Trump also vowed to protect Social Security while on the campaign trail, and he has repeated that promise since returning to the White House. "I'm not going to touch Social Security, Medicare, Medicaid," Trump told Fox News in March. He also promised to rid the retirement program of fraud.

The Committee for a Responsible Federal Budget estimates the expanded senior deduction, along with other tax cuts, could cost $30 billion annually. This might accelerate the depletion of the Social Security Old-Age and Survivors Insurance Trust Fund from early 2033 to late 2032.