President Donald Trump signed his landmark “Big, Beautiful Bill” into law on July 4. The legislation is a large budget reconciliation that implements trillions in tax cuts and allocates more funds for border security, along with many other provisions.
While the bill does not outright eliminate Social Security taxes, as Trump had previously promised, it will indirectly eliminate them for the large majority of Social Security retirees. In fact, over 14 million retirees are about to see lower Social Security taxes under the bill that will materially boost their purchasing power.