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.

Nixing federal income taxes on overtime and tipped income was one of the president's top policy promises during his 2024 election campaign.

U.S. Senate Republicans' proposed changes to President Donald Trump's sweeping tax-cut and spending bill are expected to push U.S. debt levels higher, roughly in line with projections from the House-passed version,