Third Way Applauds Bipartisan Tax Package that Expands the Child Tax Credit and American Innovation

WASHINGTON—Third Way issued the following statement from Gabriel Horwitz, Senior Vice President for the Economic Program:

“There was never a question about the need for a tax bill that paired something for businesses and something for working families—the uncertainty was always around the political will to get a deal done. That’s why we are thrilled to see a bipartisan and bicameral deal to expand the child tax credit and make it easier for businesses to invest in innovation and growth.

“As we have said, this bill just makes sense. It provides tax relief for families by expanding the refundable child tax credit. And it provides important incentives for businesses to increase domestic research and development along with investing in new equipment and machinery. And, importantly, it is paid for by cracking down on fraud and abuse of the Employee Retention Tax Credit.

“We congratulate Chairmen Ron Wyden (D-OR) and Jason Smith (R-MO) for getting to an important agreement. Congress should get this deal to the finish line and pass it in time for the start of the filing season.”