The Republicans of the Senate announced a revised tax reduction package of $ 4.2 trillion and approached the vote because they focus on US President Donald Trump 4th July.
The new proposal reflects compromises to bridge the differences in the GOP Senate, especially in terms of social security programs such as Medicaid, and how quickly, according to Bloomberg report, it is improving the renewable energy tax on Bloomberg’s report.
- The delayed tax limit of the Medicaid provider: A critical victory for moderate Republicans is the delay of the new 3.5% of the ceiling of state taxes of Medicaid providers. This cap, which has an impact on how states can raise their federal payment of Medicaid in 2031, is in force in 2031.
- Extended hydrogen production tax: In the new bill from 2025 to 2028, tax credit procedures for hydrogen production for projects that they build before this year were extended from 2025 to 2028.
Voting on the Tax Act begins early
Republicans are planning to vote on the tax law on Saturday with the final votes that come soon on Sunday. The party leaders plan to bring the house members back to Washington at the beginning of next week for what they hope to be the final approval of the measure in time for the date of Independence Day.
However, it remains uncertain whether there are 50 Republicans of the Senate on board, which is required to approve the proposal. The bill may further be changed on the Senate floor to ensure voices if necessary. The house could also make multiple changes if the speaker Mike Johnson has difficulty in the votes for measures.
The measure would avert the failure of payments in the US already in August by increasing the debt ceiling by $ 5 trillion, the press agency said.
(Tagstotranslate) Package of tax reduction
