What the bill does do is provide a temporary tax deduction of up to $6,000 for seniors aged 65 and older. The tax break is available to people with an adjusted gross incomes of $75,000 or less and $150,000 or less for couples filing jointly. The deduction is set to expire at the end of 2028.

President Donald Trump will meet with his Cabinet at the White House at 11 a.m. Tuesday for the first time after signing the One Big Beautiful Bill Act late last week. Trump signed the sweeping legislation on Friday’s Fourth of July holiday,

The Big Beautiful Bill, officially signed into law on July 4, makes major changes to the tax code this year. After significant jaw-boning and contentious debate, President Donald Trump successfully won enough support in the House and Senate to usher the 900-plus page One Big Beautiful Bill Act across the finish line.