Nixing federal income taxes on overtime and tipped income was one of the president's top policy promises during his 2024 election campaign.

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.

A proposal by Senate Republicans would adjust the pace at which some crucial home energy efficiency and electric vehicle tax credits are phased out in timelines different from what House Republicans proposed in the multitrillion-dollar tax bill they passed last month.