Because these deductions reduce your taxable income, they're the most beneficial for people in the highest tax brackets. A $1,000 deduction from income is effectively worth $100 to someone in the 10% tax bracket. The same deduction is worth $350 to someone in the 35% bracket.

Donald Trump wants to sign his 'big beautiful' tax and spending bill into law July 4. Here's where it stands before the final vote in Congress.

The House has passed the massive tax and spending cuts package that President Donald Trump calls “beautiful,” getting it to his desk a day before the July 4 deadline that he had set.