The proposal would cost $33 billion for CTC expansion and an additional $33 billion for business interruption. almost exactly offset Eliminating the Employee Retention Tax Credit (ERC) resulted in a $77 billion increase in revenue.
Democrats have proposed an amendment that would further increase the CTC by making it fully refundable and payable in monthly payments. shoot down by committee.
Still, key members of the Democratic Party, including influential members, Richard Neal (Massachusetts) and Rep. bill pascrell (New Jersey), voted in favor of the plan. Members of Parliament only. Lloyd Doggett (D-Texas), Linda Sanchez (D-California) and blake moore (R-Utah) voted no.
The bill is revenue-neutral and includes $33 billion in deductions for research and other business expenses, but Republicans proudly claim that the deal will result in even greater benefits for businesses. .
“This bill locks in more than $600 billion in a proven, pro-growth, pro-American tax policy with important provisions that will support more than 21 million jobs,” the Ways and Means Chairman said. jason smith (R-Missouri) said in a statement accompanying the contract announcement earlier this week.
The deal faces an uncertain future in the Republican-controlled House. mike johnson (R-Louisiana) has not yet taken action on that measure.
Johnson too facing pressure Ahead of a potential government shutdown on March 1, mounting criticism from conservative hardliners over government funding and border security could complicate the bill's passage in the House.
The Hill's Tobias Burns has more details here.
