Related: How the IRS taxes Social Security income in retirement. The new tax break is welcome news for the over 66 million Americans who collect Social Security income, including

A Republican tax proposal could give people age 65 and older an additional deduction of $4,000 in a “senior bonus” that would ease the tax burden on older adults — although it would not end taxes on Social Security, which President Trump campaigned on.

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.

Millions of recipients could soon be entitled to the tax break, should the provision make its way into the final bill.

A new bill would tax income over $400K to help fix Social Security’s funding gap and avoid 17% benefit cuts by 2035.

House Republicans on Monday outlined their plans for a far-reaching tax bill that would deliver on several of President Trump’s campaign pledges — for now.

The bill would impose payroll taxes on earnings above $400,000 ... to a 2.9 percent Medicare tax. The new legislation would eliminate the Social Security payroll tax exemption on high incomes ...