Donald Trump wants to sign his 'big beautiful' tax and spending bill into law July 4. Here's where it stands before the final vote in Congress.

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

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.