U.S. Senate Unveils Revised $4.2 Trillion Tax and Spending Plan

According to Odaily, the U.S. Senate, controlled by the Republican Party, has released a new version of a $4.2 trillion tax and spending plan. As the deadline set by U.S. President Donald Trump for July 4 approaches, the voting process is set to begin. The new draft reflects compromises among various factions within the Republican Party. Previously, there were disagreements within the party regarding the extent of cuts to Medicaid and other social security programs, as well as the pace of phasing out renewable energy tax credits from the Biden administration era. The draft includes a temporary agreement with House Republicans to raise the state and local tax (SALT) deduction limit from $10,000 to $40,000, effective for five years, after which it will revert to the original standard. Republicans plan to initiate the voting procedure for the tax reform bill as early as noon local time on Saturday (early Sunday morning UTC+8). The final vote may be scheduled for early Sunday morning (Monday afternoon UTC+8). Party leaders aim to recall House members early next week to complete the legislative process before the Independence Day deadline set by Trump.