Senate Republicans’ tax and spending cut 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 Finance Committee unveiled its version of the central piece of President Trump's "big, beautiful bill" on Monday.

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.

The bill creates new deductions for taxes on tips, overtime pay and car loan interest 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.

Notably, the legislation reestablishes the state and........

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