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.

The One Big Beautiful Bill Act, the centerpiece of President Donald Trump's domestic agenda, is to be signed into law on July 4.

Speaking at the Iowa State Fairgrounds, the president used the word "Shylocks" when talking about bankers lending money to family farms.