House Republicans have included a proposal in their tax bill to provide a $4,000 deduction for individuals ages 65 and up. Here's what it may mean for retirees.

Republican-backed legislation now winding its way through the House includes a number of tax breaks promised by President Trump during the campaign, such as eliminating taxes on worker tips and overtime pay,

Additionally, President Trump last month pushed Congress to approve a "big, beautiful" tax and spending bill that fulfills several other campaign promises. "In the coming weeks and months, we will pass the largest tax cuts in American history — and that will include no tax on tips, no tax on Social Security, and no tax on overtime," he said.