Congress is about to do something amazing: agree to invest in kids
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After seemingly interminable stagnation, something amazing happened over the holiday weekend: The haggling worked.
Sen. Ron Wyden (D-Ore.) and Rep. Jason T. Smith (R-Mo.), the leaders of their respective chambers’ tax-writing committees, are expected to announce a deal soon. It will include roughly $33 billion in business tax breaks and about the same amount in expansions to the child tax credit, plus about $13 billion for some other smaller measures (related to housing, natural disasters, etc.).
The best news is that the changes to the child tax credit are estimated to benefit 16 million low-income kids; in the first year, it would lift 400,000 out of poverty entirely and make another 3 million less poor (i.e., raising their incomes closer to the poverty line), the Center on Budget and Policy Priorities estimates.
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