House Passes Tax Bill Valued At $78 Billion

This marks a rare sign of agreement along party lines in a Congress that has been split down the aisle more often than not recently

The House passed a tax bill valued at $78 billion Wednesday.

The chamber approved the ‘Tax Relief for American Families and Workers Act’ in a bipartisan 357-70 vote.

This marks a rare sign of agreement along party lines in a Congress that has been split down the aisle more often than not recently. It is also one of the few instances this session when a nonessential bill that is not required to keep the government running, has a chance of being enacted.

The tax bill would boost the child tax credit by increasing the maximum credit per child from $1,600 to $2,000 through 2025, adjusting for inflation in 2024 and 2025.

Additionally, it calls for raising the ceiling for the low-income housing tax credit and reinstates three business deductions that were nixed in the 2017 Tax Cuts and Jobs Act under the Trump administration.