Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Politics

Speaker Johnson endorses bipartisan tax bill as ‘conservative,’ ‘pro-growth’ reform

by February 1, 2024
February 1, 2024
Speaker Johnson endorses bipartisan tax bill as ‘conservative,’ ‘pro-growth’ reform

House Speaker Mike Johnson, R-La., is coming out in support of a bipartisan tax deal scheduled for a vote later on Wednesday.

‘The Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reform,’ Johnson said in a statement. ‘Crucially, the bill also ends a wasteful COVID-era program, saving taxpayers tens of billions of dollars.’

‘Chairman Smith deserves great credit for bringing this bipartisan bill through committee with a strong vote of confidence, and for marking up related bills under regular order earlier in this Congress. This bottom-up process is a good example of how Congress is supposed to make law.’

The bill is a result of negotiations between House Ways & Means Committee Chairman Jason Smith, R-Mo., and Senate Finance Committee Chairman Ron Wyden, D-Ore. It is aimed at temporarily expanding the child tax credit while also reviving key tax deductions for small businesses, including for research and development conducted inside the U.S.

However, it has faced pushback from an unusual coalition of conservative and moderate Republicans, albeit for different reasons. GOP hardliners have claimed the bill’s child tax credit would be available to illegal immigrants, something Smith had vehemently denied.

Meanwhile, moderates, specifically from the suburbs outside of major cities like New York City and Los Angeles, were frustrated the bill does not touch state and local tax (SALT) deduction caps. They have argued it is a critical issue for their swing district constituents and could make or break House Republicans’ chances of holding onto their razor-thin majority in November.

Both groups were also angry at House GOP leaders’ decision to put the tax bill up for a vote under suspension of the rules, a maneuver that allows legislation to bypass a committee vote and a procedural ‘rule’ vote in exchange for lifting the threshold needed for passage from a simple majority to two-thirds.

That decision came after Freedom Caucus members weaponized rule votes several times during this Congress to shoot down GOP priorities in protest of Republican leadership’s decisions.

The tax bill is expected to pass along comfortable bipartisan lines. In addition to GOP criticism, it’s also faced some scrutiny from progressives who say the child tax credit provisions don’t go far enough.

A group of four New York Republicans threatened to tank a procedural vote for an unrelated GOP-led measure over the SALT exclusion, but two sources told Fox News Digital that they later secured a commitment from Johnson to bring a separate, targeted SALT bill to the floor at some point soon.

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
James Biden to appear for transcribed interview with House Oversight Committee in February
next post
Chinese cyber attacks are intended to ‘induce societal panic’ across America, security directors tell Congress

Related Posts

NSA announces new artificial intelligence security center: ‘Desperately...

October 3, 2023

Mask confusion enters Congress again as COVID-19 cases...

September 13, 2023

Decisions in 14th Amendment cases could impact pending...

November 12, 2023

Schumer, Jeffries react to Trump Georgia indictment: ‘No...

August 15, 2023

Conservatives lash out at Trump after he attacks...

December 20, 2023

Cornell Law professor calls to invoke 25th Amendment...

June 29, 2024

Wounded US Army vet Sam Brown targets vulnerable...

July 10, 2023

Biden’s moral equivalency between Israel and the Palestinians...

April 16, 2024

Trump v US: SCOTUS likely to determine presidents...

April 24, 2024

Hunter Biden enters plea to gun charges. What...

October 4, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Joe Rabil’s Undercut & Rally Pattern: From DROP to POP

    • RRG Alert Tech Vaults to ‘Leading’—Is XLK Signaling a New Rally?

    • Coelacanth Energy

    • Jeffrey Christian: Gold, Silver, PGMs — Short-term Prices and Key Drivers

    • Ericsson, Rogers Launch Canada’s First Underground 5G Network for Smart Mining

    • Crypto Market Recap: Bitcoin Price Stalls as Fed Holds Rates Steady, Circle Shares Jump

    Categories

    • Business (1,259)
    • Investing (2,583)
    • Politics (3,699)
    • Stocks (1,669)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved