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.

The Senate’s version of the One Big Beautiful Bill Act tax legislation is slightly less populist than the House bill and is more in tune with the GOP’s traditional supply-side orientation. The tax portion of the bill released by the Senate Finance Committee on Monday includes some significant changes from the House version,

The Senate released its draft version of the “big, beautiful” tax bill, which differs in major ways from the House bill. Here’s what you need to know.