By Lauren Young NEW YORK (Reuters) -Affluent earners who live in states with high property and income taxes may see some relief in President Donald Trump's tax plan. The Republican-led U.S. House of Representatives passed a bill on Thursday that would allow a deduction of up to $40,

The House-passed bill includes a large tax cut, as well as more money for defense and immigration enforcement, financed in part by slashing health, nutrition, education and clean energy programs.

A global bonds selloff is accelerating on the heels of a U.S. Treasurys rout. "Markets do not find Trump's "big, beautiful tax bill" beautiful at all," an analyst said. Unease with worsening fiscal trajectories is driving the global bond selloff,

"I think that all of our colleagues here will really like the final product and I think we're going to move forward," House Speaker Mike Johnson told reporters Wednesday evening before the changes were released.