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 legislation now heads to the House for possible final approval, though a handful of Republicans there have already voiced opposition.

WASHINGTON (AP) — The House has passed the massive tax and spending cuts package that President Donald Trump calls “beautiful,” getting it to his desk a day before the July 4 deadline that he had set.