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.

Social Security has been the most important social program for American retirees for decades. Workers pay Social Security payroll taxes year after year with the expectation of receiving a guaranteed income in their retirement.