But the benefits of the deduction, estimated to cost $31 billion over four years, may be limited to a narrow slice of consumers, economists say.

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.

The measure would extend trillions of dollars in tax cuts from Trump’s first term and implement new campaign promises while spending billions on immigration enforcement.