Senate GOP tax plan revealed: Here's what you need to know

Tax Bill Overview - The Senate's multi-trillion tax bill faces challenges from both House and Senate Republicans [2] - Concerns arise regarding Medicaid cuts, particularly limiting the provider tax states can charge to healthcare providers [2] - Overall cost is a concern, with calls for more spending cuts due to the national debt of $37 trillion [3] Key Provisions and Changes - The Senate bill makes key tax breaks for businesses permanent, including research and experimenting, faster depreciation, and deducting interest [4] - The Senate bill slows down the phase out of clean energy tax credits compared to the House bill [4] - The Senate bill would blunt the impact of the revenge tax on foreign countries and investors, allowing more time for negotiation with the US [5] State and Local Deduction Cap - The Senate's state and local deduction cap will be lower than the House's proposed $40,000 [5] - Republican House members from high tax states threaten to sink the Senate bill if the cap goes a dollar under $40,000 [5] Timeline - Congress aims to finalize the bill by July 4th [6]