US Senate to Vote on New Version of Trump Tax Reform Bill in Coming Days

According to reports, the US Senate, controlled by the Republican Party, has released a new version of a $4.2 trillion tax and spending plan, with the deadline set by Trump on July 4 approaching, the voting process is set to begin soon. The new bill reflects compromises among various factions within the Republican Party. Previously, there were disagreements within the party on the extent of cuts to healthcare subsidies and the speed of phasing out renewable energy tax credits from the Biden administration. The bill includes a temporary agreement reached with House Republicans to raise the cap on state and local tax (SALT) deductions from $10,000 to $40,000 for five years, before reverting to the original standard. Republicans plan to start the tax reform bill voting process as early as Saturday noon local time (early Sunday morning Beijing time), with the final vote possibly scheduled for early Sunday morning (Monday afternoon Beijing time). Party leaders plan to call back House members early next week in order to complete the legislative process before the Independence Day deadline set by Trump.

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