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.

The bill creates a new deduction specifically for seniors 65 and over, which would relieve the tax burden on some 88% of them.

The Council on Economic Advisers says the One Big Beautiful Bill includes the largest tax break in American history for seniors.