The bill proposes a new $6,000 per-person tax deduction for seniors. The maximum deduction starts phasing down once income surpasses $75,000 per person, or $150,000 for joint filers. Then it phases out completely once income crosses $175,000 per person or $250,000 per couple.

The House passed Senate Republicans’ version of the reconciliation package on Thursday 218-214 in a largely party line vote. Only... The bill will now head to President Trump’s desk. He is expected to sign it on July 4.

The Senate passed President Donald Trump’s signature tax-and-spending legislation on a party-line vote that marks the largest overhaul to the tax code since 2017.