President Trump's new tax bill, passed by the House and headed to his desk, significantly benefits high-income earners. Millionaires could see a 3% after-tax income boost, averaging $75,000 more annually. Key changes include raising the SALT deduction cap to $40,000, increasing the qualified small business stock benefit, making the estate tax permanent with higher exemptions, and slightly limiting itemized deductions for the wealthy. These provisions largely extend and expand the 2017 tax cuts.

Prepared by Christopher Adams and reviewed by editorial team.