Senate Leader Chuck Schumer is challenging Republicans to vote on a bipartisan tax cut package aimed at expanding the child tax credit and restoring business tax breaks. Republicans are hesitant, believing they will have more leverage if their party wins the White House and Congress in November. The tax cut package passed under Republican control in 2017 is set to expire after 2025, making tax issues a focal point.
The $79 billion package, which passed the House in January, aims to benefit low-income families by enhancing the child tax credit. It would also restore deductions for businesses on new equipment and research expenses. The changes in the child tax credit could lift 500,000 families out of poverty and benefit 16 million children.
