The $40,000 cap would begin this year, with the same $500,000 income phaseout, and both figures would rise by 1% annually from 2026 through 2033.

Based on the latest legislative text, here are five key changes proposed in the Senate GOP tax bill. 1. More modest Child Tax Credit — and sharper Medicaid cuts.

Congress passed a giant tax bill that includes the Senate's SALT changes that allow rich Americans in high-tax states to save ...

Republican Senator Joni Ernst has introduced an amendment to the U.S. Senate's tax and spending megabill that would change two of the most contentious parts of that bill and could give a small boost ...

All eyes are now on the House after the Senate narrowly passed a major tax cut and spending bill that is the centerpiece of ...

Business and labor groups earlier this week had blasted the bill's phaseout of tax credits. The Senate bill effectively phases out renewable energy tax credits after 2026 if projects haven't ...

Here's more of what you need to know. Senate tax bill proposals. Like the House version of Trump’s One Big Beautiful Bill Act, the Senate’s proposed bill proposes several tax changes ...