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

Republican-backed legislation now winding its way through the House includes a number of tax breaks promised by President Trump during the campaign, such as eliminating taxes on worker tips and overtime pay,

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

While on the presidential campaign trail last year, Donald Trump promised workers in Las Vegas that he would eliminate taxes on tips. It was a popular proposal – so popular, in fact, that his competitor Kamala Harris embraced the idea as well.

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.