Key Points Taxes on Social Security benefits have not been eliminated. Some retirees qualify for a new, larger deduction. The rules for when Social Security is taxed remain unchanged. The $23,760 Social Security bonus most retirees completely overlook › When campaigning for president, Donald Trump pledged that he would eliminate taxes on Social Security. The White House has declared victory on this issue, with a press release in July indicating that "No Tax on Social Security is a Reality in the ...