Sen. Debbie Stabenow (D-MI) speaks as Sen. Ron Wyden (D-OR) and Senate Majority Leader Chuck Schumer (D-NY) listen during a news conference on the need to pass bipartisan tax relief for American families on July 31, 2024 in Washington, DC. Earlier this week Senate passed two bills to expand online privacy and safety protections for children as Democrats tee up a vote on the $79 billion package to expand the child tax credit (CTC) which will put a cap on the Senate's work before they leave for their monthlong August recess. Kent Nishimura/Getty Images
Senate Democrats are set to push for a vote on a $79 billion tax cut package that includes an expansion of the child tax credit, which will benefit around 16 million families, according to AP News.
At the same time, democratic Senate Leader Chuck Schumer is challenging Republicans to vote on the measure, which seeks to increase the credit and restore business tax breaks. The bill, which passed the House with broad support earlier this year, has stalled in the Senate due to the need for 60 votes to overcome procedural hurdles.
Senator John Cornyn of Texas has suggested that Republicans may resist the package, arguing that they could secure more favorable tax changes if their party gains control in the November elections.
Now, the new proposal includes provisions, such as full, immediate deductions for business investments and enhanced child tax credits that could lift up to 500,000 children out of poverty.
With the Senate vote expected to be the final one before the August recess, the measure is being used by both parties to emphasize their stances on family and business tax relief ahead of the elections.
Schumer has used the opportunity to counter criticisms from Republicans, including Sen. JD Vance, who has claimed that Democrats are "anti-family."
The bill's funding includes expediting the deadline for companies to submit retroactive claims for employee retention during the COVID pandemic, a measure that the IRS has flagged as prone to fraud. Schumer has previously refrained from bringing the bill to a vote but has seized on the election season to push the measure forward and underscore differences with Republican opponents.
Republican leaders, including Sen. John Thune, have indicated that while some Republicans may support the bill, it is unlikely to secure the 60 votes needed to advance.
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