A new tax break aimed at seniors may lighten the load on retirees’ Social Security income, but it’s not as sweeping or permanent as some headlines suggest. Tucked inside the “One Big Beautiful Bill,” signed into law by President Donald Trump on July 4,

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.