The U.S. Senate has unveiled a $4.2 trillion tax reform plan, which may be legislated before Independence Day.

On June 28, the Republican-controlled Senate in the United States announced a new version of a $4.2 trillion tax and spending plan, with the voting procedure about to commence as the July 4 deadline set by Trump approaches.

According to reports, the new draft reflects a compromise among various factions within the Republican Party. Previously, there were disagreements within the party regarding the extent of cuts to social security programs such as Medicaid, as well as the pace of gradually eliminating the renewable energy tax credit policies established during the Biden administration. The draft includes a temporary agreement reached with House Republicans to raise the state and local tax (SALT) deduction limit from $10,000 to $40,000, effective for five years, after which it will revert to the original standard. Republicans plan to initiate the vote procedure for the tax reform bill as early as noon local time on Saturday (midnight Beijing time on Sunday), with the final vote possibly scheduled for early Sunday morning (afternoon Beijing time on Monday). Party leaders intend to recall House members early next week to complete the legislative process before the deadline set by Trump on Independence Day.