Here are the key Big Beautiful Bill differences that the House and Senate will have to reconcile
The Senate version of President Trump’s “One Big Beautiful Bill” that passed a key procedural vote late Saturday has some big differences to the version the House approved.Two Republican Senators — Thom Tillis (R-NC) and Rand Paul (R-KY) were the lone GOP holdouts in the 51-49 vote after caucus leadership spent hours rallying support for the multi-trillion-dollar bill.The current version of the bill, which Senate lawmakers got their first look at Friday night, clocked in at 940 pages, and is largely in line with what the House narrowly approved in May.The Senate is expected to to make a final vote on its version of the bill as early as Monday.Both versions will make Trump’s 2017 tax cuts permanent, reduce taxes on tips and overtime, increase border security funding and slash green-energy tax credits passed during the Biden administration — including the $7,500 credit for buying Teslas and other EVs.But, the marquee legislation will require the Senate and House to reconcile their versions before the bill can be fully approved and go to President Trump for his signature.Both versions of the bill include a number of Trump’s promised tax incentives — some $3.8 trillion in tax cuts in all — but differ slightly when it comes to raw numbers.The Senate version would allow Americans to deduct as much as $12,500 for overtime pay and up to $25,000 in tip income through 2028 — reductions that would drop for those making $150,000 or more.
The House version didn’t put limits on the deductions.The child tax credit would jump from $2,000 to $2,200 per child under the Senate bill, and adjust for inflation after this year.
The House version, however, would raise the credit to $2,500 temporarily before lowering it back to $2,000 and adjusting it for inflation.One of the most significant differences in the Senate bill is a provision to permanently expand the standard deduction.The House version would only see it expanded through 2028.
Senate lawmakers also rais...