The US Senate has released a new version of Trump's tax reform draft to be voted on in the near future

The Republican-controlled Senate has unveiled a new version of a $4.20 trillion tax and spending plan, which is set to begin voting as a July 4 deadline set by Trump approaches. The new draft reflects a compromise among factions within the Republican Party. The party has previously been divided over the extent of cuts to social security programs such as Medicaid and the pace of phasing out the renewable energy tax credit under the Biden administration. The draft contains a tentative agreement with House Republicans to raise the state and local tax (SALT) deduction limit from $10,000 to $40,000 for a valid period of five years, after which it will return to the original standard. Republicans plan to start voting on the tax reform bill as early as noon local time on Saturday (early Sunday morning Beijing time), and a final vote could be scheduled for early Sunday (Monday afternoon Beijing time). Party leaders plan to recall members of the House of Representatives early next week in order to complete the legislative process by Trump's Independence Day deadline. (Jin Ten)