Senate Republicans on Thursday blocked legislation that would have expanded the child tax credit, a key tax break for millions of families.
He said that Senate Republicans have concerns about the policy, but are willing to negotiate a "child tax credit solution that a majority of Republicans can support."
If enacted, the bill would have improved access to the child tax credit and retroactively boosted the refundable portion for 2023, which could have triggered refund checks from the IRS.
Eligible families could have seen an average tax cut of $680 for 2023 taxes, based on estimates from the Urban-Brookings Tax Policy Center.
But expanding the child tax credit is still a "top priority for Democrats," particularly as the 2025 tax cliff approaches, he said.
Persons:
Chuck Schumer, Mike Crapo, Harris, Joe Manchin, Bernie Sanders, Chuck Marr
Organizations:
Republicans, Senate Finance, Finance, Fed, Budget, Urban, Brookings Tax, House Republicans, Center
Locations:
Idaho, Sens