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 2028 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 2028, 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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.87 | 12.89 | -1.98 | 187 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 15.04 | 12.97 | -2.07 | 168 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.23 | 13.08 | -2.15 | 149 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.38 | 13.09 | -2.29 | 131 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.55 | 13.13 | -2.42 | 114 | -0.00 | -0.00 | 0.00 | ||
| 2029 | 15.70 | 13.16 | -2.54 | 96 | -0.01 | -0.00 | 0.01 | ||
| 2030 | 15.84 | 13.18 | -2.66 | 78 | -0.03 | -0.00 | 0.03 | ||
| 2031 | 15.95 | 13.21 | -2.74 | 61 | -0.05 | -0.00 | 0.05 | ||
| 2032 | 16.06 | 13.23 | -2.83 | 44 | -0.08 | -0.00 | 0.08 | ||
| 2033 | 16.14 | 13.24 | -2.90 | 26 | -0.13 | -0.01 | 0.12 | ||
| 2034 | 16.21 | 13.25 | -2.96 | 9 | -0.17 | -0.01 | 0.16 | ||
| 2035 | 16.26 | 13.25 | -3.01 | ---- | -0.22 | -0.01 | 0.21 | ||
| 2036 | 16.29 | 13.26 | -3.03 | ---- | -0.26 | -0.01 | 0.25 | ||
| 2037 | 16.32 | 13.26 | -3.06 | ---- | -0.32 | -0.02 | 0.30 | ||
| 2038 | 16.33 | 13.27 | -3.06 | ---- | -0.37 | -0.02 | 0.35 | ||
| 2039 | 16.33 | 13.27 | -3.06 | ---- | -0.42 | -0.02 | 0.40 | ||
| 2040 | 16.31 | 13.27 | -3.04 | ---- | -0.47 | -0.03 | 0.44 | ||
| 2041 | 16.31 | 13.27 | -3.04 | ---- | -0.50 | -0.03 | 0.47 | ||
| 2042 | 16.29 | 13.27 | -3.02 | ---- | -0.53 | -0.03 | 0.50 | ||
| 2043 | 16.27 | 13.27 | -3.00 | ---- | -0.56 | -0.03 | 0.53 | ||
| 2044 | 16.26 | 13.27 | -2.99 | ---- | -0.59 | -0.03 | 0.55 | ||
| 2045 | 16.25 | 13.27 | -2.98 | ---- | -0.61 | -0.04 | 0.57 | ||
| 2046 | 16.26 | 13.27 | -2.98 | ---- | -0.62 | -0.04 | 0.59 | ||
| 2047 | 16.26 | 13.28 | -2.99 | ---- | -0.64 | -0.04 | 0.60 | ||
| 2048 | 16.27 | 13.28 | -2.99 | ---- | -0.66 | -0.04 | 0.62 | ||
| 2049 | 16.28 | 13.28 | -3.01 | ---- | -0.67 | -0.04 | 0.63 | ||
| 2050 | 16.30 | 13.28 | -3.02 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2051 | 16.33 | 13.28 | -3.04 | ---- | -0.69 | -0.04 | 0.65 | ||
| 2052 | 16.36 | 13.29 | -3.08 | ---- | -0.70 | -0.04 | 0.65 | ||
| 2053 | 16.41 | 13.29 | -3.12 | ---- | -0.70 | -0.04 | 0.66 | ||
| 2054 | 16.46 | 13.30 | -3.16 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2055 | 16.52 | 13.30 | -3.22 | ---- | -0.71 | -0.04 | 0.67 | ||
| 2056 | 16.58 | 13.31 | -3.28 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2057 | 16.65 | 13.31 | -3.34 | ---- | -0.73 | -0.04 | 0.68 | ||
| 2058 | 16.72 | 13.32 | -3.41 | ---- | -0.73 | -0.04 | 0.69 | ||
| 2059 | 16.80 | 13.32 | -3.48 | ---- | -0.74 | -0.04 | 0.70 | ||
| 2060 | 16.87 | 13.33 | -3.54 | ---- | -0.75 | -0.04 | 0.70 | ||
| 2061 | 16.94 | 13.33 | -3.60 | ---- | -0.76 | -0.04 | 0.71 | ||
| 2062 | 17.00 | 13.34 | -3.66 | ---- | -0.76 | -0.05 | 0.72 | ||
| 2063 | 17.06 | 13.34 | -3.71 | ---- | -0.77 | -0.05 | 0.72 | ||
| 2064 | 17.11 | 13.35 | -3.76 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2065 | 17.16 | 13.35 | -3.81 | ---- | -0.78 | -0.05 | 0.73 | ||
| 2066 | 17.22 | 13.36 | -3.86 | ---- | -0.78 | -0.05 | 0.74 | ||
| 2067 | 17.27 | 13.36 | -3.91 | ---- | -0.79 | -0.05 | 0.74 | ||
| 2068 | 17.33 | 13.37 | -3.96 | ---- | -0.79 | -0.05 | 0.74 | ||
| 2069 | 17.38 | 13.37 | -4.01 | ---- | -0.79 | -0.05 | 0.74 | ||
| 2070 | 17.44 | 13.38 | -4.06 | ---- | -0.79 | -0.05 | 0.75 | ||
| 2071 | 17.49 | 13.38 | -4.11 | ---- | -0.80 | -0.05 | 0.75 | ||
| 2072 | 17.53 | 13.38 | -4.15 | ---- | -0.80 | -0.05 | 0.75 | ||
| 2073 | 17.58 | 13.39 | -4.19 | ---- | -0.80 | -0.05 | 0.75 | ||
| 2074 | 17.62 | 13.39 | -4.23 | ---- | -0.80 | -0.05 | 0.76 | ||
| 2075 | 17.66 | 13.39 | -4.26 | ---- | -0.81 | -0.05 | 0.76 | ||
| 2076 | 17.68 | 13.40 | -4.28 | ---- | -0.81 | -0.05 | 0.76 | ||
| 2077 | 17.69 | 13.40 | -4.30 | ---- | -0.81 | -0.05 | 0.76 | ||
| 2078 | 17.70 | 13.40 | -4.30 | ---- | -0.81 | -0.05 | 0.76 | ||
| 2079 | 17.68 | 13.40 | -4.28 | ---- | -0.81 | -0.05 | 0.76 | ||
| 2080 | 17.66 | 13.40 | -4.26 | ---- | -0.81 | -0.05 | 0.76 | ||
| 2081 | 17.63 | 13.40 | -4.23 | ---- | -0.81 | -0.05 | 0.76 | ||
| 2082 | 17.59 | 13.39 | -4.20 | ---- | -0.80 | -0.05 | 0.76 | ||
| 2083 | 17.54 | 13.39 | -4.15 | ---- | -0.80 | -0.05 | 0.75 | ||
| 2084 | 17.49 | 13.39 | -4.10 | ---- | -0.80 | -0.05 | 0.75 | ||
| 2085 | 17.43 | 13.39 | -4.05 | ---- | -0.80 | -0.05 | 0.75 | ||
| 2086 | 17.37 | 13.38 | -3.99 | ---- | -0.79 | -0.05 | 0.75 | ||
| 2087 | 17.30 | 13.38 | -3.92 | ---- | -0.79 | -0.05 | 0.74 | ||
| 2088 | 17.23 | 13.37 | -3.86 | ---- | -0.79 | -0.05 | 0.74 | ||
| 2089 | 17.17 | 13.37 | -3.80 | ---- | -0.78 | -0.05 | 0.74 | ||
| 2090 | 17.11 | 13.37 | -3.75 | ---- | -0.78 | -0.05 | 0.73 | ||
| 2091 | 17.06 | 13.36 | -3.70 | ---- | -0.78 | -0.05 | 0.73 | ||
| 2092 | 17.02 | 13.36 | -3.66 | ---- | -0.78 | -0.05 | 0.73 | ||
| 2093 | 17.00 | 13.36 | -3.64 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2094 | 16.98 | 13.36 | -3.62 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2095 | 16.97 | 13.36 | -3.61 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2096 | 16.97 | 13.36 | -3.61 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2097 | 16.98 | 13.36 | -3.62 | ---- | -0.77 | -0.05 | 0.73 | ||
| 2098 | 17.00 | 13.36 | -3.64 | ---- | -0.77 | -0.05 | 0.73 | ||
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 | 16.81% | 13.74% | -3.07% | 2034 | -0.57% | -0.03% | 0.54% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2023 Trustees Report.