The legislation is the result of weeks of intraparty and bicameral negotiations among House and Senate Republicans.
Senators on the morning of June 30 will begin a marathon vote series dubbed a “vote-a-rama” to pass their version of the One Big Beautiful Bill Act, with the vote expected to go late into the day, possibly wrapping up sometime on July 1.
The legislation, resulting from weeks of intraparty and bicameral negotiations among House and Senate Republicans, would implement sweeping changes to U.S. policy and funding over a 10-year period in order to carry out President Donald Trump’s “Make America Great Again” agenda.
Trump hopes for final passage of the bill by July 4. The Senate earlier approved advancing the legislation in a 51–49 vote, in which Sens. Rand Paul (R-Ky.) and Thom Tillis (R-N.C.) joined Democrats in voting against the procedural measure.
The vote series on the mammoth bill, clocking in at over 940 pages, comes after a 16-hour reading of the package beginning-to-end on the Senate floor as requested by Sen. Chuck Schumer (D-N.Y.).
The Congressional Budget Office projected in updated estimates released on June 27 that the reconciliation budget bill, which touches on practically every area of American policy and the budget, will increase the deficit by around $3.25 trillion, albeit within the confines set by the filibuster-proof reconciliation process being used to advance the legislation.
Here are the main components of the bill.
2017 Tax Cuts Extended
The centerpiece of the legislation is its extension of the tax cuts initially included in the Tax Cuts and Jobs Act of 2017 during Trump’s first term in office.
That law slashed marginal tax rates across the board, with most brackets seeing around a 2 percent to 4 percent cut. If these cuts aren’t extended, tax rates will return to their pre-2017 levels at the end of fiscal year 2025 on Sept. 30—an eventuality that Republicans are anxious to avoid.
Child Tax Credit Boosted
The bill would boost the Child Tax Credit from $2,000 to $2,200, and make the credit permanent.
Reduced Taxes on Overtime, Car Loans, Tips
The bill would implement some of Trump’s core campaign promises on tax policy, reducing taxes on tips, overtime pay, and car loans.
The bill would allow taxpayers to deduct the first $25,000 in income earned from tips, up to $12,500 in income from overtime pay for single filers or up to $25,000 for joint filers, and up to $10,000 of car loan interest on American-made vehicles.
By Joseph Lord
