In summary, President-elect Donald Trump has proposed eliminating the tax on Social Security benefits. He has also proposed ending the taxation of tips and overtime pay, while imposing a baseline 10% tariff on all imported goods and a 60% tariff on imports from China.

Though Trump pledged to eliminate these income taxes on benefits, it's not solely within his power as president to do so. Congress would have to pass a law eliminating this tax, and even with Republicans controlling the House and Senate, it could still be difficult to pull this off.

Social Security is the U.S. government's biggest program; as of June 30, 2024, about 67.9 million people, or one in five Americans, collected Social Security benefits. This year, we're seeing

Among the other Social Security changes coming in 2025 are a smaller cost-of-living adjustment at 2.5%, down from 3.4%; an increase in maximum taxable earnings from $168,000 to $176,100; and appointment-based services at Social Security offices nationwide.

Trump opposes Social Security benefit cuts, raising the full retirement age, and increasing payroll taxes. Some of his proposals could accelerate the timeline for Social Security running out of money.