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.

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

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.