The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Politics

Speaker Johnson endorses bipartisan tax bill as ‘conservative,’ ‘pro-growth’ reform

by admin February 1, 2024
February 1, 2024
Speaker Johnson endorses bipartisan tax bill as ‘conservative,’ ‘pro-growth’ reform

House Speaker Mike Johnson, R-La., is coming out in support of a bipartisan tax deal scheduled for a vote later on Wednesday.

‘The Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reform,’ Johnson said in a statement. ‘Crucially, the bill also ends a wasteful COVID-era program, saving taxpayers tens of billions of dollars.’

‘Chairman Smith deserves great credit for bringing this bipartisan bill through committee with a strong vote of confidence, and for marking up related bills under regular order earlier in this Congress. This bottom-up process is a good example of how Congress is supposed to make law.’

The bill is a result of negotiations between House Ways & Means Committee Chairman Jason Smith, R-Mo., and Senate Finance Committee Chairman Ron Wyden, D-Ore. It is aimed at temporarily expanding the child tax credit while also reviving key tax deductions for small businesses, including for research and development conducted inside the U.S.

However, it has faced pushback from an unusual coalition of conservative and moderate Republicans, albeit for different reasons. GOP hardliners have claimed the bill’s child tax credit would be available to illegal immigrants, something Smith had vehemently denied.

Meanwhile, moderates, specifically from the suburbs outside of major cities like New York City and Los Angeles, were frustrated the bill does not touch state and local tax (SALT) deduction caps. They have argued it is a critical issue for their swing district constituents and could make or break House Republicans’ chances of holding onto their razor-thin majority in November.

Both groups were also angry at House GOP leaders’ decision to put the tax bill up for a vote under suspension of the rules, a maneuver that allows legislation to bypass a committee vote and a procedural ‘rule’ vote in exchange for lifting the threshold needed for passage from a simple majority to two-thirds.

That decision came after Freedom Caucus members weaponized rule votes several times during this Congress to shoot down GOP priorities in protest of Republican leadership’s decisions.

The tax bill is expected to pass along comfortable bipartisan lines. In addition to GOP criticism, it’s also faced some scrutiny from progressives who say the child tax credit provisions don’t go far enough.

A group of four New York Republicans threatened to tank a procedural vote for an unrelated GOP-led measure over the SALT exclusion, but two sources told Fox News Digital that they later secured a commitment from Johnson to bring a separate, targeted SALT bill to the floor at some point soon.

This post appeared first on FOX NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Blue-state Republicans score commitment from Johnson on SALT vote after House floor protest: sources
next post
Major pro-life group lays out aggressive plans for 2024 elections: ‘Largest ground game yet’

Related Posts

‘Mass surveillance’: Conservatives sound alarm over Trump admin’s...

April 18, 2025

Trump’s conservative allies warn Congress faces critical ‘test’...

June 8, 2025

AOC, ‘baby girl’ Marjorie Taylor Greene trade barbs...

May 18, 2024

Rep. Bowman says AIPAC will see ‘power of...

June 25, 2024

Netanyahu tells Macron that Israel was not created...

October 16, 2024

Trump v US: SCOTUS likely to determine presidents...

April 25, 2024

JD Vance says Iranian nuclear program ‘substantially’ set...

June 23, 2025

Biden exiting race but serving out term would...

July 11, 2024

Three ways President Biden just helped Kamala Harris...

July 25, 2024

$15M reward announced for alleged Chinese ringleader, others...

March 20, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,430)
    • Investing (3,515)
    • Politics (4,746)
    • World (4,650)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved