One tax expert says a proposed $4,000 bonus deduction is a 'far cry from the savings' that many would see with no taxes on Social Security benefits.

The bill passed by the House would raise the standard deduction by up to $4,000 for those 65 and over, starting in 2025 to 2028.

For millions of Americans, Social Security is a cornerstone of their retirement income. A significant portion, 30% of Americans, expect Social Security to be their sole financial resource in retirement.