Per the same White House statement, 64% of seniors aged 65 and older who are collecting Social Security are already exempt from having their benefits taxed, due to various exemptions and deductions.

The "One Big Beautiful Bill" Act includes changes that could mean big gains for startup investors.

"The legislation that passed does make it so some people won't pay taxes on their benefits," says Marc Goldwein, senior vice president at the nonpartisan Committee for a Responsible Federal Budget.