To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video NOW: New federal tax law carries big changes for seniors NEXT:

MILWAUKEE (CBS 58) -- President Donald Trump signed a sweeping tax and spending bill into law on Friday, July 4 that makes his 2017 tax cuts permanent and trims federal benefits.

Randy Winkler of Drake & Associates joined us on Wednesday, Aug. 27 to outline how the "Big Beautiful Bill" could impact people’s budgets.

He said seniors will see a new $6,000 deduction if they make less than $75,000 a year, while many workers who delay retirement or pick up part-time jobs could benefit from tax breaks on tips and overtime pay. On average, households are expected to save about $2,900 annually under the permanent

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