On June 16, 2025, the Senate Finance Committee released the Senate version of the tax bill. Many of the tax provisions in the Senate Finance bill are similar to the tax provisions found in the House-passed One Big Beautiful Bill Act (OBBBA). The bill preserves Trump’s tax cuts from his 2017 TCJA bill and creates several new tax breaks that Trump championed during his presidential campaign, such as eliminating certain taxes on tips and overtime. However, there are key differences in a range of areas including Medicare, green energy, higher education and business taxes. To offset the cost, the bill proposes to repeal some clean energy tax credits and scale back Medicaid benefits spending even more than the House-passed bill.

• Other key provisions can be found here.
• A full section-by-section can be found here.
• A high-level overview of the bill can be found here.
• The bill text can be found here.

Senate Republicans have raised concerns over some of the provisions in the tax bill and many have spoken out saying they will not vote for the legislation as currently drafted. Senate Republicans can only lose three votes and still pass the legislation.