The Social Security Administration reportedly sent out an email claiming the policy bill “eliminates federal income taxes on Social Security benefits for most beneficiaries”—but that’s not true.

The Committee for a Responsible Federal Budget estimates the expanded senior deduction, along with other tax cuts, could cost $30 billion annually. This might accelerate the depletion of the Social Security Old-Age and Survivors Insurance Trust Fund from early 2033 to late 2032.