Detailed Single Year Tables
Description of Proposed Provision:
B7.7: Reduce individual Social Security benefits if modified adjusted gross income, or MAGI (AGI less taxable Social Security benefits plus nontaxable interest income) is above $60,000 for single taxpayers or $120,000 for taxpayers filing jointly. This provision is effective for individuals newly eligible for benefits in 2027 or later. The percentage reduction increases linearly up to 50 percent for single/joint filers with MAGI of $180,000/$360,000 or above. Index the MAGI thresholds for years after 2027, based on changes in the SSA average wage index.
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 | 13.04 | -1.27 | 211 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.45 | 12.95 | -1.49 | 194 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.66 | 12.97 | -1.69 | 177 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 14.88 | 13.08 | -1.80 | 160 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.10 | 13.10 | -2.00 | 143 | -0.00 | -0.00 | 0.00 | ||
| 2028 | 15.31 | 13.14 | -2.17 | 126 | -0.02 | -0.00 | 0.02 | ||
| 2029 | 15.50 | 13.17 | -2.33 | 109 | -0.03 | -0.00 | 0.02 | ||
| 2030 | 15.67 | 13.20 | -2.47 | 92 | -0.05 | -0.00 | 0.05 | ||
| 2031 | 15.82 | 13.23 | -2.60 | 75 | -0.08 | -0.00 | 0.08 | ||
| 2032 | 15.93 | 13.24 | -2.69 | 58 | -0.13 | -0.01 | 0.13 | ||
| 2033 | 16.03 | 13.25 | -2.78 | 42 | -0.18 | -0.01 | 0.17 | ||
| 2034 | 16.11 | 13.25 | -2.85 | 25 | -0.22 | -0.01 | 0.20 | ||
| 2035 | 16.16 | 13.26 | -2.90 | 7 | -0.26 | -0.01 | 0.25 | ||
| 2036 | 16.18 | 13.26 | -2.92 | ---- | -0.32 | -0.02 | 0.30 | ||
| 2037 | 16.21 | 13.27 | -2.94 | ---- | -0.37 | -0.02 | 0.35 | ||
| 2038 | 16.22 | 13.27 | -2.95 | ---- | -0.42 | -0.02 | 0.40 | ||
| 2039 | 16.23 | 13.27 | -2.96 | ---- | -0.46 | -0.03 | 0.43 | ||
| 2040 | 16.22 | 13.27 | -2.95 | ---- | -0.50 | -0.03 | 0.47 | ||
| 2041 | 16.21 | 13.27 | -2.94 | ---- | -0.53 | -0.03 | 0.50 | ||
| 2042 | 16.21 | 13.27 | -2.94 | ---- | -0.55 | -0.03 | 0.52 | ||
| 2043 | 16.20 | 13.27 | -2.93 | ---- | -0.58 | -0.03 | 0.55 | ||
| 2044 | 16.20 | 13.27 | -2.93 | ---- | -0.60 | -0.03 | 0.57 | ||
| 2045 | 16.21 | 13.27 | -2.94 | ---- | -0.61 | -0.03 | 0.58 | ||
| 2046 | 16.21 | 13.27 | -2.94 | ---- | -0.62 | -0.04 | 0.59 | ||
| 2047 | 16.23 | 13.28 | -2.95 | ---- | -0.64 | -0.04 | 0.60 | ||
| 2048 | 16.24 | 13.28 | -2.96 | ---- | -0.65 | -0.04 | 0.61 | ||
| 2049 | 16.25 | 13.28 | -2.97 | ---- | -0.66 | -0.04 | 0.63 | ||
| 2050 | 16.28 | 13.28 | -3.00 | ---- | -0.67 | -0.04 | 0.63 | ||
| 2051 | 16.31 | 13.28 | -3.02 | ---- | -0.67 | -0.04 | 0.63 | ||
| 2052 | 16.34 | 13.29 | -3.05 | ---- | -0.68 | -0.04 | 0.64 | ||
| 2053 | 16.37 | 13.29 | -3.08 | ---- | -0.68 | -0.04 | 0.64 | ||
| 2054 | 16.41 | 13.29 | -3.12 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2055 | 16.46 | 13.30 | -3.16 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2056 | 16.51 | 13.30 | -3.21 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2057 | 16.56 | 13.30 | -3.25 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2058 | 16.62 | 13.31 | -3.31 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2059 | 16.67 | 13.31 | -3.36 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2060 | 16.73 | 13.32 | -3.41 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2061 | 16.79 | 13.32 | -3.46 | ---- | -0.73 | -0.04 | 0.68 | ||
| 2062 | 16.84 | 13.33 | -3.51 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2063 | 16.89 | 13.33 | -3.56 | ---- | -0.74 | -0.04 | 0.69 | ||
| 2064 | 16.94 | 13.34 | -3.60 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2065 | 16.99 | 13.34 | -3.65 | ---- | -0.75 | -0.04 | 0.70 | ||
| 2066 | 17.04 | 13.34 | -3.69 | ---- | -0.75 | -0.04 | 0.70 | ||
| 2067 | 17.08 | 13.35 | -3.74 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2068 | 17.14 | 13.35 | -3.78 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2069 | 17.19 | 13.35 | -3.84 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2070 | 17.25 | 13.36 | -3.89 | ---- | -0.76 | -0.04 | 0.71 | ||
| 2071 | 17.30 | 13.36 | -3.93 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2072 | 17.35 | 13.37 | -3.98 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2073 | 17.40 | 13.37 | -4.03 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2074 | 17.44 | 13.37 | -4.07 | ---- | -0.77 | -0.04 | 0.72 | ||
| 2075 | 17.49 | 13.38 | -4.11 | ---- | -0.77 | -0.04 | 0.72 | ||
| 2076 | 17.52 | 13.38 | -4.14 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2077 | 17.54 | 13.38 | -4.16 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2078 | 17.55 | 13.38 | -4.16 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2079 | 17.54 | 13.38 | -4.16 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2080 | 17.53 | 13.38 | -4.15 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2081 | 17.51 | 13.38 | -4.12 | ---- | -0.77 | -0.05 | 0.72 | ||
| 2082 | 17.48 | 13.38 | -4.10 | ---- | -0.77 | -0.05 | 0.72 | ||
| 2083 | 17.44 | 13.38 | -4.06 | ---- | -0.77 | -0.05 | 0.72 | ||
| 2084 | 17.39 | 13.38 | -4.02 | ---- | -0.77 | -0.04 | 0.72 | ||
| 2085 | 17.34 | 13.37 | -3.97 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2086 | 17.29 | 13.37 | -3.92 | ---- | -0.76 | -0.04 | 0.72 | ||
| 2087 | 17.22 | 13.37 | -3.86 | ---- | -0.76 | -0.04 | 0.71 | ||
| 2088 | 17.16 | 13.36 | -3.80 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2089 | 17.10 | 13.36 | -3.74 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2090 | 17.04 | 13.35 | -3.69 | ---- | -0.75 | -0.04 | 0.71 | ||
| 2091 | 17.00 | 13.35 | -3.64 | ---- | -0.75 | -0.04 | 0.70 | ||
| 2092 | 16.96 | 13.35 | -3.61 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2093 | 16.93 | 13.35 | -3.58 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2094 | 16.91 | 13.35 | -3.56 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2095 | 16.90 | 13.34 | -3.55 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2096 | 16.90 | 13.34 | -3.55 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2097 | 16.91 | 13.35 | -3.56 | ---- | -0.74 | -0.04 | 0.70 | ||
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 | 16.64% | 13.75% | -2.90% | 2035 | -0.56% | -0.03% | 0.52% | ||
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.