Detailed Single Year Tables
Description of Proposed Provision:
H2: Starting in 2024, tax Social Security benefits in a manner similar to private pension income. Phase out the lower-income thresholds during 2024-2043.
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 |
|||
2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
2024 | 14.87 | 12.99 | -1.88 | 187 | 0.00 | 0.11 | 0.11 | ||
2025 | 15.04 | 13.09 | -1.95 | 169 | -0.00 | 0.12 | 0.12 | ||
2026 | 15.23 | 13.24 | -1.99 | 151 | -0.00 | 0.16 | 0.16 | ||
2027 | 15.38 | 13.27 | -2.11 | 134 | -0.00 | 0.17 | 0.17 | ||
2028 | 15.55 | 13.32 | -2.23 | 117 | -0.00 | 0.19 | 0.19 | ||
2029 | 15.72 | 13.36 | -2.35 | 100 | -0.00 | 0.20 | 0.20 | ||
2030 | 15.87 | 13.40 | -2.47 | 84 | -0.00 | 0.21 | 0.21 | ||
2031 | 16.00 | 13.43 | -2.57 | 67 | -0.00 | 0.22 | 0.22 | ||
2032 | 16.14 | 13.47 | -2.68 | 51 | -0.00 | 0.23 | 0.23 | ||
2033 | 16.27 | 13.48 | -2.78 | 34 | -0.00 | 0.24 | 0.24 | ||
2034 | 16.38 | 13.50 | -2.88 | 17 | -0.00 | 0.24 | 0.24 | ||
2035 | 16.48 | 13.51 | -2.97 | 0 | -0.00 | 0.24 | 0.24 | ||
2036 | 16.56 | 13.52 | -3.04 | ---- | -0.00 | 0.25 | 0.25 | ||
2037 | 16.63 | 13.53 | -3.11 | ---- | -0.00 | 0.25 | 0.25 | ||
2038 | 16.70 | 13.53 | -3.16 | ---- | -0.00 | 0.25 | 0.25 | ||
2039 | 16.75 | 13.54 | -3.21 | ---- | -0.00 | 0.24 | 0.25 | ||
2040 | 16.78 | 13.54 | -3.24 | ---- | -0.00 | 0.24 | 0.24 | ||
2041 | 16.80 | 13.54 | -3.26 | ---- | -0.00 | 0.24 | 0.24 | ||
2042 | 16.82 | 13.54 | -3.28 | ---- | -0.00 | 0.24 | 0.24 | ||
2043 | 16.83 | 13.54 | -3.29 | ---- | -0.00 | 0.24 | 0.24 | ||
2044 | 16.84 | 13.54 | -3.31 | ---- | -0.00 | 0.23 | 0.23 | ||
2045 | 16.86 | 13.53 | -3.33 | ---- | -0.00 | 0.23 | 0.23 | ||
2046 | 16.88 | 13.53 | -3.35 | ---- | -0.00 | 0.22 | 0.22 | ||
2047 | 16.90 | 13.53 | -3.37 | ---- | -0.00 | 0.22 | 0.22 | ||
2048 | 16.93 | 13.53 | -3.39 | ---- | -0.00 | 0.22 | 0.22 | ||
2049 | 16.95 | 13.53 | -3.42 | ---- | -0.00 | 0.21 | 0.21 | ||
2050 | 16.99 | 13.53 | -3.46 | ---- | -0.00 | 0.21 | 0.21 | ||
2051 | 17.02 | 13.53 | -3.49 | ---- | -0.00 | 0.21 | 0.21 | ||
2052 | 17.06 | 13.53 | -3.53 | ---- | -0.00 | 0.20 | 0.21 | ||
2053 | 17.11 | 13.53 | -3.57 | ---- | -0.00 | 0.20 | 0.20 | ||
2054 | 17.16 | 13.54 | -3.63 | ---- | -0.00 | 0.20 | 0.20 | ||
2055 | 17.23 | 13.54 | -3.69 | ---- | -0.00 | 0.20 | 0.20 | ||
2056 | 17.30 | 13.55 | -3.76 | ---- | -0.00 | 0.20 | 0.20 | ||
2057 | 17.38 | 13.55 | -3.83 | ---- | -0.00 | 0.20 | 0.20 | ||
2058 | 17.46 | 13.56 | -3.90 | ---- | -0.00 | 0.20 | 0.20 | ||
2059 | 17.54 | 13.56 | -3.98 | ---- | -0.00 | 0.19 | 0.19 | ||
2060 | 17.62 | 13.57 | -4.05 | ---- | -0.00 | 0.19 | 0.19 | ||
2061 | 17.69 | 13.57 | -4.12 | ---- | -0.00 | 0.19 | 0.19 | ||
2062 | 17.76 | 13.58 | -4.18 | ---- | -0.00 | 0.19 | 0.19 | ||
2063 | 17.82 | 13.58 | -4.24 | ---- | -0.00 | 0.19 | 0.19 | ||
2064 | 17.88 | 13.58 | -4.30 | ---- | -0.00 | 0.19 | 0.19 | ||
2065 | 17.94 | 13.59 | -4.36 | ---- | -0.00 | 0.19 | 0.19 | ||
2066 | 18.00 | 13.59 | -4.41 | ---- | -0.00 | 0.19 | 0.19 | ||
2067 | 18.06 | 13.60 | -4.46 | ---- | -0.00 | 0.19 | 0.19 | ||
2068 | 18.11 | 13.60 | -4.52 | ---- | -0.00 | 0.19 | 0.19 | ||
2069 | 18.17 | 13.60 | -4.57 | ---- | -0.00 | 0.18 | 0.19 | ||
2070 | 18.23 | 13.61 | -4.62 | ---- | -0.00 | 0.18 | 0.18 | ||
2071 | 18.28 | 13.61 | -4.67 | ---- | -0.00 | 0.18 | 0.18 | ||
2072 | 18.33 | 13.61 | -4.72 | ---- | -0.00 | 0.18 | 0.18 | ||
2073 | 18.38 | 13.62 | -4.76 | ---- | -0.00 | 0.18 | 0.18 | ||
2074 | 18.43 | 13.62 | -4.81 | ---- | -0.00 | 0.18 | 0.18 | ||
2075 | 18.46 | 13.62 | -4.84 | ---- | -0.00 | 0.18 | 0.18 | ||
2076 | 18.49 | 13.63 | -4.86 | ---- | -0.00 | 0.18 | 0.18 | ||
2077 | 18.50 | 13.63 | -4.87 | ---- | -0.00 | 0.18 | 0.18 | ||
2078 | 18.50 | 13.63 | -4.88 | ---- | -0.00 | 0.18 | 0.18 | ||
2079 | 18.49 | 13.63 | -4.86 | ---- | -0.00 | 0.18 | 0.18 | ||
2080 | 18.47 | 13.62 | -4.84 | ---- | -0.00 | 0.18 | 0.18 | ||
2081 | 18.43 | 13.62 | -4.81 | ---- | -0.00 | 0.18 | 0.18 | ||
2082 | 18.39 | 13.62 | -4.77 | ---- | -0.00 | 0.18 | 0.18 | ||
2083 | 18.34 | 13.62 | -4.73 | ---- | -0.00 | 0.17 | 0.17 | ||
2084 | 18.29 | 13.61 | -4.68 | ---- | -0.00 | 0.17 | 0.17 | ||
2085 | 18.23 | 13.61 | -4.62 | ---- | -0.00 | 0.17 | 0.17 | ||
2086 | 18.16 | 13.60 | -4.56 | ---- | -0.00 | 0.17 | 0.17 | ||
2087 | 18.09 | 13.60 | -4.49 | ---- | -0.00 | 0.17 | 0.17 | ||
2088 | 18.02 | 13.59 | -4.43 | ---- | -0.00 | 0.17 | 0.17 | ||
2089 | 17.95 | 13.58 | -4.37 | ---- | -0.00 | 0.17 | 0.17 | ||
2090 | 17.89 | 13.58 | -4.31 | ---- | -0.00 | 0.17 | 0.17 | ||
2091 | 17.84 | 13.58 | -4.27 | ---- | -0.00 | 0.17 | 0.17 | ||
2092 | 17.80 | 13.57 | -4.23 | ---- | -0.00 | 0.17 | 0.17 | ||
2093 | 17.77 | 13.57 | -4.20 | ---- | -0.00 | 0.16 | 0.17 | ||
2094 | 17.75 | 13.57 | -4.18 | ---- | -0.00 | 0.16 | 0.16 | ||
2095 | 17.74 | 13.57 | -4.18 | ---- | -0.00 | 0.16 | 0.16 | ||
2096 | 17.74 | 13.57 | -4.18 | ---- | -0.00 | 0.16 | 0.16 | ||
2097 | 17.75 | 13.57 | -4.18 | ---- | -0.00 | 0.16 | 0.16 | ||
2098 | 17.77 | 13.57 | -4.20 | ---- | -0.00 | 0.16 | 0.16 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2023-2097 | 17.38% | 13.97% | -3.41% | 2035 | -0.00% | 0.20% | 0.20% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.