Bipartisan Deal in Congress to Increase Child Tax Credit

The proposed legislation could benefit 16 million low-income children, but has received a lukewarm reception from lawmakers and the White House.

Congress's top tax writers have produced a roughly $80 billion bipartisan deal that could improve the lives of 16 million low-income children through an increased child tax credit.
The new legislation would lift the refundable amount to $1,800 per child for 2023 and $2,000 (or more, depending on inflation) by 2025.
The bill also includes business tax benefits such as immediate deduction of any U.S.-based research and development spending and restoring companies' ability to deduct the entire cost of certain equipment or capital expenditures.
The bill has received a tepid reception from Republican and Democratic lawmakers and the White House, based on the fact that it did not do even more for their respective policy priorities.
The House tax-writing panel has scheduled a meeting Friday to work on and advance the major bipartisan proposal.