS. (Currently, only $1,600 of the $2,000-per-child credit can be claimed as cash). Republicans are focused on renewing a host of valuable deductions touted as good for business investment. Some likely provisions include extending rules that let companies deduct the cost of capital expenses immediately, instead of spreading them over years, and restoring the ability for businesses to immediately write off research and development spending. Many Democrats back these measures as well, which have also attracted the support of conservative groups like Americans for Tax Reform and the National Taxpayers Union. 2 2 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted January 10 Author Share Posted January 10 Quote GOP members of the House Ways & Means committee are coming out of a lunch meeting with relative optimism for a tax deal. Rep. Vern Buchanan said he was "bullish," and that a deal seemed "further along than I thought." Rep. Ron Estes said the final result will be "beneficial." Quote Link to comment Share on other sites More sharing options...
Firewithin Posted January 10 Share Posted January 10 someone will probably point out how many people this may help and it will be dead Quote Link to comment Share on other sites More sharing options...
GeneticBlueprint Posted January 10 Share Posted January 10 Would it count for 2023? Because that would uhhh really help me out. Haha. I know it wouldn't. Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted January 10 Share Posted January 10 The Canada Child Benefit (very similar to this) is probably the single largest tax/benefit change in the last 50 years in terms of bringing families out of poverty. It's an incredible benefit (I think up to $620/child per month, under optimal conditions). 1 Quote Link to comment Share on other sites More sharing options...
Greatoneshere Posted January 10 Share Posted January 10 This would certainly be a big win for Biden that Democrats won't campaign on enough. Like abortion. 2 Quote Link to comment Share on other sites More sharing options...
osxmatt Posted January 10 Share Posted January 10 I really hope it's brought back as a monthly cash payment. It was such a huge differentiator in 2021. Quote Link to comment Share on other sites More sharing options...
SaysWho? Posted January 10 Share Posted January 10 From Oregon to Idaho, that's a pretty good swath of ideology. Hope it happens. 3 hours ago, Greatoneshere said: This would certainly be a big win for Biden that Democrats won't campaign on enough. Like abortion. Democrats have been campaigning hugely on abortion, though. Quote Link to comment Share on other sites More sharing options...
Dodger Posted January 10 Share Posted January 10 I need some dependents to write off Quote Link to comment Share on other sites More sharing options...
Greatoneshere Posted January 10 Share Posted January 10 4 hours ago, SaysWho? said: Democrats have been campaigning hugely on abortion, though. Well either they aren't doing a good job or it's not enough because generic polling doesn't seem to be in Biden's favor so far if this is the case. Now, I don't trust most generic polls but I follow politics and the news and if they are campaigning hugely on it, it's not reaching me at least. Abortion alone should easily win the election, you would have presumably almost the entire female vote right there (except of course self-hating women and super religious women). Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted February 1 Author Share Posted February 1 My God - the miracle actually happened! House passes bipartisan tax bill to expand child tax credit WWW.NPR.ORG The bill includes $33 billion to expand the widely used child tax credit for three years — including the tax season currently underway, provided the bill quickly passes the Senate. Quote The House has overwhelmingly approved a bipartisan tax package that pairs a temporary expansion of the child tax credit with business tax breaks and credits to develop more low-income housing. The bill includes $33 billion to expand the widely used child tax credit for three years — including the tax season currently underway, provided the bill quickly passes the Senate. The changes would allow more low-income families to access the credit and would allow many families to receive a larger credit. The figures would also be adjusted for inflation in the coming years. The deal is the result of negotiations between House Ways and Means Committee Chairman Jason Smith, R-Mo., and Senate Finance Committee Chairman Ron Wyden, D-Ore., and has provided a rare moment of bipartisanship at a time when Congress has been paralyzed by divisions of all kinds. The legislation also restores several business tax credits, including deductions for research and development and interest expensing for businesses. These provisions are supported by many members of both parties, though Republicans have primarily focused on the business credits as their motivation for backing the package. The Senate has not scheduled a vote on the bill but Senate Democrats have generally supported the legislation and it could come up for a vote quickly. 2 1 Quote Link to comment Share on other sites More sharing options...
SaysWho? Posted February 1 Share Posted February 1 Fantastic! Quote Link to comment Share on other sites More sharing options...
Jwheel86 Posted February 1 Share Posted February 1 NYT article I saw yesterday said it was basically DOA in the Senate. Edit- WaPo Child tax credit expansion passes House - The Washington Post WWW.WASHINGTONPOST.COM Efforts to advance the bill are part of a rush to get it to President Biden’s desk before tax filing season ends in April. Quote Sen. Chuck Grassley (R-Iowa) criticized the measure, which nonpartisan estimates say could lift 400,000 children out of poverty, because it could help Biden’s reelection campaign. He said he would evaluate the bill after the House vote. “I think passing a tax bill that makes the president look good — may allow checks before the election — means that he can be reelected and then we won’t extend the 2017 tax cuts,” Grassley said. Sen. Mitt Romney (R-Utah), who supported previous child-tax-credit expansions, called the new legislation “excessive” and said it would turn into “another entitlement program which is massively expensive.” Sen. Thom Tillis (R-N.C.), another conservative whom Democrats hoped to win over, said he hated elements of the bill, including the way authors Sen. Ron Wyden (D-Ore.) and Rep. Jason T. Smith (R-Mo.) proposed to pay for the tax cuts, the structure of credits for families, the bill’s timing at the start of tax season and that it left out other corporate tax cuts the GOP hopes to include in legislation in 2025. The bill also risks losing steam on the left. Rep. Rosa DeLauro (D-Conn.), a major child tax credit booster, voted against the legislation, saying it did not go far enough to balance families’ interests with corporate tax relief. Some liberal lawmakers say the legislation would give Democrats leverage to expand the child tax credit again in future debates, but DeLauro said Wednesday’s bill was a missed opportunity. “Don’t tell me next year that you’re going to do this,” she said. “You had a chance to do it now. That’s the way the place works.” Quote Link to comment Share on other sites More sharing options...
MarSolo Posted February 1 Share Posted February 1 Goddammit, go figure Republicans in the Senate are now on the “we have to block everything to help Trump” train. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted February 1 Share Posted February 1 but dems have the majority? Quote Link to comment Share on other sites More sharing options...
Jwheel86 Posted February 1 Share Posted February 1 2 minutes ago, SuperSpreader said: but dems have the majority? Filibuster and some dems are against it because of the credit not going far enough and the tax cuts. Quote Link to comment Share on other sites More sharing options...
osxmatt Posted February 1 Share Posted February 1 I'm having trouble finding details of the 'expanded' Child Tax Credit. Does this return it to 2021 where you can receive half of the credit as monthly cash payments and the remaining half as a deduction when filing your taxes? Quote Link to comment Share on other sites More sharing options...
Greatoneshere Posted February 2 Share Posted February 2 That's crazy it passed the House, but now for the Senate . . . Quote Link to comment Share on other sites More sharing options...
marioandsonic Posted February 2 Share Posted February 2 So if it dies in the Senate, Dems need to hammer that the GOP killed it. 1 Quote Link to comment Share on other sites More sharing options...
TUFKAK Posted February 2 Share Posted February 2 1 hour ago, marioandsonic said: So if it dies in the Senate, Dems need to hammer that the GOP killed it. They’ll just say it’ll raise your taxes and their base will gleefully eat the shit they’re being offered as if it’s Swiss chocolate. Quote Link to comment Share on other sites More sharing options...
SoberChef Posted February 2 Share Posted February 2 Still waiting on tax credits for people being responsible and NOT further populating our already crowded planet. Oh that's right, we're punished for not creating more consumers, my bad. 1 1 1 1 Quote Link to comment Share on other sites More sharing options...
MarSolo Posted February 2 Share Posted February 2 5 hours ago, SoberChef said: Still waiting on tax credits for people being responsible and NOT further populating our already crowded planet. Oh that's right, we're punished for not creating more consumers, my bad. Oh so you want something for nothing! Typical libcuck! Quote Link to comment Share on other sites More sharing options...
LazyPiranha Posted February 2 Share Posted February 2 24 minutes ago, SoberChef said: Still waiting on tax credits for people being responsible and NOT further populating our already crowded planet. Oh that's right, we're punished for not creating more consumers, my bad. Your tax break is not having to pay far out the ass for everything you need to raise a kid. Quote Link to comment Share on other sites More sharing options...
Spork3245 Posted February 2 Share Posted February 2 1 hour ago, SoberChef said: Still waiting on tax credits for people being responsible and NOT further populating our already crowded planet. Oh that's right, we're punished for not creating more consumers, my bad. 5 1 Quote Link to comment Share on other sites More sharing options...
CayceG Posted February 2 Share Posted February 2 3 hours ago, SoberChef said: Still waiting on tax credits for people being responsible and NOT further populating our already crowded planet. Oh that's right, we're punished for not creating more consumers, my bad. What'd you do last night? Anything you wanted, right? That's your tax break. This attitude among other people without kids makes me sick. 1 Quote Link to comment Share on other sites More sharing options...
Greatoneshere Posted February 2 Share Posted February 2 Not being for a child tax credit when you don't have kids is sort of like being against student loan forgiveness for those who already paid back all of their student loans. There's this backhanded vindictive quality that: "others should suffer like I did" rather than anyone getting any relief, even if you won't either way. Bitterness is not good policy. 2 Quote Link to comment Share on other sites More sharing options...
Brian Posted February 2 Share Posted February 2 14 minutes ago, Greatoneshere said: Not being for a child tax credit when you don't have kids is sort of like being against student loan forgiveness for those who already paid back all of their student loans. There's this backhanded vindictive quality that: "others should suffer like I did" rather than anyone getting any relief, even if you won't either way. Bitterness is not good policy. Not that dissimilar to immigrants getting into America and then saying “fuck those people. Close the borders”. If it doesn’t benefit me, fuck them. It’s why our society sucks so much. 1 Quote Link to comment Share on other sites More sharing options...
Greatoneshere Posted February 2 Share Posted February 2 22 minutes ago, Brian said: Not that dissimilar to immigrants getting into America and then saying “fuck those people. Close the borders”. If it doesn’t benefit me, fuck them. It’s why our society sucks so much. That's an excellent addition - happens a lot. Just a certain vindictiveness there and cognitive dissonance. Quote Link to comment Share on other sites More sharing options...
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