Senate Democrats Push To Revive Pandemic-Era Child Tax Credits

Over 40 Senate Democrats have launched a 'longshot' plan to revive pandemic-era child tax benefits, a scheme which delivered up to USD$300 per child per month via the America Rescue Plan and was credited with reducing poverty.

• According to Punchbowl News, permanently extending the scheme would cost around USD$105 billion per year, but a deal may be struck with Republicans to include the scheme in their business-friendly tax legislation.
• Moderate Republican Rep. Don Bacon (R-NE): “I think Republicans want to consider it as part of a compromise for the Democrats. We know that that’s like one of their top issues. This may be a bargaining chip that we can use.”
• Senator Todd Young (R-IN) said: “If it’s properly constructed and properly sized, you’ll find some interest on the Republican side in negotiating a tax package.”
• Punchbowl notes, “…the tax reforms being pushed by House Ways and Means Committee Chair Jason Smith (R-Mo.) represent hundreds of billions, if not trillions of dollars, in cuts over the next 10 years. So there’s some political wiggle room here.”