Tax breaks in the megabill, like no taxes on tips and overtime, only apply to people at certain income levels.

In addition, the personal exemption, miscellaneous itemized deductions and moving expenses for many filers that were dropped by the 2017 overhaul are now gone permanently. The mortgage interest deduction will still be allowed only for up to $750,000 of eligible debt, with no adjustment for inflation.

President Donald Trump signed his massive spending and social policy bill into law during an Independence Day event at the White House on Friday. The new law will provide substantial tax relief for affluent Americans,