In the classic Schoolhouse Rock song “I’m Just a Bill,” the bill laments the prospect of waiting with other bills, hoping to become a law. But President Donald Trump’s “Big Beautiful Bill” didn’t have to wait—it sped through Congress in recent days and landed on his desk in time for him to sign it into law by his July 4 deadline.

Trump's 'Big Beautiful Bill' contains roughly $4.5 trillion in tax cuts and solidified the tax cuts from Trump’s first term. The wealthiest families will enjoy a $12,000 increase at the cost of the poorest people having to pay an additional $1,

President Trump repeatedly stated that he wanted to end Social Security benefit taxes, but that's not what the OBBB does. Instead, it adds a new $6,000 tax deduction for seniors ($12,000 for married couples) that they can claim on top of the standard deduction and existing senior deduction. Here's a closer look at how this adds up: