Detailed Single Year Tables
Description of Proposed Provision:
H3: Starting in 2023, modify personal income tax by: (a) establishing two-brackets with marginal rates of 15 and 27 percent separated at $51,000 (CPI indexed); (b) creating a non-refundable credit for low-income tax filers age 65 and older; and (c) treating capital gains as regular income. Tax all Social Security benefits at the applicable marginal rate (15 or 27 percent) less 7.5 percent, with 60 percent of this revenue going to OASDI and 40 percent going to HI.
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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 13.09 | -1.34 | 214 | 0.00 | 0.18 | 0.18 | ||
| 2024 | 14.64 | 13.11 | -1.52 | 197 | -0.00 | 0.17 | 0.17 | ||
| 2025 | 14.85 | 13.12 | -1.74 | 180 | -0.00 | 0.16 | 0.16 | ||
| 2026 | 15.10 | 13.14 | -1.97 | 163 | -0.00 | 0.06 | 0.06 | ||
| 2027 | 15.36 | 13.14 | -2.22 | 145 | -0.00 | 0.04 | 0.04 | ||
| 2028 | 15.62 | 13.16 | -2.46 | 126 | -0.00 | 0.03 | 0.03 | ||
| 2029 | 15.87 | 13.18 | -2.69 | 107 | 0.00 | 0.01 | 0.01 | ||
| 2030 | 16.11 | 13.19 | -2.92 | 88 | 0.00 | -0.00 | -0.00 | ||
| 2031 | 16.28 | 13.20 | -3.09 | 69 | 0.00 | -0.01 | -0.01 | ||
| 2032 | 16.44 | 13.20 | -3.23 | 50 | 0.00 | -0.01 | -0.01 | ||
| 2033 | 16.56 | 13.21 | -3.35 | 30 | 0.00 | -0.02 | -0.02 | ||
| 2034 | 16.66 | 13.22 | -3.44 | 11 | 0.00 | -0.02 | -0.02 | ||
| 2035 | 16.74 | 13.22 | -3.52 | ---- | 0.00 | -0.02 | -0.02 | ||
| 2036 | 16.80 | 13.22 | -3.58 | ---- | 0.00 | -0.03 | -0.03 | ||
| 2037 | 16.86 | 13.23 | -3.64 | ---- | 0.00 | -0.03 | -0.03 | ||
| 2038 | 16.91 | 13.23 | -3.68 | ---- | 0.00 | -0.03 | -0.03 | ||
| 2039 | 16.95 | 13.23 | -3.72 | ---- | 0.00 | -0.04 | -0.04 | ||
| 2040 | 16.98 | 13.23 | -3.75 | ---- | 0.00 | -0.04 | -0.04 | ||
| 2041 | 17.02 | 13.23 | -3.78 | ---- | 0.00 | -0.04 | -0.04 | ||
| 2042 | 17.04 | 13.24 | -3.80 | ---- | 0.00 | -0.04 | -0.04 | ||
| 2043 | 17.04 | 13.24 | -3.81 | ---- | 0.00 | -0.04 | -0.04 | ||
| 2044 | 17.04 | 13.24 | -3.81 | ---- | 0.00 | -0.04 | -0.04 | ||
| 2045 | 17.05 | 13.24 | -3.81 | ---- | 0.00 | -0.04 | -0.04 | ||
| 2046 | 17.06 | 13.24 | -3.82 | ---- | 0.00 | -0.04 | -0.05 | ||
| 2047 | 17.08 | 13.24 | -3.84 | ---- | 0.00 | -0.05 | -0.05 | ||
| 2048 | 17.10 | 13.24 | -3.86 | ---- | 0.00 | -0.05 | -0.05 | ||
| 2049 | 17.12 | 13.24 | -3.88 | ---- | 0.00 | -0.05 | -0.05 | ||
| 2050 | 17.14 | 13.24 | -3.90 | ---- | 0.00 | -0.05 | -0.05 | ||
| 2051 | 17.16 | 13.24 | -3.92 | ---- | 0.00 | -0.05 | -0.05 | ||
| 2052 | 17.19 | 13.24 | -3.95 | ---- | 0.00 | -0.05 | -0.05 | ||
| 2053 | 17.22 | 13.24 | -3.98 | ---- | 0.00 | -0.05 | -0.06 | ||
| 2054 | 17.25 | 13.25 | -4.01 | ---- | 0.00 | -0.06 | -0.06 | ||
| 2055 | 17.29 | 13.25 | -4.05 | ---- | 0.00 | -0.06 | -0.06 | ||
| 2056 | 17.34 | 13.25 | -4.09 | ---- | 0.00 | -0.06 | -0.06 | ||
| 2057 | 17.38 | 13.25 | -4.13 | ---- | 0.00 | -0.06 | -0.06 | ||
| 2058 | 17.44 | 13.26 | -4.18 | ---- | 0.00 | -0.06 | -0.06 | ||
| 2059 | 17.49 | 13.26 | -4.23 | ---- | 0.00 | -0.07 | -0.07 | ||
| 2060 | 17.55 | 13.26 | -4.29 | ---- | 0.00 | -0.07 | -0.07 | ||
| 2061 | 17.60 | 13.26 | -4.34 | ---- | 0.00 | -0.07 | -0.07 | ||
| 2062 | 17.65 | 13.27 | -4.39 | ---- | 0.00 | -0.07 | -0.07 | ||
| 2063 | 17.70 | 13.27 | -4.43 | ---- | 0.00 | -0.07 | -0.07 | ||
| 2064 | 17.75 | 13.27 | -4.48 | ---- | 0.00 | -0.07 | -0.07 | ||
| 2065 | 17.80 | 13.27 | -4.53 | ---- | 0.00 | -0.07 | -0.07 | ||
| 2066 | 17.85 | 13.28 | -4.58 | ---- | 0.00 | -0.08 | -0.08 | ||
| 2067 | 17.90 | 13.28 | -4.62 | ---- | 0.00 | -0.08 | -0.08 | ||
| 2068 | 17.96 | 13.28 | -4.67 | ---- | 0.00 | -0.08 | -0.08 | ||
| 2069 | 18.01 | 13.29 | -4.73 | ---- | 0.00 | -0.08 | -0.08 | ||
| 2070 | 18.07 | 13.29 | -4.78 | ---- | 0.00 | -0.08 | -0.08 | ||
| 2071 | 18.12 | 13.29 | -4.83 | ---- | 0.00 | -0.08 | -0.08 | ||
| 2072 | 18.17 | 13.29 | -4.88 | ---- | 0.00 | -0.08 | -0.08 | ||
| 2073 | 18.23 | 13.30 | -4.93 | ---- | 0.00 | -0.08 | -0.09 | ||
| 2074 | 18.27 | 13.30 | -4.97 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2075 | 18.32 | 13.30 | -5.01 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2076 | 18.35 | 13.30 | -5.05 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2077 | 18.37 | 13.30 | -5.07 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2078 | 18.38 | 13.30 | -5.07 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2079 | 18.37 | 13.30 | -5.07 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2080 | 18.35 | 13.30 | -5.05 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2081 | 18.33 | 13.30 | -5.03 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2082 | 18.29 | 13.30 | -4.99 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2083 | 18.25 | 13.30 | -4.95 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2084 | 18.20 | 13.30 | -4.90 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2085 | 18.14 | 13.29 | -4.85 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2086 | 18.08 | 13.29 | -4.79 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2087 | 18.01 | 13.29 | -4.72 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2088 | 17.94 | 13.28 | -4.66 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2089 | 17.87 | 13.28 | -4.59 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2090 | 17.81 | 13.28 | -4.54 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2091 | 17.77 | 13.27 | -4.49 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2092 | 17.73 | 13.27 | -4.46 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2093 | 17.71 | 13.27 | -4.44 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2094 | 17.70 | 13.27 | -4.43 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2095 | 17.70 | 13.27 | -4.43 | ---- | 0.00 | -0.09 | -0.09 | ||
| 2096 | 17.71 | 13.27 | -4.43 | ---- | 0.00 | -0.09 | -0.09 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 17.31% | 13.73% | -3.58% | 2034 | 0.00% | -0.04% | -0.04% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.