Congress Nears Deal on $70 Billion Tax Break for Businesses, Children
- US lawmakers aim to enact breaks for Jan. 29 tax season start
- Biden could see boost from expanded child payments to parents
Jason Smith
Photographer: Al Drago/BloombergThis article is for subscribers only.
US congressional negotiators are nearing a bipartisan deal to renew expired business tax breaks and boost the child tax credit in time for many voters to receive the benefit during the current election year.
Democratic Senator Ron Wyden of Oregon and Republican Representative Jason Smith of Missouri, chairmen of the Senate and House tax committees, presented an outline of their roughly $70 billion proposal, evenly split between the corporate tax cuts and child credit, to their colleagues as talks continue.