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.

U.S. Senate Republicans have unveiled their version of President Donald Trump's sweeping tax-cut and spending bill that is broadly similar to the legislation that narrowly passed the House of Representatives last month.