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

Now that President Donald Trump signed the bill, workers will be able to deduct up to $25,000 in reported tips and $12,500 in overtime pay from their taxable income on their federal tax returns.

At the White House on the Fourth of July, President Donald Trump held a “ Big Beautiful Bill ” signing, complete with B-2 bombers.