The Social Security and Medicare Fair Share Act proposes targeting payroll tax loopholes for high-income earners.

House Republicans aim to cut federal spending by $2 trillion, hitting Medicaid and other programs. How the cuts could impact millions of Americans.

The administration wants to restrict what it calls a "loophole" in its process for approving tax waivers for states' Medicaid payments.

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.

A new bill would tax income over $400K to help fix Social Security’s funding gap and avoid 17% benefit cuts by 2035.