Donald Trump wants to sign his 'big beautiful' tax and spending bill into law July 4. Here's where it stands as it heads to his desk.

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.

Taxpayers earning $1 million or more are expected to see a boost in after-tax income of about 3% under Trump's megabill.