The debate within President Donald Trump's Republican Party over a massive tax-cut and spending bill returns to the House of Representatives on Wednesday, as party leaders try to overcome internal divisions and meet a self-imposed July 4 deadline.

The $40,000 cap would begin this year, with the same $500,000 income phaseout, and both figures would rise by 1% annually from 2026 through 2033.

The White House has said workers benefiting from the deduction could see up to $2,000 in annual federal tax savings.