President Donald Trump on Friday signed into law his sweeping tax cut and spending package, what he’s called the “big, beautiful bill,” in a Fourth of July ceremony packaged with patriotic pomp and symbolism.

Congress has signed off on a $3.4 trillion legislative package featuring new tax breaks, spending cuts, and more funding for defense and immigration enforcement, delivering President Donald Trump his “big, beautiful bill” despite rumblings from fiscal hawks about the projected $4 trillion it could add to the national debt over the next decade.

President Trump repeatedly stated that he wanted to end Social Security benefit taxes, but that's not what the OBBB does. Instead, it adds a new $6,000 tax deduction for seniors ($12,000 for married couples) that they can claim on top of the standard deduction and existing senior deduction. Here's a closer look at how this adds up: