Summary
The new “One Big Beautiful Bill” is set to cut many taxpayers’ 2025 tax bills and boost refunds by about 15–20%, thanks to permanent lower tax brackets and expanded deductions. However, these savings come at the expense of Social Security funding. By reducing revenue from taxing benefits, the law accelerates the depletion of the Social Security trust funds, moving their projected exhaustion from late 2034 to early 2034. Once depleted, benefits could be reduced by about 20% unless Congress acts.
Investopedia
