$63 billion in tax relief for America's seniors? Here's when the new changes in Social Security will begin

President Trump's 'One Big Beautiful Bill,' enacted on July 4th, introduces a $6,000 tax deduction for seniors aged 65 and older, potentially exempting 88% from Social Security taxes. While offering immediate relief to middle and upper-middle-class retirees, experts caution about the bill's potential impact on Social Security's long-term solvency, projected to affect benefits by 2033.