Senate fails to advance major tax bill that would expand Child Tax Credit

A major tax package aimed at expanding the Child Tax Credit and cutting business taxes failed to advance in the Senate on Thursday, despite strong bipartisan support in the House earlier this year.

The Tax Relief for American Families and Workers Act of 2024 sought to increase the Child Tax Credit from $1,600 to $2,000 per child by 2025 and provide relief to lower-income families.

It also proposed renewed business tax cuts, such as for research and development.

The bill fell short of the 60 votes needed, receiving 48 votes in favor and 44 opposed. Senators Josh Hawley, Markwayne Mullin, and Rick Scott supported the bill, while Sens. Joe Manchin and Bernie Sanders were among those opposed, CBS News has reported.

read more: https://www.cbsnews.com/news/child-tax-credit-senate-vote/

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