In a 51-50 vote (with Vice President Vance as the tie breaker), the U.S. Senate passed President Trump’s tax bill on July 1. The bill will add at least $3.3 trillion to the federal deficit, $800 billion more than the U.S. House’s bill, according to the nonpartisan Congressional Budget Office. As expected, the Senate’s bill extends most expiring tax provisions, exempts eligible tips and overtime pay from tax, and provides funding for Republican spending priorities such as immigration enforcement. Its controversial provisions reduce Medicaid and food assistance benefits for low-income Americans and limit or abolish renewable energy tax breaks.
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