US EditionSenate scales back additional Trump tax cuts in its version of ‘big, beautiful bill’
UNITED STATES SENATE AND HOUSE OF REPRESENTATIVES, WASHINGTON, D.C., JUN 17 – The Senate bill trims expansive tax and spending proposals while preserving core Trump-era tax cuts and business incentives, balancing fiscal conservatives and high-tax-state Re
- On June 5, 2025, Senate Majority Leader John Thune responded to questions in the Capitol about the Senate Finance bill on tax cuts and spending.
- The bill aims to make many 2017 Tax Cuts and Jobs Act provisions permanent while reducing populist measures included in the House version.
- It includes a $10,000 cap on state and local tax deductions, a $6,000 senior tax deduction, lowers health care provider taxes to 3.5%, and maintains no tax on tips and overtime.
- Modeled provisions would reduce federal revenue by $4.8 trillion but fall to $3.9 trillion dynamically with a 1.1% long-run GDP increase and add 868,000 full-time equivalent jobs.
- The bill’s passage faces uncertainty due to concerns about Medicaid provider taxes, opposition from some House Republicans over deduction caps, and the July Fourth self-imposed deadline to advance the legislation.
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Other Voices: Tax changes in Senate bill are a mixed bag - The Examiner
As is its right and duty, the U.S. Senate now has messed with the Trump administration’s “big, beautiful,” tax-and-spending bill that just squeaked through the… Login to continue reading Login Sign up for complimentary access Sign Up Now Close The post Other Voices: Tax changes in Senate bill are a mixed bag appeared first on The Examiner.
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US Senate tax changes a mixed bag
As is its right and duty, the U.S. Senate now has messed with the Trump administration’s “big, beautiful,” tax-and-spending bill that just squeaked through the House. Here’s our hot take on some of the Senate’s work in progress, as viewed…
House and Senate look to eliminate IRS’ Direct File in reconciliation bill
Both House and Senate lawmakers are looking to eliminate the IRS’ free online tax filing platform. The Senate Finance Committee is proposing to axe Direct File as part of its contribution to the budget reconciliation bill. The House passed its version of the so-called Big Beautiful Bill last month, which would also eliminate the Direct File program. Direct File had nearly 300,000 users during this year’s tax filing season and saw higher favorabi…
Senate removes foundation tax increase from Big Beautiful Bill, but philanthropies still on alert
Senate Republicans have removed a House-passed tax increase on private foundations from President Trump's One Big Beautiful Bill, but philanthropic organizations are still worried it could end up in a final package.
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