Core Points - The U.S. Senate has unveiled a new version of the Trump tax reform plan, which amounts to a $4.2 trillion tax and spending proposal, with a vote expected soon as the July 4 deadline approaches [1] - The new draft reflects compromises among various factions within the Republican Party, particularly regarding cuts to social security programs and the pace of phasing out renewable energy tax credits established during the Biden administration [1] - The proposal includes a temporary agreement with House Republicans to raise the state and local tax (SALT) deduction limit from $10,000 to $40,000 for a period of five years, after which it will revert to the original limit [1] - The Republican leadership plans to initiate the voting process for the tax reform bill as early as Saturday noon local time, with the final vote potentially scheduled for early Sunday [1] - House members are expected to be recalled early next week to complete the legislative process before the Independence Day deadline set by Trump [1]