House and Senate Republicans are taking different approaches when it comes to the tax cuts that lawmakers are looking to include in their massive tax bill

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.

Senate Republicans have released their version of the tax legislation. It included some significant changes from the House version of the tax bill.