The Social Security Administration announced Friday it's cutting 7,000 jobs, as Trump and Musk have claimed there's fraud at the agency.

From eliminating taxes on benefits to major staffing cuts at the Social Security Administration, President Donald Trump’s proposals could impact the benefits you’ve earned. In 2025, you might see some relief if Social Security benefits become tax-free,

Elon Musk says Social Security and other federal benefit programs will be targeted in his hunt for fraudulent spending.

During his campaign, President Trump wrote on social media, "Seniors should not pay tax on Social Security." He has doubled down on that promise since the election. In February, White House press secretary Karoline Leavitt said President Trump would implement the "largest tax cut in history," including the elimination of taxes on Social Security.

Key Points President Trump has pledged not to cut Social Security. He’s also looking to help seniors keep more of their benefits. Trump will have to intervene to prevent Social Security from broadly reducing benefits.

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Since 1940, the Social Security Board of Trustees has released an annual report that intricately details how the program generates income and where every dollar of its outlays (i.e., benefits and, to a lesser extent, administrative expenses) is directed.

The exact amount of money that President Trump has to his name is a bit of a mystery. That’s because Trump is the only president in years not to make his federal tax returns public. However, some of Trump’s tax data was eventually released,