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.

President Trump wants to eliminate taxes on Social Security benefits, but experts say the move could backfire.

Republicans in the U.S. Congress advanced elements of President Donald Trump's sweeping budget package on Wednesday after a debate that lasted through the night, as a key committee voted along party lines to approve tax cuts that would add trillions of dollars to the U.