Senate Heads Home After Failing to Advance Bipartisan Tax Package | EWTN News Nightly

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The Senate headed home for their 5 week August break, after failing to advance a bipartisan tax package that would bolster the Child Tax Credit and cut taxes for businesses. It cleared the House by a wide margin earlier this year but key Republican senators are demanding major changes and won't let the bill go forward. Republican Congressman Jason Smith and Democrat Ron Wyden, who heads up the Senate Finance Committee wrote the package is designed to preserve tax cuts passed during the Trump Administration that expire at the end of next year. The $78 billion bill covers tax years 2023 to 2025. It expands the Child Tax Credit from $1,600 to $2,000 per child adjusted for inflation, increases low-income housing credit by 12.5%, immediately deducts research & development costs for companies, and includes money for disaster relief. Studies suggest the Child Tax Credit would benefit about 16 million children in low income families. Host Tracy Sabol reports. ------------ EWTN News Nightly provides the latest news and analysis from a Catholic perspective. Join host Tracy Sabol, our Capitol Hill, White House and Rome Correspondents, as well as many other diverse guests daily, to get the latest from the U.S. and the Vatican on topics regarding our Catholic faith and interests. ------------- EWTN News Nightly airs on EWTN weekdays at 6pm & 9pm ET. ------------ Don't miss an episode of EWTN New Nightly. Get updates here: https://www.ewtn.com/tv/shows/ewtn-news-nightly ------------- Sign up today to receive the EWTN News Nightly newsletter: https://www.ewtn.com/enn ------------- Follow EWTN News Nightly on Social Media: Facebook: https://www.facebook.com/ewtnnewsnightly Twitter: https://twitter.com/EWTNNewsNightly Instagram: https://www.instagram.com/ewtnnewsnightly/ ------------- Subscribe to EWTN YouTube channel here: https://www.youtube.com/user/EWTN ------------- You can support the EWTN News mission: https://bit.ly/3qDR1qf