Senate GOP Moves Forward on Trump's Tax Bill Overhaul
The U.S. Senate Finance Committee, led by Republicans, has revised President Trump's tax-cut bill to make business tax breaks permanent, while altering Medicaid reforms and deductions for state and local taxes. The committee aims to push the legislation through by July 4, requiring further House approval.
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In a significant development, Republicans in the U.S. Senate Finance Committee have introduced changes to President Trump's proposed tax legislation, positioning it as a priority before Independence Day. Key among the changes is making business-related tax breaks permanent.
The modifications also include adjustments to Medicaid reforms and federal deductions for state and local taxes. These changes reflect a strategic push by Senate Republicans to pass the bill quickly, emphasizing their legislative agenda.
The bill, already passed by the House of Representatives, will undergo further scrutiny, necessitating a reconciliation between the House and Senate versions before reaching President Trump's desk for ratification. The legislative timeline underscores the party's objective to expedite economic measures.
(With inputs from agencies.)
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