Senate Unveils Revised Trump Tax and Budget Bill

The Senate Finance Committee has released a revised draft of the One Big Beautiful Bill Act, central to President Donald Trump’s agenda, which addresses the federal debt ceiling, energy and tax credits, and other major budget items. The bill proposes to make the 2017 Trump tax cuts permanent, expand the Child Tax Credit, and enact measures such as exempting tips, overtime, and Social Security for seniors from taxation, while providing permanent R&D credits and bonus depreciation for small businesses. The $10,000 state and local tax (SALT) deduction cap remains a major issue, with the Senate draft keeping it as a placeholder amid pushback from House Republicans representing high-tax states. Senate Majority Leader John Thune expressed optimism that a SALT compromise can be reached before the July 4 deadline. The legislation also allocates increased funding for border security and the military, and includes changes to federal programs like Medicaid. Supporters describe the bill as pro-growth and pro-family, but debates continue over fiscal and regional fairness.