Senator Thom Tillis expressed his disdain for a bipartisan child tax credit and business tax bill that passed the House with an overwhelming majority. He indicated his hope that the bill would not come up for a vote in the Senate, asserting that he would be pleased if the legislation failed to proceed. Tillis outlined several concerns with the $78 billion bill and stated that he intends to fight for every single Republican member to oppose it.
The legislation in question aims to enhance the child tax credit and contains provisions related to business tax. However, Tillis and other Senate Republicans have criticized the funding mechanism of the bill, which involves changes to the pandemic-era employee retention tax credit. Their concerns stem from the fact that the bill seeks to pay for the tax cuts through alterations to a program that has already contributed to the national debt. In addition, there are concerns about the potential impact of the child tax credit provision on workforce participation. These critiques further complicate the situation as the 2024 election year adds another layer of political dynamics to the legislative process.
Despite these obstacles in the Senate, the House’s bipartisan approval of the tax package presents a significant victory for House Ways and Means Chairman Jason Smith. However, the fate of the bill remains uncertain as Senate Republicans, particularly Thom Tillis, are staunchly opposed to its current form, citing its inadequacy and deceptive nature as major points of contention.
