Higher earners could benefit most from the tax bill in the short run, but future generations of all incomes would be 'worse off,' per a new analysis.

The Congressional Budget Office projects the bill would increase federal deficits over the next 10 years by nearly $3.3 trillion from 2025 to 2034.

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.