A groundbreaking bipartisan new tax law for 2024 promises to transform American families and businesses’ finances. This $79 billion tax cut package, led by Representative Jason Smith and Senator Ron Wyden, extends child tax credits and revives company tax benefits. Learn how qualified families can benefit from this new tax code as we examine it.
New Tax Law for 2024 – Discover How Americans Can Maximize Returns! (Photo from: YouTube)
Expanding Child Tax Credits
According to PBS, the new tax law for 2024 expands child tax credits, affecting 16 million families. Parents can now expect $1,800–$2,000 tax credits based on criteria.
According to Representative Richard Neal, these improvements will directly impact 16 million youngsters.
Unlike the pandemic-era bump, this bill phases in a $2,000 child tax credit in 2025. Only children with legitimate social security numbers are eligible if they already get credits. The bill excludes undocumented immigrants, which is crucial.
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Tax Breaks for Businesses
Businesses benefit from the new tax law for 2024, as well as families. The law extends three business tax cuts until 2025 to boost the economy. Bipartisan efforts enable domestic enterprises and promote foreign trade, particularly with Taiwan.
The bill also expands business borrowing deductions, aids natural disaster victims, and enhances the low-income housing tax credit. This multimodal approach is expected to add 200,000 housing units nationwide, boosting economic and social progress.
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