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 in at the end of 2028.

Higher earners could benefit most from the tax bill in the short run, but future generations of all incomes would be 'worse off,' per a new analysis.

Congress passed a giant tax bill that includes the Senate's SALT changes that allow rich Americans in high-tax states to save money, experts say.