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.

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 bill extends the 2017 tax cuts originally passed during Trump’s first term, among other provisions. The president plans to sign it soon.