The Senate’s version of the One Big Beautiful Bill Act tax legislation is slightly less populist than the House bill and is more in tune with the GOP’s traditional supply-side orientation. The tax portion of the bill released by the Senate Finance Committee on Monday includes some significant changes from the House version,

For many families, another key source of savings is the child tax credit. Senate Republicans proposed permanently increasing the credit available to parents, which would be set at $2,200 per child, beginning in the 2025 tax year. House Republicans had proposed to bump up the credit to $2,500, but only through 2028.

Tax credits for crucial clean energy and home energy efficiency projects would be phased out, albeit less quickly.