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.

The potential elimination of federal taxes on Social Security benefits, proposed by former President Donald Trump, promises increased income for retirees.

Under the Biden administration, when overpayments happened, the government would reduce beneficiaries payments by 10%.