U.S. Senate Releases Revised Trump Tax Reform Bill, Vote Expected Soon

Odaily Planet Daily News: The Republican-controlled U.S. Senate has released a new version of a $4.2 trillion tax and spending plan, with the voting process set to begin as the July 4 deadline set by Trump approaches. The new draft reflects compromises among various Republican factions. Previously, there were internal disagreements over the extent of cuts to social security programs such as Medicaid and the pace at which renewable energy tax credits from the Biden administration would be phased out. The draft includes a temporary agreement reached with House Republicans to raise the state and local tax (SALT) deduction cap from $10,000 to $40,000 for five years, after which it will revert to the original standard. Republicans plan to initiate the tax reform bill voting process as early as noon on Saturday local time (early Sunday morning Beijing time), with the final vote possibly scheduled for early Sunday morning (Monday afternoon Beijing time). Party leaders intend to recall House members early next week in hopes of completing the legislative process before the Independence Day deadline set by Trump. (Jin10)