I think we find ourselves in a place where we’re within shooting distance of actually achieving that.” “We were not going to do any deal on the corporate tax cuts without doing something meaningful on the child tax credit. “My objective has always been to make sure that we include as many of the kids that have been left out as possible,” Bennet said. Senate Finance member Michael Bennet of Colorado, who with others pushed for action on the child tax credit and urged other Democrats to oppose reviving business benefits without it, praised the changes a deal would make, particularly increasing the amount available to poor families with more than one child. Other changes to the credit include a modest increase to the total credit and boosting the cap on the credit available as a refund gradually, a source familiar with the negotiations said. The agreement would allow families with little taxable income and more than one child to access more of the credit more quickly. The rest is counted against a family’s total tax liability, which ends up benefiting middle-class families with larger tax exposures more than poorer families owing less. The full credit currently is $2,000, but only $1,600 is refundable. And right now, I don’t think they’re there yet.” What we’re still pushing for is … a CTC tax package that makes that kind of profound difference in people’s lives. “In my district, it was something that people noticed. Jimmy Gomez, D-Calif., said, referring to the child tax credit. “The CTC was transformative when it had full refundability,” Rep. On the other side of the issue, some Democrats want a package that would do more to expand the child tax credit, specifically make the full credit available as a refund to families with little or no taxable income, as was the case under the 2021 pandemic relief law. “We got work to do on the child tax credit because it’s too expensive and too much, and it needs to be focused on the people who actually need it, not everybody.” Thom Tillis, R-N.C., said, referring to the 2020 pandemic relief law. “The employee retention credit was implemented in the CARES Act and did not have a pay-for, so that’s a fake pay-for in my opinion,” Sen. Others took issue with the plan to end the pandemic-era employee retention tax credit early as a means to cover its costs, as well as the scope of the tentative child tax credit expansion. Some Senate Finance Republicans said they were eager to reach a deal.
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