A bill to expand the child tax credit and restore some tax breaks for businesses failed to advance in the Senate on Thursday. Republicans largely opposed the measure, aiming for a better deal next year. Majority Leader Chuck Schumer, D-N.Y., challenged Republicans to vote against tax cuts for low-income families and local businesses. The bill fell short of the 60 votes needed, with a vote of 48 in favor and 44 opposed. Three Republicans supported the bill, while Sens. Joe Manchin and Bernie Sanders opposed it.
The $79 billion package, which passed the House in January, stalled in the Senate. Republicans wanted the bill to go through the Senate Finance Committee for amendments, but that didn’t happen. The child tax credit is currently $2,000 per qualifying child; the bill aimed to make it more refundable for low-income families. Senate Republican leader Mitch McConnell opposed the changes, calling them “cash welfare.”
The bill also sought to restore deductions for new equipment and R&D expenses for businesses. The proposed changes in the child tax credit could lift up to 500,000 out of poverty, according to the Center on Budget and Policy Priorities. Despite the bill’s failure, Democrats used the vote to spotlight their support for families and counter Republican claims of being “anti-family.”
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