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 released a long-awaited version of Donald Trump’s flagship tax bill on Monday, setting up a possible clash with House Republicans over the so-called “big, beautiful bill”. The Senate finance committee published a draft bill that made several significant changes to a version that passed the House of Representatives last month — including keeping the annual cap on the amount of state and local taxes taxpayers can deduct from their federal tax bills,

The Senate’s version of President Donald Trump’s tax bill calls for a $10,000 cap on the state and local tax deduction — a placeholder figure as Republicans remain divided over the valuable tax break.