Here's a look at whether you should be delighted or worried about the bill. (Spoiler: You may want to put away the confetti and noisemakers.)

The newly passed legislation awaits Trump's signature in a White House ceremony on Friday following a 218-214 vote in the House.

The Social Security Administration (SSA) said in a press release last week that the US President Donald Trump's One Big, Beautiful Bill, which was passed as law recently, would offer millions of US seniors significant tax relief on their Social Security benefits.