A bill to expand the child tax credit and restore some tax breaks for businesses failed to advance in the Senate on Thursday as Republicans largely opposed the measure, arguing they would be in position to get a better deal next year. Majority Leader Chuck Schumer, D-N.Y., dared Republicans to vote against the tax cut package before lawmakers headed home for the month. He said they would be voting against tax cuts for many low-income families and local businesses. The legislation fell far short of the 60 votes needed to advance the measure, with a vote of 48 in favor and 44 opposed. Three Republicans — Sens. Josh Hawley of Missouri, Markwayne Mullin of Oklahoma and Rick Scott of Florida — joined with Democrats in support. Sens. Joe Manchin of West Virginia and Bernie Sanders of Vermont, independents who caucus with Democrats, were opposed. Both parties are trying to spotlight issues they believe will play well with voters in November. Schumer put the onus on Republicans to block tax cuts that were sought by the business community and that would financially help an estimated 16 million families when fully in effect. He was also looking to counter assertions from Republican presidential nominee Donald Trump’s running mate, Sen. JD Vance of Ohio, that Democrats are “anti-family.” “The question is, will Senate Republicans join us to give Americans a tax break or will they stand in the way?” Schumer said before the vote. The roughly $79 billion package passed the House overwhelmingly in January by a 357-70 vote, but has stalled in the Senate. Republicans were calling for the bill to go through the Senate Finance Committee, in a process that would allow lawmakers to offer amendments to address their concerns, but that did not happen. There were behind-the-scenes negotiations, but senators from both parties accused the other of not being serious. The child tax credit is $2,000 per qualifying child. The bill aims to make the credit more fully available to low-income families by gradually making more of the credit refundable. Senate Republican leader Mitch McConnell of Kentucky said the changes amounted to “cash welfare instead of relief for working taxpayers.” “I’m not so certain the American people are impressed by message votes,” McConnell said. “And I don’t think they’ll give out points for incomplete work.” The bill was fashioned through negotiations by Rep. Jason Smith, R-Mo., chairman of the House Ways and Means Committee, and Sen. Ron Wyden, D-Ore., chairman of the Senate Finance Committee. It would restore full, immediate deductions that businesses can take for the purchase of new equipment and machinery, and for domestic research and development expenses. The tax breaks had lapsed as a cost-containment measure under provisions of the 2017 tax bill that Republicans approved under the Trump administration. The changes in the child tax credit would lift as many as 500,000 out of poverty when the proposal was fully in effect, according to the Center on Budget and Policy Priorities, a liberal think tank. The bill would be paid for by speeding up the cutoff date by which companies could submit retroactive claims for employees they kept on the payrolls during the COVID-19 pandemic. The IRS has said a significant majority of retroactive claims are at a high risk of fraud. With the bill seemingly […]