U.S. Senate to Vote on $4.2 Trillion Tax Plan This Independence Day
- The Senate unveiled a $4.2 trillion tax and spending bill amid party compromises.
- Medicaid cuts and SALT deduction changes reflect intra-party negotiations on key provisions.
- A $25 billion fund is set for rural hospitals, with the bill vote scheduled before July 4.
U.S. Senate Republicans have released a revised $4.2 trillion tax and spending bill, a move that comes as President Trump’s July 4 deadline for passage draws near. The 940-page draft, released late Friday night, marks a huge step in the Republican-controlled Senate’s push to overhaul the nation’s tax and spending policies before the Independence Day holiday.
What Are the Key Compromises in the Bill?
The newly revised bill reflects a series of major compromises aimed at reconciling different factions within the Republican Party. Among the most notable provisions is a temporary increase in the cap on State and Local Tax (SALT) deductions. The bill proposes raising the current $10,000 limit to $40,000 for five years, a key demand from lawmakers in high-tax states.
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U.S. Senate to Vote on $4.2 Trillion Tax Plan This Independence Day
- The Senate unveiled a $4.2 trillion tax and spending bill amid party compromises.
- Medicaid cuts and SALT deduction changes reflect intra-party negotiations on key provisions.
- A $25 billion fund is set for rural hospitals, with the bill vote scheduled before July 4.
U.S. Senate Republicans have released a revised $4.2 trillion tax and spending bill, a move that comes as President Trump’s July 4 deadline for passage draws near. The 940-page draft, released late Friday night, marks a huge step in the Republican-controlled Senate’s push to overhaul the nation’s tax and spending policies before the Independence Day holiday.
What Are the Key Compromises in the Bill?
The newly revised bill reflects a series of major compromises aimed at reconciling different factions within the Republican Party. Among the most notable provisions is a temporary increase in the cap on State and Local Tax (SALT) deductions. The bill proposes raising the current $10,000 limit to $40,000 for five years, a key demand from lawmakers in high-tax states.
Related: U.S. Senate Committee OKs Stablecoin Bill, Balancing State & Federal Roles
Another significant change involves the fede…
The post U.S. Senate to Vote on $4.2 Trillion Tax Plan This Independence Day appeared first on Coin Edition.
Read More
Trump Pressures Fed Chair Powell Over Costly Renovation and Interest Rates