Congress has a lot on its plate before it takes yet another recess, with a host of spending and budget items to push through. One proposal, the “Tax Relief for American Families and Workers Act of 2024”(H.R. 7024), in title and political spin, promises financial assistance to American households in this high-inflation and uncertain economic time by expanding the popular Child Tax Credit. The bill should really be called the “Big Tech Bonanza Act.”
Under the proposal, a single mother of two children would receive an additional $1575 in tax credits per year. Based on the figures released by Congress and analyzed by the Center for Budget and Policy Priorities, an additional 16,000,000 children would benefit at an annual cost of about $20 billion. But as with so much in Washington special interest deal-making, that figure pales in comparison to Big Tech’s windfall in the bill.
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