The U.S. House of Representatives has approved a $78 billion tax package that would expand the child tax credit and reinstate some tax incentives for businesses. The bill, dubbed the Tax Relief for American Families and Workers Act of 2024, is expected to be sent to the U.S. Senate, where lawmakers are expected to vote on it at some point. The bill is backed by both Democrats and Republicans, with both Democrats and Republicans supporting the agreement between Missouri Republican Rep. Jason Smith and his Senate counterpart, Finance Chairman Ron Wyden. Far-right lawmakers argue that the expansion of the child tax credit would broaden the "welfare state," and progressive Democrats say the bill doesn't go far enough to provide relief to low-income and working families. The bill includes several tax incentives for businesses, including a provision that would allow businesses to deduct research and development investments made within the United States.