Tweaks to the Senate tax plan include a change that will help to ease the concerns of two Republican senators.
Under the revisions released Tuesday night, the child tax credit would double from $1,000 per child. The previous Senate plan called for raising the credit to $1,650.
Sens. Marco Rubio, R-Fla., and Mike Lee, R-Utah, pushed for a $2,000 per child credit, saying it would provide more relief to middle-income taxpayers. They cheered the move after the amended bill's release.
In a tweet, Rubio called the change "good news for working families" and added, "we are making progress."
Rubio: Good news for working families, the Senate # TaxCutbill now has # ChildTaxCreditat 2K. We are making progress
Lee tweeted that he was "thrilled" about the revision and said it could give "unprecedented tax relief for working moms and dads."
Lee: I am thrilled to hear that the revised Senate tax reform proposal will double the child tax credit to $2,000 per child. I eagerly await the release of more details. But if true, this could provide unprecedented tax relief for working moms and dads:
President Donald Trump's daughter and advisor, Ivanka, has also pushed for a larger child tax credit.
Senate Republicans, who hold 52 of 100 seats, need every vote they can get to pass their tax plan. They can only lose two votes and still approve a tax bill with the majority needed under special budget rules.
The Senate Finance Committee aims to approve the bill this week. Republicans want the full Senate to pass it during the week after Thanksgiving. The House GOP hopes to pass its version on Thursday.
Major analyses of versions of the Senate plan have estimated that most Americans would have a lower tax burden if it passed. However, millions are expected to see tax increases under the bill, due to the elimination of provisions like state and local tax deductions.
Under the revised Senate bill, individual tax cuts would also expire after 2025. A corporate tax reduction would be permanent.