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House Endorses $78 Billion in Tax Incentives for Children and Businesses in Bipartisan Decision

In a remarkable display of bipartisanship, the U.S. House of Representatives has passed a $78 billion tax relief package.

This legislative move is aimed at supporting both businesses and low-income families amidst ongoing fiscal debates.

Bipartisan Victory 

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The U.S. House of Representatives approved a significant $78 billion tax relief package.

It showcases rare bipartisan support in a time of fiscal standstill.

Focus on Families and Businesses

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The package aims to enhance the Child Tax Credit and reinstate crucial business deductions.

It will be targeting support through to the end of 2025.

Overwhelming Support

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With a commanding 357-70 vote, the legislation reflects a strong consensus across party lines.

It emphasizes the importance of targeted financial interventions.

Breaking the Deadlock

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This cooperation comes amidst tensions over government funding debates.

This includes aid for Ukraine and Israel, highlighting the urgency of the package.

Negotiations Lead to Progress

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House Speaker Mike Johnson played a key role by addressing intra-party concerns about tax relief for state and local taxes.

This address highlights a commitment to compromise.

Addressing Conservative Concerns

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Critics from conservative circles have expressed disapproval of the expanded Child Tax Credit, contending that the package places a higher emphasis on welfare considerations rather than prioritizing tax reform.

Their stance reflects a concern about the perceived balance between social assistance and broader tax policy within the legislative package.

Critique from the Right

(NEW) U.S. Congressman Matt Gaetz (R) delivers remarks at the Conservative Political Action Conference 2022 in Dallas, Texas. August 6, 2022, Dallas, TX, USA. U.S. — Photo by thenews2.com

Labeling the bill as welfare masquerading as tax legislation, Representative Matt Gaetz voiced his dissatisfaction with its approach to corporate welfare.

His critique underscores concerns about the bill’s perceived mix of social assistance and tax-related measures, particularly in relation to corporate interests.

Progressive Voices Weigh In

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Progressive Democrats, like Representative Rosa DeLauro, criticized the bill for its perceived corporate bias.

They called for more equitable fiscal policies.

Economic Growth Opportunities

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Proponents highlighted the bill’s potential to spur significant investment in research and development.

This aims to create over 900,000 jobs.

Bipartisan Deal’s Benefits

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The legislation includes measures to eliminate double taxation for businesses operating in both the U.S. and Taiwan.

It will serve to promote international investment.

Focus on Semiconductor Industry

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This provision is expected to benefit semiconductor manufacturers significantly.

It encourages more U.S. factory builds.

Reviving Deductions

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The bill restores immediate deductions for business expenses. 

The move is expected to drive substantial economic growth.

Addressing Taxation Issues

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The legislation also reignites discussions on the limitations of the 2017 tax cuts.

It is particularly concerning deductions for mortgage interest and state taxes.

Seeking to Remove Caps

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Lawmakers from high-tax states have sought to remove these caps.

Their aims to remove the caps have led to higher tax bills for many despite lower rates.

Charting a New Course for Economic Growth

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Johnson praised the legislation as a step towards conservative pro-growth tax reform.

This signals an optimistic turn that may have a positive impact on the economy.

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