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 2025 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 2024, 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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.94 | -1.49 | 217 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.64 | 12.98 | -1.67 | 200 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.87 | 13.00 | -1.88 | 183 | -0.01 | -0.00 | 0.01 | ||
| 2026 | 15.10 | 13.12 | -1.98 | 165 | -0.01 | -0.00 | 0.01 | ||
| 2027 | 15.32 | 13.15 | -2.18 | 148 | -0.02 | -0.00 | 0.02 | ||
| 2028 | 15.54 | 13.19 | -2.36 | 130 | -0.04 | -0.00 | 0.04 | ||
| 2029 | 15.77 | 13.22 | -2.54 | 113 | -0.06 | -0.00 | 0.06 | ||
| 2030 | 15.92 | 13.24 | -2.68 | 95 | -0.10 | -0.01 | 0.10 | ||
| 2031 | 16.05 | 13.25 | -2.80 | 78 | -0.14 | -0.01 | 0.13 | ||
| 2032 | 16.16 | 13.26 | -2.90 | 60 | -0.17 | -0.01 | 0.16 | ||
| 2033 | 16.24 | 13.27 | -2.97 | 43 | -0.22 | -0.01 | 0.20 | ||
| 2034 | 16.30 | 13.27 | -3.03 | 25 | -0.25 | -0.01 | 0.24 | ||
| 2035 | 16.31 | 13.28 | -3.04 | 7 | -0.31 | -0.02 | 0.29 | ||
| 2036 | 16.34 | 13.28 | -3.06 | ---- | -0.34 | -0.02 | 0.32 | ||
| 2037 | 16.37 | 13.28 | -3.08 | ---- | -0.37 | -0.02 | 0.35 | ||
| 2038 | 16.38 | 13.29 | -3.09 | ---- | -0.40 | -0.02 | 0.38 | ||
| 2039 | 16.39 | 13.29 | -3.10 | ---- | -0.42 | -0.02 | 0.40 | ||
| 2040 | 16.40 | 13.29 | -3.11 | ---- | -0.44 | -0.03 | 0.42 | ||
| 2041 | 16.39 | 13.29 | -3.10 | ---- | -0.46 | -0.03 | 0.44 | ||
| 2042 | 16.38 | 13.29 | -3.09 | ---- | -0.48 | -0.03 | 0.45 | ||
| 2043 | 16.36 | 13.29 | -3.07 | ---- | -0.49 | -0.03 | 0.46 | ||
| 2044 | 16.33 | 13.29 | -3.04 | ---- | -0.50 | -0.03 | 0.47 | ||
| 2045 | 16.31 | 13.29 | -3.02 | ---- | -0.51 | -0.03 | 0.48 | ||
| 2046 | 16.28 | 13.29 | -2.99 | ---- | -0.52 | -0.03 | 0.49 | ||
| 2047 | 16.26 | 13.29 | -2.97 | ---- | -0.53 | -0.03 | 0.50 | ||
| 2048 | 16.26 | 13.29 | -2.97 | ---- | -0.53 | -0.03 | 0.50 | ||
| 2049 | 16.25 | 13.29 | -2.96 | ---- | -0.53 | -0.03 | 0.50 | ||
| 2050 | 16.25 | 13.29 | -2.96 | ---- | -0.53 | -0.03 | 0.50 | ||
| 2051 | 16.26 | 13.29 | -2.96 | ---- | -0.54 | -0.03 | 0.50 | ||
| 2052 | 16.27 | 13.29 | -2.97 | ---- | -0.54 | -0.03 | 0.51 | ||
| 2053 | 16.29 | 13.30 | -2.99 | ---- | -0.54 | -0.03 | 0.51 | ||
| 2054 | 16.31 | 13.30 | -3.01 | ---- | -0.55 | -0.03 | 0.51 | ||
| 2055 | 16.34 | 13.30 | -3.04 | ---- | -0.55 | -0.03 | 0.52 | ||
| 2056 | 16.38 | 13.31 | -3.07 | ---- | -0.55 | -0.03 | 0.52 | ||
| 2057 | 16.42 | 13.31 | -3.11 | ---- | -0.56 | -0.03 | 0.52 | ||
| 2058 | 16.47 | 13.31 | -3.15 | ---- | -0.56 | -0.03 | 0.53 | ||
| 2059 | 16.52 | 13.32 | -3.20 | ---- | -0.57 | -0.03 | 0.53 | ||
| 2060 | 16.57 | 13.32 | -3.25 | ---- | -0.57 | -0.03 | 0.54 | ||
| 2061 | 16.63 | 13.33 | -3.30 | ---- | -0.58 | -0.03 | 0.54 | ||
| 2062 | 16.69 | 13.33 | -3.35 | ---- | -0.58 | -0.03 | 0.55 | ||
| 2063 | 16.75 | 13.34 | -3.41 | ---- | -0.58 | -0.03 | 0.55 | ||
| 2064 | 16.81 | 13.34 | -3.47 | ---- | -0.59 | -0.03 | 0.55 | ||
| 2065 | 16.87 | 13.35 | -3.52 | ---- | -0.59 | -0.03 | 0.55 | ||
| 2066 | 16.93 | 13.35 | -3.58 | ---- | -0.59 | -0.04 | 0.56 | ||
| 2067 | 17.00 | 13.36 | -3.65 | ---- | -0.59 | -0.04 | 0.56 | ||
| 2068 | 17.07 | 13.36 | -3.71 | ---- | -0.60 | -0.04 | 0.56 | ||
| 2069 | 17.14 | 13.36 | -3.77 | ---- | -0.60 | -0.04 | 0.56 | ||
| 2070 | 17.20 | 13.37 | -3.83 | ---- | -0.60 | -0.04 | 0.56 | ||
| 2071 | 17.27 | 13.37 | -3.89 | ---- | -0.60 | -0.04 | 0.57 | ||
| 2072 | 17.32 | 13.38 | -3.95 | ---- | -0.60 | -0.04 | 0.57 | ||
| 2073 | 17.38 | 13.38 | -3.99 | ---- | -0.61 | -0.04 | 0.57 | ||
| 2074 | 17.43 | 13.39 | -4.04 | ---- | -0.61 | -0.04 | 0.57 | ||
| 2075 | 17.47 | 13.39 | -4.08 | ---- | -0.61 | -0.04 | 0.57 | ||
| 2076 | 17.50 | 13.39 | -4.11 | ---- | -0.61 | -0.04 | 0.58 | ||
| 2077 | 17.53 | 13.40 | -4.13 | ---- | -0.61 | -0.04 | 0.58 | ||
| 2078 | 17.54 | 13.40 | -4.14 | ---- | -0.61 | -0.04 | 0.58 | ||
| 2079 | 17.54 | 13.40 | -4.14 | ---- | -0.61 | -0.04 | 0.58 | ||
| 2080 | 17.52 | 13.40 | -4.13 | ---- | -0.61 | -0.04 | 0.58 | ||
| 2081 | 17.51 | 13.40 | -4.11 | ---- | -0.61 | -0.04 | 0.58 | ||
| 2082 | 17.48 | 13.40 | -4.09 | ---- | -0.61 | -0.04 | 0.57 | ||
| 2083 | 17.46 | 13.39 | -4.06 | ---- | -0.61 | -0.04 | 0.57 | ||
| 2084 | 17.42 | 13.39 | -4.03 | ---- | -0.61 | -0.04 | 0.57 | ||
| 2085 | 17.39 | 13.39 | -4.00 | ---- | -0.61 | -0.04 | 0.57 | ||
| 2086 | 17.35 | 13.39 | -3.96 | ---- | -0.61 | -0.04 | 0.57 | ||
| 2087 | 17.32 | 13.39 | -3.93 | ---- | -0.60 | -0.04 | 0.57 | ||
| 2088 | 17.29 | 13.38 | -3.91 | ---- | -0.60 | -0.04 | 0.57 | ||
| 2089 | 17.27 | 13.38 | -3.89 | ---- | -0.60 | -0.04 | 0.57 | ||
| 2090 | 17.26 | 13.38 | -3.88 | ---- | -0.60 | -0.04 | 0.57 | ||
| 2091 | 17.27 | 13.38 | -3.88 | ---- | -0.60 | -0.04 | 0.57 | ||
| 2092 | 17.28 | 13.38 | -3.90 | ---- | -0.60 | -0.04 | 0.57 | ||
| 2093 | 17.30 | 13.38 | -3.92 | ---- | -0.60 | -0.04 | 0.57 | ||
| 2094 | 17.33 | 13.39 | -3.95 | ---- | -0.60 | -0.04 | 0.57 | ||
| 2095 | 17.37 | 13.39 | -3.98 | ---- | -0.61 | -0.04 | 0.57 | ||
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 | 16.62% | 13.82% | -2.80% | 2035 | -0.44% | -0.03% | 0.42% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.