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Here's what's in the Senate GOP's version of Trump's 'big, beautiful bill'

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17.06.2025

The Senate Finance Committee on Monday unveiled its portion of President Trump’s “big, beautiful bill,” containing provisions on Medicaid, taxes and green energy tax credits.

The committee’s text is the final piece of the upper chamber’s version of the bill to be released, and was the most highly anticipated. It contains some of the thorniest provisions that Senate GOP holdouts have expressed concerns about, and the issues that could set the upper chamber on a collision course with the House.

The House narrowly passed its version of the legislation last month. Here’s what’s in the Senate’s bill.

2017 tax cuts

The bill makes many of the core elements of their 2017 tax cuts permanent but scales back additional cuts from what the House passed.

The Senate bill locks in existing federal tax brackets, boosts the standard deduction and maintains the termination of personal exemptions — all without sunsets.

In contrast with the House version, the bill sets a lower increase for the child tax credit, raising it to $2,200 per child as opposed to the House’s $2,500.

Taxes on tips

The bill creates new deductions for taxes on tips, overtime pay and car loan interest — a priority of Trump’s that he campaigned on — but doesn’t make them fully deductible.

Tips are deductible up to $25,000 through 2028. Overtime pay is deductible up to $12,500, or $25,000 for joint filers, through 2028. Auto loan interest is deductible up to $10,000, also through 2028.

Medicaid funding

Senate Republicans are taking a bigger swing at Medicaid in........

© The Hill