For most Americans, Social Security income isn't a luxury -- it's a foundational part of their financial well-being. More than two decades of annual surveys from national pollster Gallup have consistently found that between 80% and 90% of retirees lean on their Social Security check, to some degree, to cover their expenses.

In the spring of 2025, Washington is again engaged in a favorite bipartisan pastime: magical thinking.

The tax exemption could also make bonuses, which are often tied to seasonal work, more rewarding.