In a largely bipartisan 357-70 vote, the US House of Representatives passed a $78 billion tax bill on Wednesday. The bill is being called the Tax Relief for American Families and Workers Act of 2024 and includes a child tax credit expansion and reinstates business deductions that were rescinded during the Trump administration. It now goes to the Senate for a vote. Maya MacGuineas, President of the Committee for a Responsible Federal Budget, joins Yahoo Finance to discuss the bipartisan tax bill and what should be added to the bills to better help Americans. MacGuineas elaborates on the nature of the bill: "We have seen temporary tax policies used as a gimmick for many, many years, and it's getting worse, not better. That's definitely part of this bill, which will be paid for on a temporary basis. If you look at those policies... the cost of the bill could be as high as almost $650 billion over a decade. So, I think we have to look at the actual intentions of the policies and understand that by sort of gimmicking them through certain time windows, we really could be putting huge amounts of pressure on the budget and in the next couple of years at a time where we ill afford to do so because of the huge debt we already have." #youtube #taxes #stockmarket About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow Yahoo Finance on social: X: http://twitter.com/YahooFinance Instagram: https://www.instagram.com/yahoofinance/?hl=en TikTok: https://www.tiktok.com/@yahoofinance?lang=en Facebook: https://www.facebook.com/yahoofinance/ LinkedIn: https://www.linkedin.com/company/yahoo-finance