Taxpayers earning $1 million or more are expected to see a boost in after-tax income of about 3% under President Donald Trump’s “big beautiful bill.” The existing $10,000 cap on SALT deductions will rise to $40,000 for those making less than $500,000, with the income threshold rising 1% a year. The Senate version of the bill raises the threshold to qualify as a “small business” from $50 million to $75 million. There are also changes to the estate and gift tax, itemized deductions and charitable deductions. A view of the US Capitol in Washington, DC, on June 30, 2025. Jim Watson | Afp | Getty Images
The wealthy will likely see a host of new tax breaks in President Donald Trump’s “big beautiful bill,” along with permanent extensions of many of the 2017 tax cuts, according