House passes $78B tax bill in rare bipartisan vote
POLITICOJan 01
US House Passes $79B Bipartisan Tax Bill
The Facts
By a 357-70 vote margin, the US House of Representatives on Wednesday passed the Tax Relief for American Families and Workers Act 2024. 188 Democrats and 169 Republicans voted for the bill, with 23 Democrats and 47 Republicans respectively voting against the legislation.
The bill allows an increase in maximum refundable child credit for tax returns from $1.4K in the 2022 tax year to $1.8K in 2023, $1.9K in 2024, and $2K in 2025. Topline child tax credit will also be adjusted as per cost of living inflation.
The Spin
Pro-establishment narrative
Despite an uncertain future in the Senate, the bill should be a much-celebrated moment of rare bipartisanship in what is usually a cagey and divided House. While some opposition to the bill inevitably remains on both sides, moderates in the House have done what many deemed impossible and bridged the political divide for the benefit of the American people.
Establishment-critical narrative
Beyond its title, there's little to celebrate concerning the House's intentionally deceitful bill. Under the veil of taxation reduction, 91.5% of the bill's impact will not be found within the pockets of America's typical household. Rather, the legislation de facto expands welfare eligibility which is harmful from a workforce and immigration perspective. Once again, Congress continues to ignore the average American citizen.
Nerd narrative
There is a 50% chance that the Republican Party will maintain a majority in the House of Representatives in 2024, according to the Metaculus prediction community.