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.

The Trump administration's initial promise to eliminate federal taxes on Social Security benefits has transformed into a more modest proposal. The current bill offers a temporary deduction, resulting in significant annual savings compared to the original plan.