Taxpayers earning $1 million or more are expected to see a boost in after-tax income of about 3% under President Donald Trump's "big beautiful bill." The existing $10,000 cap on SALT deductions will rise to $40,

The bill proposes raising the state-and-local-tax deduction cap to $40,000 with a 1% increase every year through 2029, then reverting to $10,000 in 2030. It sets the income threshold at $500,000 and increases it by 1% annually through 2029.

The Senate passed President Trump's sweeping spending package, including work requirements for some Medicaid recipients.