A bipartisan compromise to expand the child tax credit and restore some corporate tax breaks looks like it may wither under opposition from Senate Republican leadership, dooming the measure even though the House passed it with a huge majority this year.
The Senate’s top Republican tax writer, Mike Crapo (Idaho), opposes the bill, as do other top party officials. Most Democrats back it, and supporters say it’s close to having enough GOP votes to overcome a filibuster but could still be short. With tax season over and elections approaching rapidly, the Senate may not take the bill up at all if lawmakers don’t act soon.
Source link: https://www.washingtonpost.com/business/2024/05/02/tax-cut-bill-senate/