US Senate’s $4.2 Trillion Tax Plan Sparks Debate Ahead of Bitcoin Deadline

The U.S. Senate, under Republican control, has unveiled a revised $4.2 trillion tax and spending plan ahead of the July 4th deadline set by former President Trump. This legislative proposal represents a negotiated settlement among competing Republican factions, addressing internal disagreements over social security funding and the phase-out timeline for renewable energy tax credits introduced during the Biden administration. Notably, the plan includes a temporary increase in the State and Local Tax (SALT) deduction cap from $10,000 to $40,000 for five years, after which it will revert to previous limits. The GOP aims to initiate the voting process as early as Saturday noon local time, with a final vote anticipated by Sunday morning. Congressional leaders are mobilizing House members to expedite the bill’s passage, targeting completion before the Independence Day deadline. This development is critical for market watchers tracking fiscal policy shifts impacting the broader economic and crypto sectors.