Here’s an updated take on the latest developments surrounding the “One Big Beautiful Bill” (OBBBA), widely known as the “Big Beautiful Tax Bill.” This post breaks down where things now stand—just ahead of a possible July 4 deadline—and why this legislation is sparking fierce debate in Washington.

🏛️ What’s in the Senate version?

First up, the Senate Finance Committee unveiled its version on June 16, 2025, making significant changes from the House’s proposal washingtonpost.com+9ft.com+9en.wikipedia.org+9:

• SALT cap stays at $10,000
  Despite the House raising it to $40k, the Senate draft keeps the familiar $10k limit—a move drawing outrage from Republicans in high-tax states washingtonpost.com+5ft.com+5nypost.com+5.
• Even bigger tax break for seniors
  The Senate version ups the senior deduction to $6,000 (phaseouts: 6%) versus the House’s $4,000 (phaseouts: 4%) economictimes.indiatimes.com+12the-sun.com+12whitehouse.gov+12.
• Child Tax Credit trimmed
  Senate reduces it slightly to $2,200 per child, compared to $2,500 in the House version washingtonpost.com+2scrippsnews.com+2investopedia.com+2.
• Green energy and EV breaks curtailed
  Senate softens cuts to Biden-era clean-energy tax credits, extends nuclear, hydro, geothermal incentives to 2036, and phases out wind/solar by 2028. EV tax credits are scrapped barrons.com+8apnews.com+8thetimes.co.uk+8ft.com.
• Medicaid reductions & work requirements
  Senate deepens cuts—provider taxes capped at 3.5% (vs. House’s 6%), adds work requirements for parents of teens nypost.com+3apnews.com+3scrippsnews.com+3investopedia.com+3washingtonpost.com+3nypost.com+3. The CBO estimates the broader bill may cause 10.9 million people to lose health coverage scrippsnews.com+2apnews.com+2en.wikipedia.org+2.
• Deficit surge concerns
  The CBO projects an additional $2.4 trillion deficit over 10 years taxfoundation.org+11apnews.com+11barrons.com+11.

—SALT remains the most explosive issue. House Republicans from high-tax states have warned the Senate version is “dead on arrival” unless the $40k cap is retained whitehouse.gov+14ft.com+14investopedia.com+14scrippsnews.com+13barrons.com+13taxfoundation.org+13en.wikipedia.org+1investopedia.com+1.

With July 4 looming as a symbolic deadline, momentum is building—but so is the risk of collapse.

What’s next?

1. Negotiations & reconciliation between the House and Senate versions—front and center on SALT, senior breaks, and energy incentives.
2. Senate vote, likely mid-to-late June.
3. House response—will they hold firm on SALT or soften?
4. Presidential action—Trump aims to sign before July 4 (per Thune) .

With high-stakes stakes—conflict vs. compromise, deficit vs. relief, red-state vs. blue-state constituencies—the final outcome remains uncertain.

✅ Takeaway

The Big Beautiful Tax Bill is more alive than ever, but hinges on resolving fights over SALT, senior, and green‑energy breaks. Senate’s version tempers some House provisions while amplifying others, but divisions persist. With the clock ticking, Capitol Hill faces a make-or-break moment.

We’ll keep a close eye on the Senate vote and imagine the House will push back hard. Stay tuned for updates as we approach the July 4th finish line!

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