The One Big Beautiful Bill is a massive proposed tax and spending package loaded with initiatives that align with Trump’s agenda. As it’s currently written, the bill includes major changes to Medicaid, food stamps, border security, taxes and more that have the potential to affect millions of Americans.

No federal taxes on Social Security benefits. That was one of the key campaign promises made by Donald Trump when he ran for president last year. When the president called for "one big beautiful bill" to enact his domestic policy agenda, many retirees might have expected that this tax cut would be one of the prominent changes included.

The megabill the House of Representatives passed on Thursday includes a bunch of provisions that will affect retirees’ finances.