The bill continues tax cuts from President Trump's first stint in the White House, funds his border wall plan, and increases defense spending. The associated fiscal impact of this is offset by reducing federal support for key components of the social safety net, including food assistance and health coverage programs.

Key Points The latest draft of the "One, Big, Beautiful Bill" includes an additional tax cut for seniors.It doesn't apply to high earners or those under age 65.This falls far short of President Trump's promise to end Social Security benefit taxes.

Trump is still saying Social Security benefits won’t be taxed. The reality is that the tax break under discussion is a temporary bonus senior tax deduction whose size depends on which version of the bill makes it into law. The latest version in the Senate includes a $6,000 per person deduction, compared with the House-passed $4,000 deduction.