Republicans who control the Senate Finance Committee unveiled changes to President Donald Trump's sweeping tax-cut and spending bill on Monday that would make business-related tax breaks permanent while modifying Medicaid reforms and a new federal deduction for state and local taxes.
The modified text of Trump's One Big Beautiful Bill Act will be debated by Senate Republicans as they try to move forward on an aggressive timeline to pass the legislation before the July Fourth holiday.
The legislative text unveiled by the tax-writing committee is part of a larger set of modifications to the bill, which passed the Republican-controlled House of Representatives last month. A Senate-revised version of the original measure would need to be approved by the House before Trump could sign it into law.