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.

During his campaign, Trump vowed to eliminate taxes on Social Security benefits for retirees. However, the current proposal offers a modest $4,000 deduction, falling short of expectations.

The House passed a sweeping Trump-backed bill that could strip Medicaid from over 7 million Americans. Here's what you need to know.