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.)

Trump promised to eliminate the tax on Social Security benefits in his 2024 campaign, but the bill instead adds a new deduction.

The 'Big Beautiful Bill' signed by President Trump promised to eliminate taxes on Social Security benefits. However, the reality is more nuanced, offering significant tax relief but not a complete elimination.