Senate Republicans tank bipartisan child tax credit and business break bill

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The procedural vote was 48-44, with 60 votes needed to end debate and move to a final vote. GOP Sens. Josh Hawley , Markwayne Mullin , and Rick Scott all voted yes on the bill, while Sens. Bernie Sanders and Joe Manchin voted against it.caucus had wanted to see the $78 billion legislation, which passed overwhelmingly in the House, amended and reworked through the committee process, rather than being brought directly to the floor for a vote as is.

Additionally, the bill indexed the child tax credit to inflation so that its value is not eroded over time, a change that child tax credit advocates have long pursued. In addition, the agreement temporarily paused the phaseout of bonus depreciation. That was a provision of the 2017 Trump tax cuts that allowed companies to write off certain capital expenditures immediately instead of having those deductions written off over the “useful life” of the asset.

 

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