Detailed Single Year Tables
Description of Proposed Provision:
H2: Starting in 2023, tax Social Security benefits in a manner similar to private pension income. Phase out the lower-income thresholds during 2023-2042.
Financial Estimates for the OASDI Trust Fund Program
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Expressed as a percentage of current-law taxable payroll |
Trust fund ratio as of January 1 |
Expressed as a percentage of current-law taxable payroll |
|||||||
|
Calendar year |
Cost rate |
Income rate |
Annual balance |
Cost rate |
Income rate |
Annual balance |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.31 | 13.13 | -1.17 | 211 | 0.00 | 0.10 | 0.10 | ||
| 2024 | 14.45 | 13.07 | -1.38 | 195 | -0.00 | 0.11 | 0.11 | ||
| 2025 | 14.66 | 13.09 | -1.57 | 178 | -0.00 | 0.12 | 0.12 | ||
| 2026 | 14.88 | 13.24 | -1.64 | 162 | -0.00 | 0.16 | 0.16 | ||
| 2027 | 15.10 | 13.28 | -1.83 | 146 | -0.00 | 0.17 | 0.18 | ||
| 2028 | 15.33 | 13.33 | -2.00 | 130 | -0.00 | 0.19 | 0.19 | ||
| 2029 | 15.53 | 13.37 | -2.15 | 114 | -0.00 | 0.20 | 0.20 | ||
| 2030 | 15.72 | 13.41 | -2.31 | 98 | -0.00 | 0.21 | 0.21 | ||
| 2031 | 15.90 | 13.44 | -2.46 | 82 | -0.00 | 0.21 | 0.21 | ||
| 2032 | 16.07 | 13.46 | -2.60 | 66 | -0.00 | 0.22 | 0.22 | ||
| 2033 | 16.20 | 13.48 | -2.72 | 49 | -0.00 | 0.22 | 0.23 | ||
| 2034 | 16.32 | 13.49 | -2.83 | 33 | -0.00 | 0.23 | 0.23 | ||
| 2035 | 16.42 | 13.50 | -2.92 | 16 | -0.00 | 0.23 | 0.23 | ||
| 2036 | 16.50 | 13.51 | -2.99 | ---- | -0.00 | 0.23 | 0.23 | ||
| 2037 | 16.58 | 13.52 | -3.06 | ---- | -0.00 | 0.23 | 0.23 | ||
| 2038 | 16.64 | 13.52 | -3.12 | ---- | -0.00 | 0.23 | 0.23 | ||
| 2039 | 16.69 | 13.52 | -3.16 | ---- | -0.00 | 0.23 | 0.23 | ||
| 2040 | 16.72 | 13.53 | -3.19 | ---- | -0.00 | 0.23 | 0.23 | ||
| 2041 | 16.74 | 13.53 | -3.21 | ---- | -0.00 | 0.22 | 0.23 | ||
| 2042 | 16.76 | 13.53 | -3.24 | ---- | -0.00 | 0.22 | 0.22 | ||
| 2043 | 16.78 | 13.52 | -3.26 | ---- | -0.00 | 0.22 | 0.22 | ||
| 2044 | 16.80 | 13.52 | -3.28 | ---- | -0.00 | 0.21 | 0.22 | ||
| 2045 | 16.82 | 13.52 | -3.30 | ---- | -0.00 | 0.21 | 0.21 | ||
| 2046 | 16.84 | 13.52 | -3.32 | ---- | -0.00 | 0.21 | 0.21 | ||
| 2047 | 16.86 | 13.52 | -3.35 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2048 | 16.89 | 13.52 | -3.37 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2049 | 16.91 | 13.51 | -3.40 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2050 | 16.95 | 13.51 | -3.43 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2051 | 16.98 | 13.52 | -3.46 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2052 | 17.01 | 13.52 | -3.50 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2053 | 17.05 | 13.52 | -3.54 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2054 | 17.10 | 13.52 | -3.58 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2055 | 17.15 | 13.52 | -3.63 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2056 | 17.20 | 13.52 | -3.68 | ---- | -0.00 | 0.18 | 0.19 | ||
| 2057 | 17.26 | 13.53 | -3.73 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2058 | 17.32 | 13.53 | -3.79 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2059 | 17.39 | 13.54 | -3.85 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2060 | 17.45 | 13.54 | -3.91 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2061 | 17.51 | 13.54 | -3.97 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2062 | 17.57 | 13.55 | -4.02 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2063 | 17.63 | 13.55 | -4.07 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2064 | 17.68 | 13.55 | -4.12 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2065 | 17.73 | 13.56 | -4.17 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2066 | 17.78 | 13.56 | -4.22 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2067 | 17.83 | 13.56 | -4.27 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2068 | 17.89 | 13.57 | -4.32 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2069 | 17.94 | 13.57 | -4.37 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2070 | 18.00 | 13.57 | -4.43 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2071 | 18.06 | 13.58 | -4.48 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2072 | 18.11 | 13.58 | -4.53 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2073 | 18.16 | 13.59 | -4.58 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2074 | 18.21 | 13.59 | -4.62 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2075 | 18.25 | 13.59 | -4.66 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2076 | 18.29 | 13.59 | -4.69 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2077 | 18.31 | 13.60 | -4.71 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2078 | 18.32 | 13.60 | -4.72 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2079 | 18.32 | 13.60 | -4.72 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2080 | 18.30 | 13.59 | -4.71 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2081 | 18.28 | 13.59 | -4.68 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2082 | 18.24 | 13.59 | -4.65 | ---- | -0.00 | 0.16 | 0.17 | ||
| 2083 | 18.20 | 13.59 | -4.62 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2084 | 18.16 | 13.58 | -4.58 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2085 | 18.11 | 13.58 | -4.53 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2086 | 18.05 | 13.58 | -4.47 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2087 | 17.98 | 13.57 | -4.41 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2088 | 17.91 | 13.56 | -4.35 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2089 | 17.85 | 13.56 | -4.29 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2090 | 17.79 | 13.55 | -4.24 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2091 | 17.74 | 13.55 | -4.19 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2092 | 17.70 | 13.55 | -4.15 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2093 | 17.67 | 13.54 | -4.13 | ---- | -0.00 | 0.15 | 0.16 | ||
| 2094 | 17.65 | 13.54 | -4.11 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2095 | 17.64 | 13.54 | -4.10 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2096 | 17.64 | 13.54 | -4.10 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2097 | 17.65 | 13.54 | -4.10 | ---- | -0.00 | 0.15 | 0.15 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2022-2096 | 17.20% | 13.96% | -3.24% | 2035 | -0.00% | 0.18% | 0.18% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.