The bill’s main focus is extending the individual provisions of the 2017 Tax Cut and Jobs Act (TCJA), but it also creates new tax breaks for older adults and income from tips and overtime.

The misleading communication from SSA may add to the confusion many older adults already feel about the complex retirement insurance program.

Should historically high tariff rates go into effect on a wide range of goods, consumer prices will rise, employment and incomes in downstream industries will fall, and profits will shrink. The value of retirement plans that hold stocks in these industries will also likely drop.

Historically, controversial tax changes rarely are permanent.

The bill's reforms, outlined below, align with the administration’s goal of favoring domestic over foreign investment, but they are modest and would be unlikely to yield major changes.