According to ChainCatcher, the Republican-controlled Senate in the United States has unveiled a new version of a $4.2 trillion tax and spending plan. As the July 4 deadline set by Trump approaches, the voting process is about to begin. The new draft reflects compromises among the various factions within the Republican Party.
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 a period of five years, after which it will revert to the original standard. Republicans plan to initiate the voting process for the tax reform bill as early as noon local time on Saturday (midnight on Sunday, East 8 Time), with the final vote possibly scheduled for early Sunday morning (afternoon on Monday, East 8 Time).