'Most taxpayers will see a cut': Senate's tax plan for Trump’s spending package would permanently extend TCJA cuts

This week, the Senate Finance Committee released details on its version of President Donald Trump’s “big, beautiful” budget bill.

The committee’s text reveals some departures from the version of the legislation that passed the House last month, including differences in Medicaid rules, state and local tax deduction limits and clean energy tax credits.

The differences could set up the two chambers to duke it out over the details as they approach a self-imposed July 4 deadline to get the legislation on Trump’s desk.

If you’re wondering if your taxes are likely to go down next year, the answer is almost certainly, “yes.”

That’s because both versions of the bill permanently extend the tax cuts introduced in the 2017 Tax Cuts and Jobs Act, while also introducing a new slate of breaks for filers.