Seniors are unlikely to get a break on paying taxes on their Social Security benefits, an issue that impacts more people each year.

After returning to the White House, Donald Trump has reiterated his promise to eliminate taxes on Social Security benefits. However, the current plan offers retirees only a fraction of the financial relief initially promised.

President Trump's spending and tax plan, which is officially titled "one, big, beautiful bill," was recently released. This gave Americans key details about how Trump plans to not only extend the tax cuts passed during his first term but to give middle-class Americans and seniors additional tax relief.

House Republicans have included a proposal in their tax bill to provide a $4,000 deduction for individuals ages 65 and up. Here’s what it may mean for retirees.

During the marathon Ways and Means Committee meeting scrutinizing the new Republican tax bill, Rep. John Larson (D-Conn.) asked Joint Committee on Taxation Chief of Staff Thomas Barthold about key details,

Frank Bisignano, confirmed as head of the Social Security Administration, received a major tax deferral on $484 million in stock holdings.

Hugh Cameron is Newsweek U.S. news reporter based in London, U.K. with a focus on covering American economic and business news. Hugh joined Newsweek in 2024, having worked at Alliance News Ltd ...

One tax break that isn't in the bill: Mr. Trump's suggestion last year that seniors shouldn't have to pay income taxes on Social Security benefits. "Seniors should not pay taxes on Social Security ...