Senate Republicans tank bipartisan child tax credit and business break bill
By
Zachary Halaschak
August 1, 2024 2:51 pm
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The Senate on Thursday killed long-stalled bipartisan legislation to expand the child tax credit and renew key business investment deductions.
The procedural vote was 48-44, with 60 votes needed to end debate and move to a final vote. GOP Sens. Josh Hawley (R-MO), Markwayne Mullin (R-OH), and Rick Scott (R-FL) all voted yes on the bill, while Sens. Bernie Sanders (I-VT) and Joe Manchin (I-WV) voted against it.
The failure was expected as many in the Republican caucus had wanted to see the $78 billion legislation, which passed overwhelmingly in the House, amended and reworked through the committee process, rather than being brought directly to the floor for a vote as is.
Putting the legislation up for a vote was a political gambit by Senate Majority Leader Chuck Schumer (D-NY), who knew it wouldn’t get enough votes but can now message that Republicans voted against a bill to give families a bigger child tax credit and lower taxes for businesses.
Optics aside, some Republicans who voted against the bill support the underlying intent, but had several problems with the bill’s structure.
For instance, there is a provision in the bill that allows parents to rely on the previous year’s income to calculate the child tax credit for this year and next, which some conservatives argue would lead to some parents quitting the workforce in some years.
As the Thursday vote approached, it seemed as though more Republicans turned against the bipartisan bill. Many think that there will be a better shot to rework tax policy after the election and were anticipating that the legislation would be tanked ahead of the vote.
“It’s dead as Woodrow Wilson,” Sen. John Kennedy (R-LA) said Wednesday afternoon.
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https://www.washingtonexaminer.com/news/senate/3107504/senate-republicans-tank-bipartisan-child-tax-credit-and-business-break-bill/
