HomeFinance NewsBipartisan tax bill advances in Congress, setting stage for potential House vote.

Bipartisan tax bill advances in Congress, setting stage for potential House vote.

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A rare bipartisan agreement in Congress culminated in a legislative package that includes tax credits for building affordable rental units, relief for wildfires and train derailments, and the first steps to mitigate double taxation between the U.S. and Taiwan, amongst other provisions. Originally part of the 2017 Trump tax cuts, these benefits expired over recent years. Major business groups campaigned for their reinstatement, contributing to the bipartisan agreement between Republican House Ways and Means Chair Jason Smith and Democratic Senate Finance Chair Ron Wyden.

To gain further support, the bill includes the expansion of the child tax credit by adjusting it for inflation and allowing Americans without a tax bill to benefit from the credit. Despite the White House’s endorsement, some influential Democrats have expressed concerns about the package. While praising some aspects of the bill, they have noted that it falls short in some areas. Although the bill creased a pandemic-era tax credit for businesses, House Speaker Mike Johnson showed hesitation about bringing it to the floor for a vote. However, Smith and Wyden are eager for a swift passage to help citizens in their 2023 federal tax filings, due April 15.

The rare bipartisan agreement saw Republican and Democratic senators coming together to reintroduce tax relief measures from the 2017 Trump tax cuts that had expired in recent years. Additionally, the legislation introduces measures to reduce double taxation for business and workers with ties to the U.S. and Taiwan. This sought-after bill also expands the child tax credit by accounting for inflation, and extends benefits to Americans without a tax bill. Despite resounding praise from the White House, the bill has met with opposition from influential Democrats who argue that some aspects could be improved. However, Smith and Wyden are pushing for a swift passage to help citizens applying for 2023 federal tax filings.

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