US Senate unveils revised Trump tax draft with plans to vote soon: Key details here
Senate Republicans have announced a revised $4.2 trillion tax cut package, moving closer to a vote as they aim to meet US President Donald Trump's July 4 deadline.
The new draft reflects compromises designed to bridge differences within the Senate GOP, particularly regarding social safety programs such as Medicaid and how rapidly to phase out of renewable energy tax credits enacted under the Biden administration, according to a Bloomberg report. Increased SALT deduction: A tentative deal with House Republicans to raise the state and local tax (SALT) deduction cap from $10,000 to $40,000 for five years before snapping back to the $10,000 level. The new cap applies to 2025 and rises 1% in subsequent years. Rural Hospital Fund: To appease moderate Republicans concerned about Medicaid cuts, the bill proposes a new $25 billion rural hospital fund aimed at helping some Medicaid providers avoid cuts. Republican Senator Susan Collins of Maine, however, had demanded a $100 billion fund. Delayed Medicaid provider tax cap: A critical win for the Moderate Republicans is the delay of a new 3.5% cap on state Medicaid provider taxes. This cap, which impacts how states can boost their federal Medicaid reimbursement rates, will take effect in 2032 instead of 2031.
Extended Hydrogen production tax credit: In the new bill, the phase-out of a tax credit for hydrogen production has been extended from 2025 to 2028 for projects that begin construction before that year.
Republicans plan to start voting on the tax bill on Saturday with final votes coming as soon as early Sunday. Party leaders plan to bring House members back to Washington early next week for what they hope will be final approval of the measure in time for Trump's Independence Day deadline.
However, it remains uncertain whether the 50 Senate Republicans required to pass the bill are all on board. The bill can be further altered on the Senate floor to secure the votes if needed. The House could also make more changes if Speaker Mike Johnson has trouble corralling votes for the measure.
The measure would avert a US payment default as soon as August by raising the debt ceiling by $5 trillion, the news agency said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
28 minutes ago
- Economic Times
Donald Trump for the Nobel Peace Prize? After Pakistan, now Congo joins the push
Donald Trump Brokers Congo-Rwanda Peace Deal Congo's President Said to Be Considering Trump for Nobel Peace Prize Nomination Live Events A Turning Point After 30 Years of War FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel As the US president Donald Trump, once again positioned himself as a global peacemaker, this time by brokering a peace deal signed by the Democratic Republic of Congo (DRC) and Rwanda, he may even have gotten Congo's support in nominating him for a Nobel Peace Prize after Pakistan, as per a pointed out that he was able to broker a deal for "one of the worst wars anyone's ever seen," adding, "I was able to get them together and sell it," Mr Trump said. "And not only that, we're getting for the United States a lot of the mineral rights from Congo," as quoted by Sky the signing ceremony started, the White House press secretary Karoline Leavitt invited an African reporter and 'friend' Hariana Veras to address the press and attendees in the Oval Office, which included US vice president JD Vance, secretary of state Marco Rubio, and the foreign ministers from the two African countries, according to a Daily Beast READ: Who is Hariana Veras, the woman Trump flirted with? President says she is beautiful and wishes more were like her Veras, who is a White House correspondent based in Cong, told Trump that the president of Congo wants to nominate him for a Nobel Peace Prize, as she said, "President Félix Tshisekedi is thinking of nominating you for the Nobel Peace Prize. You deserve it," as quoted by Sky pointed out that "You have been working to bring peace in the world, not only in the Congo, and he's very hopeful to meet you in the future," adding, "Tshisekedi told me that for many years, American presidents have overlooked this conflict. They didn't do anything," as quoted by Sky READ: Trump's Big, Beautiful Bill sparks panic among MAGA voters: 'We'd lose everything' Her remarks came as both the African nations signed the peace deal, which Rubio called it "an important moment after 30 years of war," according to the foreign minister Therese Kayikwamba Wagner also pointed out about the millions of victims of the conflict, while signing the agreement with Rwandan foreign minister Olivier Nduhungirehe, as per the Sky News per a copy seen by Reuters, the peace agreement, which was signed by the foreign ministers, pledges to implement a 2024 deal that would see Rwandan troops withdraw from eastern DRC within 90 days, as reported by Sky said that, "Some wounds will heal, but they will never fully disappear," adding, "Those who have suffered the most are watching. They are expecting this agreement to be respected, and we cannot fail them," as quoted in the Nduhungirehe pointed out the "great deal of uncertainty" as earlier agreements were not put in place, according to Sky News. He said, "There is no doubt that the road ahead will not be easy," and added, "But with the continued support of the United States and other partners, we believe that a turning point has been reached," as quoted by Sky READ: California's AB5 Law under fire, nail techs sue state over worker classification – what the law states? A Congolese reporter said President Tshisekedi wants to nominate Trump for the Nobel, but it hasn't been made official yet, as per Sky News helped bring leaders from DRC and Rwanda together to sign a peace agreement, with the aim to end a decades-long war, as per the report.
&w=3840&q=100)
First Post
28 minutes ago
- First Post
Melissa Hortman honoured at funeral attended by Biden, Harris after tragic shooting
Hortman was shot to death in a pair of attacks two weeks earlier by a man posing as a police officer that Minnesota's chief federal prosecutor has called an assassination. The shootings also left her husband, Mark, dead and a state senator and his wife seriously wounded read more Attendees take their seats before funeral services for Mark and Melissa Hortman at the Basilica of St. Mary in Minneapolis, Minn. AP Democratic former Minnesota House Speaker Melissa Hortman was honored for her legislative accomplishments and her humanity during a funeral Saturday where former President Joe Biden and former Vice President Kamala Harris joined the over 1,000 mourners. Hortman was shot to death in a pair of attacks two weeks earlier by a man posing as a police officer that Minnesota's chief federal prosecutor has called an assassination. The shootings also left her husband, Mark, dead and a state senator and his wife seriously wounded. STORY CONTINUES BELOW THIS AD 'Melissa Hortman will be remembered as the most consequential speaker in Minnesota history. I get to remember her as a close friend, a mentor, and the most talented legislator I have ever known,' Gov. Tim Walz said in his eulogy. 'For seven years, I have had the privilege of signing her agenda into law. I know millions of Minnesotans get to live their lives better because she and Mark chose public service and politics.' Neither Biden nor Harris spoke, but they said in the front row with the governor. Biden also paid his respects Friday as Hortman, her husband, Mark, and their golden retriever, Gilbert, lay in state in the Minnesota Capitol rotunda in St. Paul. Biden also visited the wounded senator in a hospital. Hortman was the first woman and one of fewer than 20 Minnesotans to lay in state at the Capitol. It was the first time a couple has been accorded the honor, and the first for a dog. Gilbert was seriously wounded in the attack and had to be euthanized. Hortman, who was first elected in 2004, helped pass an expansive agenda of liberal initiatives like free lunches for public school students during the momentous 2023 session as the chamber's speaker, along with expanded protections for abortion and trans rights. With the House split 67-67 between Democrats and Republicans this year, she yielded the gavel to a Republican under a power-sharing deal, took the title speaker emerita, and helped break a budget impasse that threatened to shut down state government. STORY CONTINUES BELOW THIS AD Walz said Hortman saw her mission as 'to get as much good done for as many people as possible.' And he said her focus on people was what made her so effective. 'She knew how to get her way, no doubt about it," Walz said. 'But she never made anyone feel like they'd gotten rolled at the negotiating table. That wasn't part of it for her. She didn't need someone else to lose to know she'd won.' 'She certainly knew how to get her way. No doubt about that,' Walz said. 'But she never made anyone feel that they'd gotten rolled at a negotiating table. That wasn't part of it for her, or a part of who she was. She didn't need somebody else to lose to win for her.' The governor said the best way to honor the Hortmans would be by following their example. 'Maybe it is this moment where each of us can examine the way we work together, the way we talk about each other, the way we fight for things we care about,' Walz said. 'A moment when each of us can recommit to engaging in politics and life the way Mark and Melissa did – fiercely, enthusiastically, heartily, but without ever losing sight of our common humanity.' STORY CONTINUES BELOW THIS AD Dozens of state legislators who served with Hortman attended. The Rev. Daniel Griffith, pastor and rector of the Basilica, led the service. Other clergy present included Archbishop Bernard Hebda of the Saint Paul and Minneapolis Archdiocese. The man accused of killing the Hortmans at their home in the Minneapolis suburb of Brooklyn Park on June 14, and wounding Democratic state Sen. John Hoffman, and his wife, Yvette, at their home in nearby Champlin, made a brief court appearance Friday. He's due back in court Thursday. Vance Boelter, 57, of Green Isle, surrendered near his home the night of June 15 after what authorities called the largest search in Minnesota history. Boelter has not entered a plea. Prosecutors need to secure a grand jury indictment first. His lawyers have declined to comment on the charges, which could carry the federal death penalty. Friends have described Boelter as an evangelical Christian with politically conservative views. But prosecutors have declined so far to speculate on a motive. STORY CONTINUES BELOW THIS AD
Time of India
31 minutes ago
- Time of India
Donald Trump for the Nobel Peace Prize? After Pakistan, now Congo joins the push
Donald Trump facilitated a peace agreement between the Democratic Republic of Congo and Rwanda. The deal aims to end a thirty-year conflict. As part of the agreement, Rwandan troops will withdraw from eastern Congo. The President of Congo is reportedly considering nominating Trump for the Nobel Peace Prize. The foreign ministers of both nations signed the agreement. Tired of too many ads? Remove Ads Donald Trump Brokers Congo-Rwanda Peace Deal Congo's President Said to Be Considering Trump for Nobel Peace Prize Nomination Tired of too many ads? Remove Ads A Turning Point After 30 Years of War Tired of too many ads? Remove Ads FAQs As the US president Donald Trump, once again positioned himself as a global peacemaker, this time by brokering a peace deal signed by the Democratic Republic of Congo (DRC) and Rwanda, he may even have gotten Congo's support in nominating him for a Nobel Peace Prize after Pakistan, as per a pointed out that he was able to broker a deal for "one of the worst wars anyone's ever seen," adding, "I was able to get them together and sell it," Mr Trump said. "And not only that, we're getting for the United States a lot of the mineral rights from Congo," as quoted by Sky the signing ceremony started, the White House press secretary Karoline Leavitt invited an African reporter and 'friend' Hariana Veras to address the press and attendees in the Oval Office, which included US vice president JD Vance, secretary of state Marco Rubio, and the foreign ministers from the two African countries, according to a Daily Beast READ: Who is Hariana Veras, the woman Trump flirted with? President says she is beautiful and wishes more were like her Veras, who is a White House correspondent based in Cong, told Trump that the president of Congo wants to nominate him for a Nobel Peace Prize, as she said, "President Félix Tshisekedi is thinking of nominating you for the Nobel Peace Prize. You deserve it," as quoted by Sky pointed out that "You have been working to bring peace in the world, not only in the Congo, and he's very hopeful to meet you in the future," adding, "Tshisekedi told me that for many years, American presidents have overlooked this conflict. They didn't do anything," as quoted by Sky READ: Trump's Big, Beautiful Bill sparks panic among MAGA voters: 'We'd lose everything' Her remarks came as both the African nations signed the peace deal, which Rubio called it "an important moment after 30 years of war," according to the foreign minister Therese Kayikwamba Wagner also pointed out about the millions of victims of the conflict, while signing the agreement with Rwandan foreign minister Olivier Nduhungirehe, as per the Sky News per a copy seen by Reuters, the peace agreement, which was signed by the foreign ministers, pledges to implement a 2024 deal that would see Rwandan troops withdraw from eastern DRC within 90 days, as reported by Sky READ: US unleashes 30,000-pound bunker-busters on Iran — but scientists say Tehran's concrete may have won the day Wagner said that, "Some wounds will heal, but they will never fully disappear," adding, "Those who have suffered the most are watching. They are expecting this agreement to be respected, and we cannot fail them," as quoted in the Nduhungirehe pointed out the "great deal of uncertainty" as earlier agreements were not put in place, according to Sky News. He said, "There is no doubt that the road ahead will not be easy," and added, "But with the continued support of the United States and other partners, we believe that a turning point has been reached," as quoted by Sky READ: California's AB5 Law under fire, nail techs sue state over worker classification – what the law states? A Congolese reporter said President Tshisekedi wants to nominate Trump for the Nobel, but it hasn't been made official yet, as per Sky News helped bring leaders from DRC and Rwanda together to sign a peace agreement, with the aim to end a decades-long war, as per the report.
