The U.S. Senate has released a new version of the Trump tax reform proposal, which is expected to be voted on soon

ChainCatcher news, according to Jinshi reports, the Republican-controlled Senate has unveiled a new version of a $4.2 trillion tax and spending plan, with the voting procedure set to begin as the July 4 deadline set by Trump approaches. 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 social security programs such as Medicaid, as well as the pace of phasing out the renewable energy tax credits established during the Biden administration. The draft includes a temporary agreement reached 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 tax reform bill voting procedure as early as noon local time on Saturday (midnight Beijing time on Sunday), with the final vote potentially scheduled for early Sunday morning (afternoon Beijing time on Monday). Party leaders intend to recall House members early next week in hopes of completing the legislative process before Trump's Independence Day deadline.