The Senate Finance Committee proposed a "no tax on tips" measure as part of a multitrillion-dollar package of tax cuts. Senate Republicans would cap the tax deduction on tips at $25,000 a year. The House version of the One Big Beautiful Bill Act didn't have a cap.

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.

Senate Republicans have released their version of the tax legislation. It included some significant changes from the House version of the tax bill.