Detailed Single Year Tables
Description of Proposed Provision:
H2: Starting in 2020, tax Social Security benefits in a manner similar to private pension income. Phase out the lower-income thresholds during 2020-2039.
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 |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 12.96 | -0.98 | 260 | 0.00 | 0.09 | 0.09 | ||
| 2021 | 14.09 | 13.00 | -1.09 | 246 | -0.00 | 0.10 | 0.10 | ||
| 2022 | 14.23 | 13.04 | -1.19 | 231 | -0.00 | 0.12 | 0.12 | ||
| 2023 | 14.40 | 13.06 | -1.33 | 215 | -0.00 | 0.13 | 0.13 | ||
| 2024 | 14.59 | 13.10 | -1.48 | 200 | -0.00 | 0.14 | 0.14 | ||
| 2025 | 14.78 | 13.13 | -1.66 | 184 | -0.00 | 0.14 | 0.14 | ||
| 2026 | 14.99 | 13.31 | -1.68 | 168 | -0.00 | 0.19 | 0.19 | ||
| 2027 | 15.19 | 13.34 | -1.85 | 153 | -0.00 | 0.20 | 0.20 | ||
| 2028 | 15.43 | 13.39 | -2.04 | 137 | -0.00 | 0.21 | 0.21 | ||
| 2029 | 15.62 | 13.41 | -2.22 | 122 | -0.00 | 0.22 | 0.22 | ||
| 2030 | 15.80 | 13.43 | -2.38 | 106 | -0.00 | 0.22 | 0.23 | ||
| 2031 | 15.96 | 13.44 | -2.52 | 91 | -0.00 | 0.23 | 0.23 | ||
| 2032 | 16.11 | 13.46 | -2.65 | 75 | -0.00 | 0.23 | 0.23 | ||
| 2033 | 16.23 | 13.47 | -2.76 | 59 | -0.00 | 0.23 | 0.23 | ||
| 2034 | 16.32 | 13.48 | -2.85 | 43 | -0.00 | 0.23 | 0.23 | ||
| 2035 | 16.40 | 13.48 | -2.91 | 26 | -0.00 | 0.23 | 0.23 | ||
| 2036 | 16.46 | 13.49 | -2.97 | 9 | -0.00 | 0.23 | 0.23 | ||
| 2037 | 16.52 | 13.49 | -3.03 | ---- | -0.00 | 0.23 | 0.23 | ||
| 2038 | 16.56 | 13.49 | -3.07 | ---- | -0.00 | 0.23 | 0.23 | ||
| 2039 | 16.60 | 13.49 | -3.11 | ---- | -0.00 | 0.22 | 0.22 | ||
| 2040 | 16.61 | 13.49 | -3.12 | ---- | -0.00 | 0.22 | 0.22 | ||
| 2041 | 16.61 | 13.49 | -3.12 | ---- | -0.00 | 0.21 | 0.21 | ||
| 2042 | 16.59 | 13.48 | -3.11 | ---- | -0.00 | 0.21 | 0.21 | ||
| 2043 | 16.56 | 13.48 | -3.08 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2044 | 16.52 | 13.47 | -3.05 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2045 | 16.49 | 13.46 | -3.02 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2046 | 16.45 | 13.46 | -2.99 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2047 | 16.42 | 13.46 | -2.97 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2048 | 16.40 | 13.45 | -2.95 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2049 | 16.38 | 13.45 | -2.93 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2050 | 16.37 | 13.45 | -2.92 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2051 | 16.36 | 13.44 | -2.92 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2052 | 16.36 | 13.44 | -2.92 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2053 | 16.37 | 13.44 | -2.93 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2054 | 16.38 | 13.44 | -2.94 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2055 | 16.41 | 13.44 | -2.96 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2056 | 16.44 | 13.45 | -3.00 | ---- | -0.00 | 0.16 | 0.17 | ||
| 2057 | 16.48 | 13.45 | -3.03 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2058 | 16.53 | 13.45 | -3.08 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2059 | 16.58 | 13.45 | -3.12 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2060 | 16.63 | 13.46 | -3.17 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2061 | 16.68 | 13.46 | -3.22 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2062 | 16.73 | 13.46 | -3.27 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2063 | 16.79 | 13.47 | -3.32 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2064 | 16.84 | 13.47 | -3.37 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2065 | 16.90 | 13.47 | -3.42 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2066 | 16.95 | 13.48 | -3.48 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2067 | 17.01 | 13.48 | -3.53 | ---- | -0.00 | 0.15 | 0.16 | ||
| 2068 | 17.07 | 13.48 | -3.59 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2069 | 17.13 | 13.49 | -3.65 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2070 | 17.19 | 13.49 | -3.70 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2071 | 17.25 | 13.50 | -3.76 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2072 | 17.30 | 13.50 | -3.80 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2073 | 17.35 | 13.50 | -3.85 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2074 | 17.39 | 13.50 | -3.89 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2075 | 17.43 | 13.51 | -3.92 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2076 | 17.46 | 13.51 | -3.95 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2077 | 17.48 | 13.51 | -3.97 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2078 | 17.48 | 13.51 | -3.97 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2079 | 17.48 | 13.51 | -3.97 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2080 | 17.46 | 13.51 | -3.95 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2081 | 17.44 | 13.51 | -3.94 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2082 | 17.42 | 13.51 | -3.92 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2083 | 17.40 | 13.50 | -3.90 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2084 | 17.38 | 13.50 | -3.88 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2085 | 17.36 | 13.50 | -3.86 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2086 | 17.34 | 13.50 | -3.84 | ---- | -0.00 | 0.14 | 0.15 | ||
| 2087 | 17.33 | 13.50 | -3.83 | ---- | -0.00 | 0.14 | 0.14 | ||
| 2088 | 17.33 | 13.50 | -3.83 | ---- | -0.00 | 0.14 | 0.14 | ||
| 2089 | 17.34 | 13.50 | -3.84 | ---- | -0.00 | 0.14 | 0.14 | ||
| 2090 | 17.36 | 13.50 | -3.86 | ---- | -0.00 | 0.14 | 0.14 | ||
| 2091 | 17.39 | 13.50 | -3.89 | ---- | -0.00 | 0.14 | 0.14 | ||
| 2092 | 17.43 | 13.50 | -3.93 | ---- | -0.00 | 0.14 | 0.14 | ||
| 2093 | 17.47 | 13.51 | -3.97 | ---- | -0.00 | 0.14 | 0.14 | ||
| 2094 | 17.52 | 13.51 | -4.01 | ---- | -0.00 | 0.14 | 0.14 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2019-2093 | 16.60% | 13.98% | -2.61% | 2036 | -0.00% | 0.17% | 0.17% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
|||||||||
Based on Intermediate Assumptions of the 2019 Trustees Report.