When Republicans elected Mike Johnson to be the next House Speaker, Democrats complained. They not only called Johnson a “MAGA” extremist, but they suggested that he would be unable to score any legislative wins for the House.
Speaker Johnson has already proven them wrong. He secured a deal with Democrats that prevented a government shutdown.
He is holding the line against Biden over the border. And now, he has just managed to secure a bipartisan legislative victory. If this goes through the Senate and becomes law, it will save families billions.
The House of Representatives on Wednesday evening approved a bipartisan tax relief plan to expand several credits.
The lower chamber approved the roughly $80 billion package in an 357 to 70 vote under suspension of the rules. It faces uncertain prospects in the Senate.
Should it become law, the Tax Relief for American Families and Workers Act of 2024 would expand the child tax credit (CTC) to $3,600 per child form the current $2,000. It would further create low-income housing credits and restore research and development deductions, according to ABC News. [Source: Just the News]
Speaker Johnson scored another bi-partisan win for Americans. The House voted to pass the Tax Relief for American Families and Workers Act of 2024. This bill provides low-income housing credits for working families. Also restores research and development deductions.
On top of this, the bill will also increase the Child Tax Credit from $2,000 per child to $3,600. This is something Republicans have been fighting to get done for a long time. The bill was passed with a 357 – 70 vote.
Many have complained that Biden’s tax credits and other measures have benefited only wealthy Americans. His “green” agenda provides tax breaks, but only for those who can afford costly EVs and other green technology.
But this move would put money back into the pockets of American families. It is something that no politician in D.C. should fight. But it faces an uncertain future in the Senate.
The Democrat-controlled Senate has been increasingly resistant to anything coming out of the House. It is unknown if the upper chamber will even vote on this bill, let alone pass it.
If it does get support from both chambers, President Biden will have an incentive to pass it. The sooner it gets passed this year, the more likely it can benefit American families, come tax season.
Author: Bo Dogan