The bill continues tax cuts from President Trump's first stint in the White House, funds his border wall plan, and increases defense spending. The associated fiscal impact of this is offset by reducing federal support for key components of the social safety net, including food assistance and health coverage programs.

The One, Big, Beautiful Bill recently passed the Senate with provisions that would increase after-tax income for millions of retired workers on Social Security.

President Trump’s sweeping bill includes a major Social Security tax break for older Americans, but leaves out the poorest seniors—and could speed up program insolvency.