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WASHINGTON — Republicans connected the Senate Finance Committee released their information of the monolithic measure for President Donald Trump's home docket connected Monday, with immoderate important changes compared to the House-passed package.
The 549-page bill extends the expiring Trump taxation cuts and includes provisions to slash taxes connected tips and overtime pay.
It contains a slew of Medicaid spending cuts and caller rules, including enactment requirements that footwear successful astatine the extremity of 2026, similar the House bill. It besides contains policies to unit much predominant checks connected eligibility and tougher screenings to beryllium lawful migration status, successful bid for radical to support their coverage.
In a large situation to House Republicans, the Senate measure caps national deductions for authorities and section taxes astatine $10,000 per taxation filer, preserving the presumption quo connected "SALT."
That's overmuch little than the $40,000 bounds per filers with yearly incomes nether $500,000 that a cardinal radical of blue-state Republicans secured successful the House version, aft making wide it is indispensable to winning their ballot successful the narrowly divided chamber.
The Senate's measure besides includes changes to Medicare including caller eligibility rules, including verification of citizenship oregon lawful imperishable residency for seniors to support getting benefits.
Another alteration would set cost-sharing rules for "dual eligibles" connected some Medicare and Medicaid. Loren Adler, a wellness argumentation adept astatine the Brookings Institution, said that proviso "means 1.3 cardinal low-income Medicare beneficiaries spot higher premiums and/or cost-sharing, nary longer receiving fiscal assistance they’re eligible for," citing an investigation by the nonpartisan Congressional Budget Office.
The Senate measure besides swifts repeals cleanable vigor backing passed by a Democratic-led Congress successful 2022, including an electrical conveyance taxation credit, portion tilting the playing tract backmost toward fossil fuels.
“I look guardant to continued coordination with our colleagues successful the House and the Administration to present President Trump’s bold economical docket for the American radical arsenic rapidly arsenic possible," Sen. Mike Crapo, R-Idaho, the president of the Finance Committee, said successful a statement.
Senate Republicans are hoping to walk the broader home argumentation bundle by July 4, with the extremity of sending it to Trump's table by the extremity of adjacent month.
Sen. Ron Wyden, R-Ore., the ranking subordinate of the Finance Committee, vowed that "Senate Democrats are going to combat this with everything we’ve got."
“The House Republican mentation of this measure was already a people war, but Senate Republicans decided to inflict adjacent much devastation connected the lives of moving Americans to springiness adjacent larger handouts to the top," Wyden said successful a statement.
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