President Donald Trump's multitrillion-dollar tax and spending package passed the Senate, enabling deeper cuts to safety-net programs like Medicaid. The bill would accelerate the elimination of clean energy tax breaks while providing permanent breaks for businesses. New provisions include extended expiring tax cuts, temporary breaks for various worker categories, and additional funding for defense and immigration. The House plans to vote on the legislation as Republicans aim for completion before the July 4 deadline set by Trump. Key elements include an increased state and local tax deduction for high-income earners, supported by specific Republican representatives.
The Senate bill would speed up elimination of clean energy tax breaks and make permanent a series of business tax breaks that were temporary in the House version.
The president's economic legislation extends expiring tax cuts for businesses and individuals, adds temporary new breaks for tipped and overtime workers, and funds defense and immigration efforts.
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