The $40,000 cap would begin in 2025, with the same $500,000 income phaseout, and both figures would rise by 1% annually from 2026 through 2033.

Speaker of the House Mike Johnson (R-Louisiana) and his lieutenants still have work to do with the House to meet a July 4 deadline to get the tax bill to President Donald Trump's desk for his signing. (Tom Brenner/For The Washington Post) You could argue that the easy part is over.