KimPerales, (edited )
@KimPerales@toad.social avatar

"New bipartisan tax agreement -helping poor kids in exchange for helping corps., all fully paid for." -C Rampell

*Little for small bus' & middle/low income taxpayers. Lobbyists & donors win.

The child credit is phased in, but corp. breaks are immediate & substantial.

R & D expensing, interest deductibility, 100% expensing...

Expand access to child tax credit: phased increase to the refundable portion of the child tax credit for 2023, 2024, & 2025.


https://www.nbcnews.com/politics/congress/congress-announces-tax-deal-expand-child-tax-credit-business-breaks-rcna134067

KimPerales,
@KimPerales@toad.social avatar

Dems control the Senate, but they don't have enough votes to actually pass legislation that'd benefit Americans. And some Dem Senators are .

The numbers on this proposed tax deal reveal that the business tax credits are 5 times the value of the changes to the child tax credit. This sets a precedent of a cheap trade, causing problems for when the CTC is scheduled to be cut in half after 2025.


https://prospect.org/economy/2024-01-18-unequal-tax-trade/

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