The Senate Finance Committee (SFC) has released its version of The One, Big, Beautiful Bill. There are several changes from the U.S. House version that passed in May 2025. For example, it creates a $6,000 deduction for qualified seniors (65 or older and under certain income thresholds), $2,000 more than the House’s deduction for eligible seniors. The SFC’s proposed bill also contains a $10,000 state and local tax (SALT) deduction cap, which lawmakers say is open to negotiation. This is compared to the $40,000 SALT cap passed by the House. To be enacted, the SFC bill would need to pass the full Senate and House before being sent to President Trump for his signature.
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