Senate Republicans are revising President Trump's tax proposal, aiming to lower state and local tax deductions and to decrease Medicaid funding more than their House colleagues. The Senate version includes adjustments to the controversial 'revenge tax' on foreign investments, delaying its implementation until 2027 and reducing potential rates. Meanwhile, the cap on state and local tax deductions is set to decrease significantly from $40,000 to $10,000, facing resistance from House representatives of high-tax states. These changes reflect a strategic effort to secure broader Republican support for the tax overhaul.
Senate Republicans plan to modify Trump's tax package by lowering state and local tax deductions, cutting Medicaid further, and altering the 'revenge tax' on foreign investors.
By postponing the revenge tax until 2027 and limiting its increase, Senate Republicans aim to reduce the financial burden on foreign investors while still addressing tax concerns.
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