On Wednesday, January 31st, the House of Representatives passed a tax package that will now be considered by the Senate. The bill was adopted by a vote of 357 to 70. Important provisions in the tax bill are an extension of child tax credits to low-income families with collectively 16 million children. It is estimated that this provision would especially benefit close to 500,000 minors currently living in families below the poverty line.
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The bill also restores business tax benefits that will ultimately stimulate the economy.