Congress Passes Bi-Partisan Tax Relief for Children, Innovation and Business

Bi-Partisan Tax Bill passes Congress and moves onto Senate. I have to admit that I am impressed they were able to work in a bi-partisan manner and think that this is precisely what is needed to make our nation strong and robust (. ..not again but what we can become. Over the horizon thinking .). Talk doesn’t mean much unless it clarifies a strategic direction. In this case, they worked on the direction and there was positive talk that got it done! Politics is the art of problem resolution based compromise and not combativeness. What I like is the focus on children ( our future ), research ( our creativity/innovation ), and business ( our opportunities for different sectors of society ). These are things that can truly help create net positives and generate more long term strength, wealth and engagement. If we do them often we may find that our revenues could begin to outstrip our debts ( That is with long term bipartisan approaches that solves important problems. Allocating a small percentage of resources to pay debt and in turn revamping some programs for efficiency can also help balance the ship .) The paper doesn’t stop flowing there of course. The next step is Senate. My belief is based on this bi-partisan momentum and the general positive attributes of the bill, that they will tweak it so as to put some ownership on it and then pass it. They may not, but I’m not at the moment seeing big hang ups. Certainly room for some debate. The two houses balance each other out with slightly different types of discussions. Let us watch! This is how we are designed. ( The Legislative Branch ).  ( As a funny side note: I’m playing around with a Hypothetical Feather Party to see how that could influence votes and national decision making. I think the party would have questions, tweaks, but ultimately they would tip in its favor much like the Senate is likely to do. The Hypothetical Feather Party is a fake political party for learning purposes on tipping votes to improve outcomes so please do not be mean to it! Thank you .🙇).  This bill increases and modifies child tax credit provisions, increases depreciation allowances to promote economic innovation and growth, provides special rules for the taxation of residents of Taiwan with income from U.S. sources, increases tax relief provisions for losses due to natural disasters and wildfires, and increases the low-income housing tax credit. ” -H.R.7024 – Tax Relief for American Families and Workers Act of 2024