A key provision included in the law will raise the cap on the State and Local Tax (SALT) deduction to $40,000.

The bill is deeply unpopular - with nearly 2-to-1 opposition, according to a Washington Post-Ipsos poll conducted in June.

U.S. President Donald Trump signed into law a massive package of tax and spending cuts at the White House on Friday, staging an outdoor ceremony on the Fourth of July holiday that took on the air of a Trump political rally.