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.

This deduction would likely benefit people who earn modest incomes. The lowest-earning seniors already pay no federal income taxes, so they wouldn’t benefit. The highest earners make too much to qualify.

The first round of June’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will be distributed in eight days. Here is all you need to know about June’s Social Security payments.