President Donald Trump met with House Republicans on Tuesday to try to persuade holdouts within the party to move forward with the GOP’s big tax bill, which contains much of the president's domestic agenda.

But the deadline to finalize the legislation is fast approaching. House Speaker Mike Johnson wants a vote on the bill ahead of Memorial Day, but House Republicans recently agreed on one of the more thorny issues: They're on board to increase the state and local tax deduction from $10,000 to $40,000.

Marketplace’s Nova Safo wanted to know more about what the bill could mean for taxpayers' bottom line. He spoke with Tim Steffen, director of advanced planning at Baird Private Wealth Management, for more. The following is an edited transcript of their conversation.

Nova Safo: Much of the bill is about extending existing tax cuts passed in 2017. What does that mean in terms of what's retained and who benefits?

Tim Steffen: So among the big things that are kept in place would be the existing tax rates and brackets that otherwise would all have gone up by two to four percentage points each; a number of the rules and policies regarding deductions — so the larger standard deduction — would remain in place; the elimination or narrowing of several of the itemized deductions would remain in place; a little bit of expansion on some of the estate tax provisions that are out there. So it's primarily keeping in place most of what was enacted in 2017 that, barring anything else, would have all expired or sunset it at the end of this year.

Safo: And the new tax cuts being proposed, what are those?

Steffen: The “big three” that President Trump talked about during his campaign were eliminating the taxes on tip income, overtime income and Social Security benefits. This provision would address two of those directly by providing an exemption for tip income for those in employment or in industries that are typically associated with tip income. It would eliminate a portion of overtime income. Both of those would apply to non-highly compensated individuals, so those with incomes below a certain threshold. The Social Security one, that would be a tougher one to do as part of this reconciliation process. They did try to increase the standard deduction for senior citizens, just to help address that a little bit.

Safo: A lot of the folks listening to this right now will also have health savings accounts, college savings accounts. I understand there's language in the bill that has implications for those. Tell us about that.

Steffen: So the health savings accounts — frankly, that's one of the best savings vehicles we have available to us available to us today. It offers benefits that really no other account does. This proposal would take that existing program and greatly expand it, by one: effectively doubling the amount of money that can go into those accounts. Now, that increase would be phased out for people at higher levels of income. It would expand people who are eligible to contribute to them. So currently, if you're on some form of Medicare, you're precluded from contributing. And then there would be some simplification of them, allowing spouses to combine accounts. There would be a little bit more expansion on how those accounts could be used, so what types of expenses would be considered allowed out of a health savings account.

On the 529 side, they would basically expand, again, the opportunity to use those for additional expenses, but also expanding 529 to allow them to be used for post-secondary school accreditation. So if you go to school to get a designation of some kind, and you have to pay for the exam to earn that designation or continuing education classes once you've earned the designation, those would now be allowable expenses under a 529 plan with this proposal.