The Senate Finance Committee has released its version of President Trump’s major tax bill, featuring significant changes from the House version.
Key business wins include permanent corporate tax deductions for capital investments and interest expenses, though a controversial “revenge tax” on foreign businesses remains.
The bill includes modified provisions for clean energy credits, reduced tax breaks for tips and overtime (capped at $25,000 annually), and deeper cuts to Medicaid funding.
Despite adding trillions to the national debt and raising the debt ceiling by $5 trillion, Republicans face internal disagreements over SALT deduction limits and other provisions, making their July 4th deadline ambitious.