New Democrat Coalition Leadership on Bipartisan, Bicameral Tax Package to Boost Innovation and Lower Costs for American Families and Small Businesses
As Leaders in Congress on Pro-Growth, Pro-Family Tax Policies, New Dems have Long-Championed Legislation in this Package, including the Child Tax Credit, R&D Tax Credit, Low Income Housing Tax Credit, and Increased Trade with Taiwan
Today, New Democrat Coalition Leadership released the following statement on the breakthrough bipartisan, bicameral tax package, which passed out of the Ways and Means Committee today. This bill would expand the Child Tax Credit and the Low Income Housing Tax Credit, incentivize research and development, support small businesses, and create a tax treaty with Taiwan. Last month, New Dems endorsed a slate of tax legislation, which included key priorities reflected in this package.
“Throughout the 118th Congress, New Dems have worked diligently to find common ground on a bipartisan, bicameral tax package that lowers the cost of living, supports main street businesses, and bolsters U.S. innovation – and this legislation that passed out of committee today will help achieve those goals.
“From the beginning, and specifically under New Dem Chair Emeritus Suzan DelBene, our Members have championed the Low-Income Housing Tax Credit and the expanded Child Tax Credit – ultimately securing this policy in the American Rescue Plan before the House Republicans let the policy lapse.
“While there are many victories for families and our economy in this package, we were disappointed that the Child Tax Credit provisions did not do more for kids, and particularly kids living in poverty, and that House Republicans voted against adding the fully enhanced Child Tax Credit during today’s markup. Let's be clear: New Dems will never stop fighting to make this critical policy permanent and help the kids most in need.
“Nevertheless, this tax package would make significant progress on the Coalition’s top priorities laid out in our 2023 Economic Opportunity Agenda. In a time of increasing instability around the world, hard working Americans and the small business community are looking to Congress to provide economic certainty and stability.
“Our Members will continue working to ensure this critical tax package gives a meaningful tax cut to families with children, spurs development of affordable housing, provides disaster relief to ravished communities, and extends trade benefits to Taiwan. We urge Speaker Johnson to bring this bill to the floor quickly."
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