For many families, another key source of savings is the child tax credit. Senate Republicans proposed permanently increasing the credit available to parents, which would be set at $2,200 per child, beginning in the 2025 tax year. House Republicans had proposed to bump up the credit to $2,500, but only through 2028.

NEW YORK (Reuters) -U.S. Senate Republicans' proposed changes to President Donald Trump's sweeping tax-cut and spending bill are expected to push U.S. debt levels higher, roughly in line with projections from the House-passed version, analysts said on Tuesday.

Senate Republicans propose to cut trillions of dollars in taxes for households and businesses in their version of President Donald Trump’s signature economic package, a plan that comes at the expense of curbing health coverage for some low-income Americans and adding to US deficits.