Both provisions would be repealed by the bill, thereby increasing Social Security payments for many. The budgetary effect of the legislation is considerable, adding an estimated $195 billion to federal deficits over 10 years, according to the Congressional Budget Office.

Though President-elect Donald Trump has often promised to protect Social Security, he has not explained exactly how he would save the beloved – but financially troubled – entitlement program. Nor did he take any meaningful steps to shore up Social Security during his first term in the White House.

President Donald Trump's promises and economic policies could significantly impact Social Security's long-term sustainability. Learn about the potential effects of eliminating taxes on benefits, mass deportation and the importance of alternative income sources for future retirees.

Social Security may become insolvent as early as 2035. President-elect Donald Trump previously vowed tax cuts for seniors. But is this the best solution?