The "one big, beautiful bill" includes a new tax break for coastal elites. It's a deduction for up to $40,000 of state and local taxes.

If the House provision is enacted, the SALT cap would rise to $40,000, up from $30,000 in the previous plan, and phase out over $500,000.

The higher SALT cap would mean millions of mostly high-income taxpayers in high-tax states would save thousands of dollars off their taxes. The changes could go into effect for th