Senate Republicans passed changes to the federal deduction for state and local taxes, known as SALT. Here's how the SALT deduction cap would affect you.

The final version of the bill will allow workers to deduct up to $25,000 in tips and up to $12,500 ($25,000 in the case of a joint return) in overtime, but the tax law change is temporary and ends Dec.

The U.S. House passed President Trump's massive budget bill on Thursday with a 218-214 vote, two days after the Senate narrowly passed the legislation, 51-50, with Vice President JD Vance giving the tie-breaking vote. Mr. Trump plans to sign the bill at the White House on Friday, July 4.