Senate Stalls Bipartisan Tax Deal as Supporters Grow Impatient

Wednesday, 17 April 2024, 10:00

Supporters are concerned as a bipartisan tax deal, the Tax Relief for American Families and Workers Act, faces Republican opposition in the Senate. The deal includes an expansion of the child tax credit and established business tax breaks, but negotiations have hit a standstill. The post highlights the key points of contention and the challenges faced by both parties in advancing the bill.

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Stalled Senate Tax Deal Raises Concerns

Supporters of the Tax Relief for American Families and Workers Act are growing impatient as the bill faces challenges in the Senate. The deal pairs an expansion of the child tax credit with business tax breaks to help pay for previous tax cuts.

Key Features of the Tax Deal:

Credit for research and development costs
Writing off depreciation costs
Interest payments tax deductible

The cancellation of the employee retention credit is a major point of contention, with negotiations at a standstill.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.