Major elements of the changes include reducing tax rates for corporations and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further ...

How does the "big, beautiful bill" impact Social Security? The bill doesn't eliminate taxes on Social Security, but rather introduces a temporary deduction that beneficiaries can claim to lower their federal income tax. Notably, that deduction applies to all of a senior's income — not just to Social Security benefits.

The Republican Party is often referred to as the GOP. This abbreviation stands for Grand Old Party. Its logo is an elephant. The Republican Party is known to support right-leaning ideologies of conservatism, social conservatism, and economic libertarianism, among other -isms.