The Trump administration's 'One, Big, Beautiful Bill' promised to end Social Security taxes. However, it doesn't eliminate them but introduces new deductions for seniors, effectively reducing taxes for many.

Legislation does not eliminate the tax on Social Security benefits, but it does provide a tax deduction that can cover taxes on those benefits.

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.)