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.

Based on a nonpartisan Joint Committee on Taxation analysis, they calculate that people making less than $50,000 per year would get $263 in tax relief while those making over $1 million would get mor...