Proposed Provision: H6. Eliminate federal income taxation of OASDI benefits that is credited to the OASI and DI Trust Funds for 2054 and later. Phase out OASDI taxation of benefits by increasing relevant "income" thresholds from 2045 through 2053 as follows, for single/joint tax filers: (a) 2045 = $32,500/$65,000; (b) 2046 = $40,000/$80,000; (c) 2047 = $47,500/$95,000; (d) 2048 = $55,000/$110,000; (e) 2049 = $62,500/$125,000; (f) 2050 = $70,000/$140,000; (g) 2051 = $77,500/$155,000; (h) 2052 = $85,000/$170,000; and (i) 2053 = $92,500/$185,000. Taxation of benefits revenues for the Hospital Insurance (HI) Trust Fund would be maintained at the same level as if the current-law computation applied.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2019273273
2020260260
2021245245
2022229229
2023213213
2024197197
2025180180
2026163163
2027147147
2028130130
2029114114
20309797
20318080
20326363
20334646
20342828
20351010
2036-9-9
2037-28-28
2038-47-47
2039-67-67
2040-87-87
2041-108-108
2042-129-129
2043-150-150
2044-171-171
2045-192-192
2046-213-213
2047-234-235
2048-255-256
2049-276-278
2050-297-300
2051-318-323
2052-338-345
2053-359-368
2054-380-391
2055-401-417
2056-422-444
2057-444-471
2058-465-498
2059-487-525
2060-509-553
2061-531-581
2062-554-609
2063-577-638
2064-601-668
2065-625-698
2066-649-728
2067-674-758
2068-699-789
2069-724-821
2070-749-852
2071-776-885
2072-802-918
2073-830-951
2074-857-985
2075-885-1020
2076-914-1055
2077-944-1092
2078-975-1129
2079-1007-1168
2080-1039-1207
2081-1072-1247
2082-1106-1288
2083-1139-1329
2084-1173-1371
2085-1207-1412
2086-1242-1454
2087-1275-1495
2088-1309-1536
2089-1342-1577
2090-1375-1617
2091-1407-1657
2092-1439-1696
2093-1471-1735
2094-1503-1774
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