These are some of the key tax changes in President Donald Trump’s "big beautiful" bill and how the current law compares to the new legislation.

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.

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: