The U.S. Senate has released a new version of the Trump tax reform draft, which is expected to be voted on soon.

According to Deep Tide TechFlow news, on June 28, the Republican-controlled Senate in the United States announced a new version of a $4.2 trillion tax and spending plan as the July 4 deadline set by Trump approaches, with voting procedures about to start. The new draft reflects compromises among different factions within the Republican Party. Previously, there were disagreements within the party regarding the extent of cuts to social security programs like Medicaid and the pace of phasing out the renewable energy tax credits established during the Biden administration. The draft includes a temporary agreement reached with House Republicans to raise the state and local tax (SALT) deduction cap from $10,000 to $40,000 for five years, after which it will revert to the original standard. Republicans plan to initiate the tax reform bill voting procedures as early as Saturday noon local time (Sunday early morning Beijing time), with the final vote possibly scheduled for Sunday morning (Monday afternoon Beijing time). Party leaders plan to recall House members early next week in hopes of completing the legislative process before the Independence Day deadline set by Trump.