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.

Higher earners could benefit most from the tax bill in the short run, but future generations of all incomes would be 'worse off,' per a new analysis.

House Republicans have propelled President Donald Trump’s multitrillion-dollar tax breaks and spending cuts bill to final congressional passage.