Politics & Finances

GOP Seems Willing to Make Deal to Extend Child Tax Credit

11/15/2022

For months, Democrats have been eyeing an extension of the expanded child tax credit (CTC), which was part of the American Rescue Plan during the COVID-19 pandemic. Now, Republicans might be willing to make a deal -- at a price.

Per Bloomberg, Democrats could end up striking a deal with Republicans by the end of Congress's lame duck session on a tax-cut package worth approximately $100 billion.

Republicans, who are expected to win control of the House in January, want tax breaks for private equity firms, manufacturers, and businesses -- entities that Democrats have spent the better part of two years trying to raise taxes on.

Democrats, according to the outlet, could secure a more modest child tax credit expansion in return for extending soon-to-expire business tax breaks affecting research and development costs, investment deductions, and debt write-offs.

"There's going to be a clear debate about tax choices, and this whole debate about child tax credit is front and center on that discussion," Senate Finance Committee Chairman Ron Wyden (D-OR) told reporters on Tuesday, November 15.

Wyden indicated he -- and other members of President Biden's party -- would support some tax breaks if a deal could be reached.

A September report from the Census Bureau notes that the nationwide poverty rate fell to 7.8% in 2021, the lowest level on record. This was largely due to pandemic-related stimulus payments, including the expanded CTC.

The Census Bureau's data indicates that child poverty fell by approximately half, with the child tax credit playing a major role.

At the time, Business Insider spoke to Chuck Marr, vice president of federal tax policy at the Center on Budget and Policy Priorities. Marr said, "This is what policy success looks like. This was a historic achievement to reduce child poverty by a record amount driven by the expansion of the child tax credit."

Alongside Senator Cory Booker (D-NJ) and Representatives Rosa DeLauro of Connecticut, Ritchie Torres of New York, and Suzan DelBene of Washington, Senator Michael Bennet (D-CO) has been a particularly vocal proponent of the expanded credit, told Axios, "It is a priority for the White House and it's absolutely a priority for me. We should have never allowed it to sunset, and I think we can find a way at the end of the year."

It is worth noting that there has also been Republican support for some type of extension. In July, Senator Mitt Romney (R-UT) was joined by two other Senators in introducing the Family Security Act 2.0.

You can learn more about the Child Tax Credit on its official White House information page.

What do you think about the lame duck Congress potentially reaching a deal on the CTC?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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