TechFlow news, June 28 — According to Jinshi Data, the Republican-controlled Senate unveiled a new version of its $4.2 trillion tax and spending plan as the July 4 deadline set by Trump approaches, with voting procedures imminent. The revised draft reflects compromises among various factions within the Republican Party. Earlier disagreements centered on the extent of cuts to social programs such as Medicaid, and the pace of phasing out 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 cap from $10,000 to $40,000 for five years, after which it will revert to the original limit. Republicans plan to begin the tax reform bill voting process as early as Saturday noon local time (Sunday morning in Beijing time), with the final vote possibly taking place early Sunday (Monday afternoon in Beijing time). Party leaders intend to recall House members early next week to complete the legislative process before Trump’s Independence Day deadline.
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