Republicans on the Senate Finance Committee released a new version of President Donald Trump’s “Big, Beautiful Bill,” which includes making more cuts to Medicaid and lowering the Child Tax Credit.
Axios reported that the changes the committee made would only increase the Child Tax Credit to $2,200, a decrease from the $2,500 in the version that the House of Representatives had voted on.
The committee is also “proposing deeper cuts to Medicaid spending by lowering the provider tax,” according to the outlet.
Per the outlet, the “Senate version also softens the phase out of solar energy tax credits that were part of the Inflation Reduction Act, by allowing more projects to access the credits before they end.”
The committee also has a State and Local Tax (SALT) cap of $10,000, which is lower than the “$40,000 limit the House landed on,” according to the outlet.
As Breitbart News reported in May, the House of Representatives passed Trump’s “Big, Beautiful Bill” in a vote of 215-214-1:
The multi-trillion dollar tax break package contains numerous elements of Trump’s far-reaching agenda and has been delivered via an all-night session.
These include extending tax cuts passed in 2017, eliminating taxes on tips, and spending more on defense and border security, while making government health care programs more accountable.
In a press release from the U.S. Senate Committee on Finance, Sen. Mike Crapo (R-ID) explained that the bill “prevents an over-$4 trillion tax hike.”
“This bill prevents an over-$4 trillion tax hike and makes the successful 2017 Trump tax cuts permanent, enabling families and businesses to save and plan for the future,” Crapo said.
Crapo added: “It delivers additional tax relief to middle-class families still recovering from record inflation under the Biden Administration. It powers the economy by permanently extending critical pro-growth provisions and introduces new incentives for domestic investment, providing certainty for American job creators to spur domestic economic activity and invest in their workers.”
Trump has previously made clear that he wants the bill on his desk by the Fourth of July.
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