In a significant breakthrough, a bipartisan group of lawmakers has announced a major tax deal impacting families and businesses across the nation. The $78 billion agreement aims to expand the child tax credit and revive key business tax breaks.
The deal, a result of months of negotiations between House and Senate leaders, still has to be crafted into legislation, but it is a crucial development in a divided Congress.
The proposed policy includes refundable child tax credits benefiting 16 million kids in low-income families and lifting the $1,600 refundable cap, adjusting it for inflation.
It aims to reduce child poverty, potentially lifting 400,000 children above the poverty line, but would also revive elements of the 2017 Trump tax cuts for businesses.
While the White House supports the move, challenges remain in passing the deal amidst other pressing congressional priorities, including avoiding a government shutdown.
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