Here's a look at whether you should be delighted or worried about the bill. (Spoiler: You may want to put away the confetti and noisemakers.)

During his campaign, Trump promised to eliminate federal taxes on Social Security benefits. While that measure was cut from the final bill, the majority of seniors are still set to receive a tax break.

The newly passed legislation awaits Trump's signature in a White House ceremony on Friday following a 218-214 vote in the House.