An analysis by CRFB finds the Senate's One Big Beautiful Bill Act would hasten Social Security and Medicare trust fund depletion, potentially triggering benefit cuts in 2032.

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.