Summary
The U.S. Senate is discussing a tax bill supported by President Trump, which aims to introduce extensive tax cuts. The Senate started debating the bill after a close vote, and if passed, it will need negotiation between the House and Senate to finalize a version for the President's signature. The bill provides more benefits to higher-income families but proposes cuts in programs like food stamps and Medicaid.
Key Facts
- The Senate started debating Trump's tax bill after a 51-49 vote.
- Republicans hold a majority in both the Senate and House of Representatives.
- The bill needs approval from both the House and Senate to become law.
- The bill would benefit high-income households by extending tax cuts.
- The child tax credit would permanently increase to $2,200 per child.
- Traditional car manufacturers may benefit by ending tax credits for electric vehicles.
- The bill proposes eliminating taxes on tips received by workers.
- It plans to cut funding for the food stamp program by $68.6 billion over 10 years.
- Medicaid funding would also be reduced by $930 billion by 2034.
