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.

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 to wind and solar projects that had been targeted in the draft being debated on the Senate floor.

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 started construction. Otherwise, wind and solar projects whose ...

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 and ...

The Senate has passed about $9 billion in federal spending cuts requested by President Donald Trump, including deep reductions to public broadcasting and foreign aid

The Senate's version of the One Big Beautiful Bill takes the shine off some of Trump's most popular promises. Here's why.

See how your lawmaker voted on the bill that would let the Trump administration pull back billions in foreign aid and other federal funding.