Senate Republicans introduced tax cuts to prevent a $4 trillion tax hike, including permanent lower tax brackets and new deductions for tips and overtime.

Senate Republicans are proposing deeper Medicaid cuts, including new work requirements for parents of teens, as a way to offset the costs of making President Donald Trump’s tax breaks more permanent.

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.