Trump promised to eliminate the tax on Social Security benefits in his 2024 campaign, but the bill instead adds a new deduction.

Trump's tax and spending law will impact education savings, gambling losses and tips. Here's a breakdown of the highlights.

The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra write-off, which is popularly referred to as the SALT deduction.

Trump's new tax law, known as the "One, Big, Beautiful Bill," brings significant changes for Americans, especially older adults. While it offers tax breaks that could save retirees thousands, it also poses long-term challenges for the Social Security program.

President Trump's 'Big, Beautiful Bill' fulfills one of his campaign promises: no taxes on tips or overtime pay. But workers won't see those changes right away.