Here's a look at whether you should be delighted or worried about the bill. (Spoiler: You may want to put away the confetti and noisemakers.)

A new tax break aimed at seniors may lighten the load on retirees’ Social Security income, but it’s not as sweeping or permanent as some headlines suggest. Tucked inside the “One Big Beautiful Bill,” signed into law by President Donald Trump on July 4,

The White House claims that 33.9 million seniors will earn $670 on average with the $6,000 deduction, but it does not eliminate Social Security taxes.