TaxWatch: With 51-49 Senate majority, some Democratic lawmakers push for second round of enhanced child tax credits

by | Dec 8, 2022 | Stock Market

A day after Raphael Warnock held onto his seat in Georgia’s Senate race, giving Democrats a 51-49 edge in the Senate, Democrats are hoping that momentum can quickly turn into a financial boost for parents and kids. While businesses press for changes to the corporate tax code that would prevent research-and-development expensing rules from changing next year, supporters of the temporarily expanded child tax credit think they see an opening to revive the lapsed payouts.

“Our ask is simple. If we can provide tax cuts for America’s corporations, we can certainly provide a tax cut for America’s kids,” Rep. Rosa DeLauro of Connecticut said in a Wednesday press conference where she called the chance at more payments “an antidote to inflation.” “No corporate tax cuts without the child tax credit,” Democratic Sen. Sherrod Brown of Ohio said at the same event. “The deal is on the table. It’s the deal that’s on the table for Republicans to take.” In a separate Wednesday press conference, Senate Majority Leader Chuck Schumer said “the child tax credit is something many of us are passionate about. And we would very much like to get it done.” Last year, the American Rescue Plan temporarily turned the $2,000-a-child tax credit into a payout of $3,600 for children under age 6 and $3,000 for children between 6 and 17. The credit was completely refundable, meaning there was no work requirement through an ear …

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