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.

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

While the president promised during his campaign that Social Security would be tax-free, the bill instead increases the standard deduction for taxpayers age 65 and older by $4,000 annually. The lower tax phases out for married couples making more than $150,000 ($75,000 for individuals) and expires after 2028.

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

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 ...

Rep. Thomas Massie (R-KY) is the lead sponsor of Bill H.R. 904 - No Tax On Social Security presently being reviewed in the House of Representatives.

House Republicans unveiled the tax plan in Donald Trump’s “One Big, Beautiful Bill,” featuring tax breaks on tips, overtime, and auto loans, a $4,000 senior bonus, higher levies on elite universities,