The One, Big, Beautiful Bill recently passed the Senate with provisions that would increase after-tax income for millions of retired workers on Social Security.

The bill continues tax cuts from President Trump's first stint in the White House, funds his border wall plan, and increases defense spending. The associated fiscal impact of this is offset by reducing federal support for key components of the social safety net, including food assistance and health coverage programs.

Trump is still saying Social Security benefits won’t be taxed. The reality is that the tax break under discussion is a temporary bonus senior tax deduction whose size depends on which version of the bill makes it into law. The latest version in the Senate includes a $6,000 per person deduction, compared with the House-passed $4,000 deduction.