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.

All eyes are now on the House after the Senate narrowly passed a major tax cut and spending bill that is the centerpiece of President Donald Trump's agenda.

The measure would extend trillions of dollars in tax cuts from Trump’s first term and implement new campaign promises while spending billions on immigration enforcement.