Seniors Set To Receive Big Tax Relief Thanks to Trump, GOP

But all said, the benefit is temporary, set to expire after the 2028 tax season unless it is renewed by Congress, Kiplinger noted.

Trump signed the legislation, known as the “Big, Beautiful Bill” on July 4, 2025.

Earlier this month, to mark the occasion ahead of the nation’s 250th birthday, the White House put out a press release touting the legislation’s accomplishments.

“The success of President Trump’s widely popular tax breaks, like No Tax on Tips, No Tax on Overtime, No Tax on Social Security and Made in America Car-Loan deductions, is undeniable,” the statement said.

“A look at the first-year’s results shows that nearly 70% of filers who received a tax cut earned less than $100,000,” it added.

The release also included several things the legislation achieved: