Detailed Single Year Tables
Description of Proposed Provision:
H2: Starting in 2021, tax Social Security benefits in a manner similar to private pension income. Phase out the lower-income thresholds during 2021-2040.
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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.99 | -1.06 | 248 | 0.00 | 0.09 | 0.09 | ||
| 2022 | 14.25 | 13.04 | -1.21 | 233 | -0.00 | 0.11 | 0.11 | ||
| 2023 | 14.43 | 13.07 | -1.37 | 218 | -0.00 | 0.12 | 0.12 | ||
| 2024 | 14.64 | 13.11 | -1.54 | 202 | -0.00 | 0.13 | 0.13 | ||
| 2025 | 14.88 | 13.14 | -1.74 | 186 | -0.00 | 0.14 | 0.14 | ||
| 2026 | 15.11 | 13.31 | -1.80 | 169 | -0.00 | 0.19 | 0.19 | ||
| 2027 | 15.35 | 13.35 | -2.00 | 153 | -0.00 | 0.20 | 0.20 | ||
| 2028 | 15.58 | 13.40 | -2.18 | 136 | -0.00 | 0.21 | 0.21 | ||
| 2029 | 15.83 | 13.45 | -2.38 | 119 | -0.00 | 0.22 | 0.22 | ||
| 2030 | 16.02 | 13.47 | -2.55 | 102 | -0.00 | 0.23 | 0.23 | ||
| 2031 | 16.19 | 13.49 | -2.70 | 85 | -0.00 | 0.23 | 0.24 | ||
| 2032 | 16.33 | 13.51 | -2.83 | 68 | -0.00 | 0.24 | 0.24 | ||
| 2033 | 16.45 | 13.52 | -2.93 | 51 | -0.00 | 0.24 | 0.24 | ||
| 2034 | 16.55 | 13.53 | -3.02 | 34 | -0.00 | 0.24 | 0.24 | ||
| 2035 | 16.62 | 13.54 | -3.09 | 16 | -0.00 | 0.24 | 0.24 | ||
| 2036 | 16.68 | 13.54 | -3.14 | ---- | -0.00 | 0.24 | 0.24 | ||
| 2037 | 16.74 | 13.55 | -3.19 | ---- | -0.00 | 0.24 | 0.24 | ||
| 2038 | 16.78 | 13.55 | -3.24 | ---- | -0.00 | 0.24 | 0.24 | ||
| 2039 | 16.82 | 13.55 | -3.27 | ---- | -0.00 | 0.24 | 0.24 | ||
| 2040 | 16.85 | 13.55 | -3.30 | ---- | -0.00 | 0.23 | 0.24 | ||
| 2041 | 16.86 | 13.55 | -3.31 | ---- | -0.00 | 0.23 | 0.23 | ||
| 2042 | 16.86 | 13.54 | -3.32 | ---- | -0.00 | 0.22 | 0.23 | ||
| 2043 | 16.85 | 13.54 | -3.31 | ---- | -0.00 | 0.22 | 0.22 | ||
| 2044 | 16.83 | 13.53 | -3.30 | ---- | -0.00 | 0.22 | 0.22 | ||
| 2045 | 16.82 | 13.53 | -3.29 | ---- | -0.00 | 0.21 | 0.21 | ||
| 2046 | 16.80 | 13.53 | -3.27 | ---- | -0.00 | 0.21 | 0.21 | ||
| 2047 | 16.79 | 13.52 | -3.27 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2048 | 16.79 | 13.52 | -3.27 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2049 | 16.78 | 13.52 | -3.27 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2050 | 16.79 | 13.52 | -3.27 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2051 | 16.79 | 13.52 | -3.28 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2052 | 16.81 | 13.51 | -3.29 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2053 | 16.83 | 13.51 | -3.32 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2054 | 16.86 | 13.52 | -3.34 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2055 | 16.89 | 13.52 | -3.38 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2056 | 16.93 | 13.52 | -3.41 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2057 | 16.98 | 13.52 | -3.45 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2058 | 17.03 | 13.52 | -3.50 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2059 | 17.08 | 13.53 | -3.56 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2060 | 17.14 | 13.53 | -3.61 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2061 | 17.20 | 13.54 | -3.67 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2062 | 17.27 | 13.54 | -3.73 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2063 | 17.33 | 13.54 | -3.79 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2064 | 17.39 | 13.55 | -3.84 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2065 | 17.46 | 13.55 | -3.91 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2066 | 17.52 | 13.56 | -3.97 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2067 | 17.59 | 13.56 | -4.03 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2068 | 17.66 | 13.56 | -4.10 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2069 | 17.73 | 13.57 | -4.16 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2070 | 17.80 | 13.57 | -4.23 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2071 | 17.87 | 13.58 | -4.29 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2072 | 17.93 | 13.58 | -4.35 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2073 | 17.98 | 13.59 | -4.40 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2074 | 18.03 | 13.59 | -4.45 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2075 | 18.08 | 13.59 | -4.49 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2076 | 18.11 | 13.59 | -4.52 | ---- | -0.00 | 0.16 | 0.17 | ||
| 2077 | 18.14 | 13.60 | -4.54 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2078 | 18.15 | 13.60 | -4.55 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2079 | 18.15 | 13.60 | -4.55 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2080 | 18.14 | 13.60 | -4.54 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2081 | 18.12 | 13.59 | -4.52 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2082 | 18.09 | 13.59 | -4.50 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2083 | 18.07 | 13.59 | -4.48 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2084 | 18.03 | 13.59 | -4.45 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2085 | 18.00 | 13.58 | -4.41 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2086 | 17.96 | 13.58 | -4.38 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2087 | 17.92 | 13.58 | -4.35 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2088 | 17.90 | 13.57 | -4.32 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2089 | 17.88 | 13.57 | -4.30 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2090 | 17.87 | 13.57 | -4.29 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2091 | 17.87 | 13.57 | -4.30 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2092 | 17.88 | 13.57 | -4.31 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2093 | 17.90 | 13.57 | -4.33 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2094 | 17.94 | 13.58 | -4.36 | ---- | -0.00 | 0.15 | 0.15 | ||
| 2095 | 17.97 | 13.58 | -4.39 | ---- | -0.00 | 0.15 | 0.15 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 17.06% | 14.03% | -3.03% | 2035 | -0.00% | 0.18% | 0.18% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
|||||||||
Based on Intermediate Assumptions of the 2020 Trustees Report.