President Donald Trump signed the One, Big, Beautiful Bill Act this summer, but the legislation’s staggered nature means its full impact will not be seen for several years. Trump and his Republican allies have championed the law because most Americans will continue to pay less in federal income taxes.

“A typical family of four is going to see $6600 to $9200 more in take-home pay thanks to the reforms in this bill,” Barr said.

If taxes no longer apply to Social Security earnings, seniors will have more income to cover basic living expenses such as housing, transportation and health care.