This Independence Day on 4 July, US President Donald Trump delivered his poll promise to millions of senior citizens who have been yearning for substantial tax relief that could transform their retirement years.

President Trump repeatedly stated that he wanted to end Social Security benefit taxes, but that's not what the OBBB does. Instead, it adds a new $6,000 tax deduction for seniors ($12,000 for married couples) that they can claim on top of the standard deduction and existing senior deduction. Here's a closer look at how this adds up:

Up to 85 percent of Social Security benefits can be taxed—but a new deduction will reduce how much seniors need to pay.