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.)

The 'One Big Beautiful Bill' has stirred debates over its impact on Social Security benefits. Despite promises to eliminate taxes on these benefits, the current legislation falls short. Instead, it introduces a temporary 'senior bonus' deduction,

During his campaign, Trump promised to eliminate federal taxes on Social Security benefits. While that measure was cut from the final bill, the majority of seniors are still set to receive a tax break.