The "big, beautiful bill" will add trillions to the national debt through tax cuts, and millions of people could lose their health insurance.

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 legislation now heads to the House for possible final approval, though a handful of Republicans there have already voiced opposition.