Taxpayers earning $1 million or more are expected to see a boost in after-tax income of about 3% under the One Big Beautiful Bill.

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.