House passes $78 billion tax bill increasing child tax credit

In a bipartisan vote on Wednesday evening, Jan. 31, the House overwhelmingly approved a $78 billion tax cut package, increasing the child tax credit for millions of lower-income families. The bill passed 357 to 70 and now moves on to the Senate.

Along with expanding the child tax credit, the package also restores business tax breaks related to research and development. Speaker Mike Johnson, R-La., called the bill “important” legislation and added that this was “a good example of how Congress is supposed to make law.”

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“American families will benefit from this bipartisan agreement that provides greater tax relief, strengthens Main Street businesses, boosts our competitiveness with China, and creates jobs,” said Rep. Jason Smith, R-Mo., Chairman of the House Ways and Means Committee who championed the bill along with Sen. Ron Wyden, D-Ore.

While Republicans and Democrats came together on the bill, not everyone got what they hoped for. Several New York Republicans were looking for it to include state and local tax deduction limits. And while some Republicans said the bill expanded the child tax credit too much, some Democrats said it did not.

“Most prognosticators would have told you as recently as a month ago that this bill was destined to die in negotiations or collect dust on a shelf if it ever got introduced,” Sen. Wyden said. “Given the sorry state of our political climate, it’s a real victory to have such strong momentum behind this bill that will help 16 million American kids from low-income families get ahead.”