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 2029 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 2029, 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 |
|||
| 2024 | 14.71 | 13.03 | -1.68 | 188 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 15.00 | 12.89 | -2.11 | 171 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.20 | 13.07 | -2.13 | 152 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.36 | 13.11 | -2.25 | 134 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.42 | 13.13 | -2.28 | 117 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.46 | 13.16 | -2.30 | 101 | -0.00 | -0.00 | 0.00 | ||
| 2030 | 15.52 | 13.18 | -2.34 | 84 | -0.01 | -0.00 | 0.01 | ||
| 2031 | 15.55 | 13.20 | -2.35 | 69 | -0.02 | -0.00 | 0.02 | ||
| 2032 | 15.56 | 13.22 | -2.34 | 53 | -0.04 | -0.00 | 0.04 | ||
| 2033 | 15.60 | 13.26 | -2.34 | 38 | -0.06 | -0.00 | 0.06 | ||
| 2034 | 15.68 | 13.27 | -2.40 | 23 | -0.10 | -0.01 | 0.09 | ||
| 2035 | 15.74 | 13.28 | -2.47 | 8 | -0.14 | -0.01 | 0.13 | ||
| 2036 | 15.80 | 13.28 | -2.52 | — | -0.18 | -0.01 | 0.17 | ||
| 2037 | 15.86 | 13.29 | -2.57 | — | -0.23 | -0.01 | 0.22 | ||
| 2038 | 15.90 | 13.29 | -2.60 | — | -0.28 | -0.02 | 0.26 | ||
| 2039 | 15.92 | 13.30 | -2.62 | — | -0.33 | -0.02 | 0.31 | ||
| 2040 | 15.94 | 13.30 | -2.64 | — | -0.38 | -0.02 | 0.36 | ||
| 2041 | 15.95 | 13.30 | -2.65 | — | -0.43 | -0.03 | 0.41 | ||
| 2042 | 15.97 | 13.31 | -2.67 | — | -0.46 | -0.03 | 0.44 | ||
| 2043 | 15.99 | 13.31 | -2.68 | — | -0.49 | -0.03 | 0.46 | ||
| 2044 | 16.00 | 13.31 | -2.69 | — | -0.52 | -0.03 | 0.48 | ||
| 2045 | 16.02 | 13.31 | -2.71 | — | -0.53 | -0.03 | 0.50 | ||
| 2046 | 16.04 | 13.31 | -2.72 | — | -0.55 | -0.03 | 0.52 | ||
| 2047 | 16.06 | 13.32 | -2.74 | — | -0.56 | -0.03 | 0.53 | ||
| 2048 | 16.08 | 13.32 | -2.76 | — | -0.58 | -0.04 | 0.55 | ||
| 2049 | 16.11 | 13.32 | -2.79 | — | -0.60 | -0.04 | 0.56 | ||
| 2050 | 16.15 | 13.33 | -2.82 | — | -0.61 | -0.04 | 0.57 | ||
| 2051 | 16.18 | 13.33 | -2.85 | — | -0.63 | -0.04 | 0.59 | ||
| 2052 | 16.24 | 13.33 | -2.90 | — | -0.63 | -0.04 | 0.59 | ||
| 2053 | 16.30 | 13.34 | -2.96 | — | -0.64 | -0.04 | 0.60 | ||
| 2054 | 16.36 | 13.34 | -3.01 | — | -0.64 | -0.04 | 0.60 | ||
| 2055 | 16.43 | 13.35 | -3.08 | — | -0.65 | -0.04 | 0.61 | ||
| 2056 | 16.50 | 13.36 | -3.14 | — | -0.66 | -0.04 | 0.62 | ||
| 2057 | 16.58 | 13.36 | -3.22 | — | -0.66 | -0.04 | 0.62 | ||
| 2058 | 16.66 | 13.37 | -3.29 | — | -0.67 | -0.04 | 0.63 | ||
| 2059 | 16.74 | 13.38 | -3.36 | — | -0.68 | -0.04 | 0.64 | ||
| 2060 | 16.82 | 13.38 | -3.44 | — | -0.68 | -0.04 | 0.64 | ||
| 2061 | 16.89 | 13.39 | -3.50 | — | -0.69 | -0.04 | 0.65 | ||
| 2062 | 16.96 | 13.39 | -3.56 | — | -0.70 | -0.04 | 0.65 | ||
| 2063 | 17.02 | 13.40 | -3.62 | — | -0.70 | -0.04 | 0.66 | ||
| 2064 | 17.08 | 13.40 | -3.68 | — | -0.71 | -0.04 | 0.67 | ||
| 2065 | 17.14 | 13.41 | -3.73 | — | -0.72 | -0.04 | 0.67 | ||
| 2066 | 17.20 | 13.41 | -3.78 | — | -0.72 | -0.04 | 0.68 | ||
| 2067 | 17.26 | 13.42 | -3.84 | — | -0.72 | -0.04 | 0.68 | ||
| 2068 | 17.32 | 13.42 | -3.90 | — | -0.73 | -0.05 | 0.68 | ||
| 2069 | 17.38 | 13.43 | -3.96 | — | -0.73 | -0.05 | 0.68 | ||
| 2070 | 17.45 | 13.43 | -4.02 | — | -0.73 | -0.05 | 0.69 | ||
| 2071 | 17.51 | 13.44 | -4.08 | — | -0.74 | -0.05 | 0.69 | ||
| 2072 | 17.58 | 13.44 | -4.13 | — | -0.74 | -0.05 | 0.69 | ||
| 2073 | 17.63 | 13.45 | -4.19 | — | -0.74 | -0.05 | 0.70 | ||
| 2074 | 17.69 | 13.45 | -4.24 | — | -0.74 | -0.05 | 0.70 | ||
| 2075 | 17.74 | 13.46 | -4.28 | — | -0.75 | -0.05 | 0.70 | ||
| 2076 | 17.78 | 13.46 | -4.32 | — | -0.75 | -0.05 | 0.70 | ||
| 2077 | 17.81 | 13.46 | -4.35 | — | -0.75 | -0.05 | 0.70 | ||
| 2078 | 17.83 | 13.47 | -4.37 | — | -0.75 | -0.05 | 0.70 | ||
| 2079 | 17.84 | 13.47 | -4.38 | — | -0.75 | -0.05 | 0.70 | ||
| 2080 | 17.84 | 13.47 | -4.38 | — | -0.75 | -0.05 | 0.70 | ||
| 2081 | 17.84 | 13.47 | -4.37 | — | -0.75 | -0.05 | 0.70 | ||
| 2082 | 17.82 | 13.47 | -4.35 | — | -0.75 | -0.05 | 0.70 | ||
| 2083 | 17.80 | 13.47 | -4.33 | — | -0.75 | -0.05 | 0.70 | ||
| 2084 | 17.76 | 13.46 | -4.30 | — | -0.75 | -0.05 | 0.70 | ||
| 2085 | 17.72 | 13.46 | -4.26 | — | -0.75 | -0.05 | 0.70 | ||
| 2086 | 17.68 | 13.46 | -4.22 | — | -0.74 | -0.05 | 0.70 | ||
| 2087 | 17.62 | 13.46 | -4.16 | — | -0.74 | -0.05 | 0.70 | ||
| 2088 | 17.56 | 13.45 | -4.11 | — | -0.74 | -0.05 | 0.69 | ||
| 2089 | 17.51 | 13.45 | -4.06 | — | -0.74 | -0.05 | 0.69 | ||
| 2090 | 17.46 | 13.45 | -4.01 | — | -0.73 | -0.05 | 0.69 | ||
| 2091 | 17.41 | 13.44 | -3.97 | — | -0.73 | -0.05 | 0.69 | ||
| 2092 | 17.37 | 13.44 | -3.93 | — | -0.73 | -0.05 | 0.68 | ||
| 2093 | 17.35 | 13.44 | -3.91 | — | -0.73 | -0.05 | 0.68 | ||
| 2094 | 17.34 | 13.44 | -3.90 | — | -0.73 | -0.05 | 0.68 | ||
| 2095 | 17.34 | 13.44 | -3.90 | — | -0.73 | -0.05 | 0.68 | ||
| 2096 | 17.35 | 13.44 | -3.91 | — | -0.73 | -0.05 | 0.68 | ||
| 2097 | 17.37 | 13.44 | -3.93 | — | -0.73 | -0.05 | 0.68 | ||
| 2098 | 17.39 | 13.44 | -3.95 | — | -0.73 | -0.05 | 0.69 | ||
| 2099 | 17.43 | 13.44 | -3.98 | — | -0.73 | -0.05 | 0.69 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2024-2098 | 16.77% | 13.77% | -3.00% | 2035 | -0.53% | -0.03% | 0.50% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2024 Trustees Report.