Congress Makes A Deal: Child Tax Credit And Tax Cut For Rich

A bipartisan pair of congressional negotiators announced a compromise deal Tuesday that would modestly expand the child tax credit for three years—potentially benefiting millions of kids in low-income families—in exchange for reviving Trump-era corporate tax cuts favored by Republican lawmakers.

The $80 billion tax framework unveiled by Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.) after months of negotiations is seen as a longshot to pass given Republican control of the lower chamber and likely GOP hesitance to deliver a legislative win for President Joe Biden in an election year.

read more