Overview

• President Trump signed a proclamation in the Oval Office on Aug. 14, highlighting a new $6,000 senior tax deduction that the White House says exempts 88% of beneficiaries from federal taxes under the ‘One Big, Beautiful Bill.’
• The Social Security Administration confirmed it updated roughly 275,000 records of individuals no longer holding legal status, a move the administration frames as fraud cleanup.
• Commissioner Frank Bisignano credited a ‘digital-first’ model with reduced phone wait times and backlog cuts, but independent reports and union data warn that the agency’s 12% workforce reduction—about 7,000 jobs—has strained field offices and customer service.
• The Social Security Board of Trustees and outside analysts now project trust-fund insolvency between 2032 and 2034, with recent legislation accelerating the shortfall and risking automatic benefit cuts of roughly 19–24%.
• Legislators are offering competing solutions, with Democrats proposing bills to restore agency staffing and safeguard beneficiary data and Republicans emphasizing further fraud prevention measures and tax relief for seniors.