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 nonpartisan Congressional Budget Office said Wednesday that the “One Big Beautiful Bill Act” – in its current, House-passed form – would add $2.4 trillion to the national debt over the next decade, while also resulting in 16 million more Americans without health insurance by 2034.