Tax credits for crucial clean energy and home energy efficiency projects would be phased out, albeit less quickly.

The Senate Committee on Finance argues that its proposal of changes to the bill "prevents the largest tax hike in history."

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.