The U.S. Senate has released a new version of the Trump tax reform bill, which is scheduled for a vote in the coming days.

BlockBeats News, June 28th, the U.S. Senate controlled by the Republican Party released a new version of a $4.2 trillion tax and spending plan, as the deadline set by Trump on July 4th approaches, the voting process is about to begin.

It is reported that the new draft reflects a compromise among various factions within the Republican Party. Previously, there were differences within the party on the extent of cuts to social security projects such as medical subsidies, and the speed of phasing out the renewable energy tax credits policy from the Biden administration era. The draft includes a temporary agreement reached with House Republicans to raise the limit on State and Local Tax (SALT) deductions from $10,000 to $40,000 for five years, after which it will revert to the original standard. Republicans plan to start the tax reform bill voting process as early as noon on Saturday local time (early Sunday morning Beijing time), with a final vote possibly scheduled for early Sunday morning (Monday afternoon Beijing time). Party leaders plan to recall the House members early next week in hopes of completing the legislative process before the deadline set by Trump for Independence Day. (Jinse)