What’s in the Trump Tax Bill That Just Passed the Senate (1)

July 1, 2025, 8:29 PM UTC

President Donald Trump’s multitrillion-dollar tax and spending package moved closer to reality after it passed the Senate Tuesday.

Republican senators altered an earlier version approved by the House to make deeper cuts to safety-net programs such as the Medicaid health insurance for the poor and disabled. The Senate bill also would speed up elimination of clean energy tax breaks.

Businesses benefit from Senate changes that would make permanent a series of breaks that had been offered only temporarily in a House version, as well as a more generous break for companies in high-tax states.

WATCH: Republicans pass Trump’s tax and spending bill after a marathon Senate session. Source: Bloomberg

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