The revised version of the Republican tax cut bill in the US Senate proposes to raise the debt ceiling by 5 trillion yuan

According to a report by Golden Finance, US Senate Republicans announced on Tuesday the revised tax and healthcare provisions in Trump's trillion dollar economic plan, which is a crucial step towards achieving their goal of passing the bill by July 4th. The new bill expands some tax incentives while raising the debt ceiling by $5 trillion, an increase from the $4 trillion in the version passed by the House of Representatives. This version basically follows the framework of the House bill, as Republican leaders in the Senate attempt to avoid lengthy negotiations on the substance of the bill - if the Treasury Department cannot continue to take unconventional debt ceiling measures in mid August, the United States may face the risk of debt default. The draft clearly lacks an agreement on state and local tax (SALT) exemptions. The bill temporarily retains the current $10000 SALT deduction cap as a transitional clause, and lawmakers are still negotiating this politically significant tax reduction policy. This legislation largely continues Trump's 2017 tax cuts for families and small businesses, which are set to expire at the end of 2025. The bill also includes a series of new tax cuts, including the President's promised cancellation of tip and overtime taxes during the campaign.