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.

U.S. Senate Republicans on Monday unveiled proposed changes to President Donald Trump's sweeping tax-cut and spending bill, including making business-related tax breaks permanent while also limiting the deductibility of state and local income taxes,