Well-off retirees stand to gain thousands of dollars in tax savings every year if President Donald Trump succeeds in his bid to exempt Social Security benefits from income taxes, while younger workers and generations to come will pay the price.

Importantly, Trump is not the only politician to float that idea, nor is support limited to one political party. For instance, Rep. Angie Craig (D-Minn.) introduced a bill in January 2024 that would repeal the taxation of Social Security. And Rep. Thomas Massie (R-Ky.) introduced a bill in February 2025 with the same goal.