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

The Social Security and Medicare Fair Share Act proposes targeting payroll tax loopholes for high-income earners.

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.

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.

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.

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

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,