A plan for the ultra-rich Starting in 2029, those making $30,000 a year or less would see a tax increase, while the top 0.1 percent would get a $309,000 tax cut, on average – an annual tax break that is more than three times what the typical American household earns in an entire year.

What the bill does do is provide a temporary tax deduction of up to $6,000 for seniors aged 65 and older. The tax break is available to people with an adjusted gross incomes of $75,000 or less and $150,000 or less for couples filing jointly. The deduction is set to expire at the end of 2028.

For the super wealthy, the bill makes permanent the doubling of the estate tax exemption from the TCJA. For decedents dying in 2026 and beyond, up to $15 million (and $30 million for couples) is exempt from the federal estate tax, and this exemption will be indexed for inflation.