The bill passed by the House would raise the standard deduction by up to $4,000 for those 65 and over, starting in 2025 to 2028.

The One Big Beautiful Bill is a massive proposed tax and spending package loaded with initiatives that align with Trump’s agenda. As it’s currently written, the bill includes major changes to Medicaid, food stamps, border security, taxes and more that have the potential to affect millions of Americans.

The Education Department won’t target the Social Security payments of defaulted student-loan borrowers for now, but is still moving forward to offset tax refunds and pursue wage garnishments.