The Tax Policy Center, which provides nonpartisan analysis of tax and budget policy, projected the bill would result next year in a $150 tax break for the lowest quintile of Americans, a $1,750 tax cut for the middle quintile, and a $10,950 tax cut for the top quintile. That’s compared to what they’d face if the 2017 tax cuts expired.

The president's spending bill came down to the wire with three Republican senators ultimately choosing not to support his cuts.

The $40,000 cap would begin this year, with the same $500,000 income phaseout, and both figures would rise by 1% annually from 2026 through 2033.