The US Senate released a new version of Trump's tax reform bill and plans to vote on it soon

Odaily Planet Daily News - The Republican-controlled Senate in the United States has released a new version of a $4.2 trillion tax and spending plan, and the voting process is about to start as the July 4 deadline set by Trump approaches. The new draft reflects the compromise of various factions within the Republican Party. Previously, there were differences within the party over the extent of cuts to social security programs such as Medicaid and the speed of phasing out the renewable energy tax credit policy during the Biden administration. The draft contains a temporary agreement reached with House Republicans to increase the state and local tax (SALT) deduction limit from $10,000 to $40,000, which will be valid for five years and will then be restored to the original standard. Republicans plan to start the voting process for the tax reform bill as early as noon local time on Saturday (early Sunday morning Beijing time), and the final vote may be scheduled for the early hours of Sunday (Monday afternoon Beijing time). Party leaders plan to recall House members early next week in order to complete the legislative process before the Independence Day deadline set by Trump. (Jin Shi)