For many families, another key source of savings is the child tax credit. Senate Republicans proposed permanently increasing the credit available to parents, which would be set at $2,200 per child, beginning in the 2025 tax year. House Republicans had proposed to bump up the credit to $2,500, but only through 2028.

Federal student loan borrowers could benefit from the extension of a rule regarding employers helping workers pay off their loans.

Senate Republicans are proposing deeper Medicaid cuts, including new work requirements for parents of teens, as a way to offset the costs of making President Donald Trump’s tax breaks more permanent.

Hospital groups slammed the Senate’s version of the GOP legislation. The upper chamber “made a bad bill worse,” said Chip Kahn, CEO of the Federation of American Hospitals.

A Senate tax package softens some blows imposed on renewables by a House version of the bill. But it still terminates many credits for clean power.

Blue state House Republicans warn Senate GOP against removing SALT deduction increase from tax bill, with Rep. Mike Lawler declaring any such move 'dead on arrival' as negotiations continue.

WASHINGTON (Reuters) -Republicans who control the U.S. Senate Finance Committee unveiled changes to President Donald Trump's sweeping tax-cut and spending bill on Monday that would make business-related tax breaks permanent while modifying Medicaid reforms and a new federal deduction for state and local taxes.

U.S. Senate Republicans on Monday unveiled proposed changes to President Donald Trump's sweeping tax-cut and spending bill that would make some business-related tax breaks permanent and also limit a tax break for state and local income taxes,

The Senate Finance Committee’s language would take a sledgehammer to some parts of the renewable-friendly Inflation Reduction Act while sparing others.

The bill has bipartisan support but was stalled for weeks amid Democratic pushback and contentious amendments.

A plurality of voters oppose the sweeping tax-and-spending legislation, with mixed opinions on specific provisions, according to a Washington Post-Ipsos poll conducted earlier this month.