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 at the end of 2028.

The legislation will also lead to lower tax rates for many private equity-backed companies by enshrining tax deductions for interest on debt and expanding them to include depreciation and amortisatio...