Senate GOP Budget Picture: Senate Republicans Plan to Release Major Revisions to Trump’s Tax Bill

The Senate Finance Committee’s plan to extract savings from the Medicaid and — perhaps — Medicare health insurance programs could depart in key respects from the version of the giant bill that narrowly passed the US House in May. The release of the panel’s draft will likely touch off a new round of wrangling between fiscal conservatives and moderates.

Senate Republicans want to scale back the $350 billion cost of increasing the [SALT] cap from $10,000 to $40,000 for those making less than $500,000.

House Speaker Mike Johnson and a group of Republican members from high-tax states have warned that any diminishing of the SALT cap would doom the measure

To pay for [tax breaks for businesses], which most economists rank as the most pro-growth in the overall tax bill, senators may restrict temporary breaks on tips and overtime

[They may also scale back cuts to green energy tax credits.] Banks are especially interested to ensure that tax credits on their balance sheets as part of renewable energy financing aren’t rendered worthless by the bill. [Certainly can't have unhappy banks]

Medicaid and Medicare cuts present the most daunting challenge in the committee’s draft. [Situation murky, ask again later.]

see also:

Senate GOP leader faces pushback after members blindsided by Trump bill​

Senate Republicans who raised red flags over Medicaid spending cuts the House passed say they were blindsided by the Senate’s version of the bill, which would cut Medicaid by several hundred billion dollars beyond what the House proposed.

They are warning that the Finance Committee’s language will cause dozens of rural hospitals to close in their home states, require lower-income Americans to pay more for medical procedures and shift costs onto the states.