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Senate Finance Committee's version of the 'big, beautiful bill' sets up a potential clash with the House

The Senate Finance Committee has unveiled its version of a comprehensive tax reform bill, described as "big and beautiful" by its proponents, aiming to overhaul the U.S. tax system. This version of the bill focuses on reducing tax rates for individuals and corporations, simplifying the tax code, and increasing the standard deduction. Key features include lowering the corporate tax rate from 35% to 20%, doubling the standard deduction for individuals, and eliminating several tax deductions and credits to offset the revenue loss. The bill also proposes changes to the estate tax and the alternative minimum tax, with the goal of stimulating economic growth and making the tax system more equitable. The proposal has sparked debate among lawmakers, with supporters arguing it will boost the economy and critics expressing concerns about its impact on the federal deficit and its benefits for the wealthy.

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[ https://abcnews.go.com/Politics/senate-finance-committees-version-big-beautiful-bill-sets/story?id=122910234 ]