Under current law, the maximum child tax credit is $2,000, which will revert to $1,000 after 2025 without action from Congress. Both House and Senate proposals would increase the top credit, but phase-ins would mirror the current tax break.

U.S. Senate Republicans on Monday unveiled proposed changes to President Donald Trump's sweeping tax-cut and spending bill that would make some business-related tax breaks permanent while making more limited the deduction for state and local income taxes,

Two weeks after the House adopted a sprawling package of tax cuts, Senate Republicans on Monday unveiled their legislative vision proposing a series of tweaks that would primarily enhance the benefits provided to businesses.