The United States Senate is debating President Donald Trump’s “One Big Beautiful Bill“, which promises sweeping tax breaks, as Republicans hope to pass it before Friday’s Independence Day holiday.On Saturday, the Senate voted 51-49 to open debate on the latest 940-page version of the bill, despite two Republican senators joining the Democrats to oppose the motion. Trump’s Republicans hold 53 seats in the Senate, and Democrats hold 47.
What’s next if the Senate passes the bill?
On May 22, the Republican-controlled House of Representatives passed an earlier version of the bill in a 215-214 vote.
That bill has been revised by the Senate, and both chambers of Congress must pass the same legislation for it to become law. If the Senate passes its version, then members from both chambers would work to draft compromise legislation that the House and Senate would have to vote on again. Republicans hold 220 seats and Democrats hold 212 in the House.
If the compromise bill is passed, it would advance to Trump, who is expected to sign it into law.
So, who would be some of the winners and losers if the bill – opposed by Democrats and some conservatives – becomes law?
Who would benefit from the bill?
The groups who would benefit include:
High-income households
The bill would extend tax cuts that Trump introduced during his first term. While Trump has pitched this as a gain for the American people, some will benefit more than others.
More than a third of the total cuts would go to households with an annual income of $460,000 or more. About 57 percent of the tax …
