Sen. Ron Wyden (D-Ore.) plans to introduce a bipartisan tax bill already passed by the House as an amendment to the FAA Reauthorization Act, which would expand the child tax credit and provide significant funding to businesses. This is an effort to force a vote on the bill to restore the moratorium. investment.
The Federal Aviation Administration bill was seen as a last resort for lawmakers to link their priorities, some of which were never considered in the Senate as standalone bills or sent to committees or the floor. It also includes a tax bill. Vote. A spokesperson for the Finance Committee confirmed it would table amendments next week.
The amendments would include the bill passed by the House, but a spokesperson said Wyden's proposal to Senate Republicans to amend the bill was still under consideration.
The bill in question was created between Ways and Means Committee Chairman Jason Smith (R-Missouri) and Finance Committee Chairman Wyden, and received bipartisan support by a vote of 357-70. It passed the House of Representatives. It has also received support from the White House.
The bill would strengthen the child tax credit while restoring some key business tax provisions, which would be paid for through changes to the pandemic-era employee retention credit.
But the bill faces hurdles in the Senate, where Republican senators are skeptical about expanding the child tax credit and some conservatives say expanding welfare would be a disincentive to work. It is. Some researchers have focused on the impact on the federal deficit.
Some senators, like Ranking Member Mike Crapo (R-Idaho) on the Finance Committee, said the bill would allow parents to calculate child tax credits for this year and next based on their income from the previous year. have expressed concerns about how this will be allowed. Outside conservative groups say the provision will force some parents to quit their jobs after a few years.
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The bill ultimately did not come to a vote due to disagreements within Senate Republicans. But Wyden is hopeful that it could be passed by attaching it to the FAA's reauthorization.
The bill was written so that the tax cuts would expire in 2025, but the Committee for a Responsible Federal Budget, an outside group that advocates for deficit reduction, estimates that if the tax cuts were made permanent, they would expire in 2033. It will cost $645 billion.
