What the bill does do is provide a temporary tax deduction of up to $6,000 for seniors aged 65 and older. The tax break is available to people with an adjusted gross incomes of $75,000 or less and $150,000 or less for couples filing jointly. The deduction is set to expire in at the end of 2028.

At its core, the bill permanently extends the tax cuts introduced in the 2017 Tax Cuts and Jobs Act while introducing a raft of new breaks. Some, such as an expanded child tax credit and an above-the-line deduction for charitable contributions, are permanent changes to the tax code.