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President Trump's campaign promise to eliminate taxes on Social Security benefits for retirees has been replaced by a modest $4,000 deduction, leaving many feeling shortchanged.