Detailed Single Year Tables
Description of Proposed Provision:
H2: Starting in 2022, tax Social Security benefits in a manner similar to private pension income. Phase out the lower-income thresholds during 2022-2041.
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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 13.03 | -1.28 | 231 | 0.00 | 0.10 | 0.10 | ||
| 2023 | 14.43 | 13.03 | -1.40 | 214 | -0.00 | 0.11 | 0.11 | ||
| 2024 | 14.64 | 13.07 | -1.57 | 197 | -0.00 | 0.13 | 0.13 | ||
| 2025 | 14.85 | 13.10 | -1.75 | 180 | -0.00 | 0.14 | 0.14 | ||
| 2026 | 15.10 | 13.27 | -1.83 | 162 | -0.00 | 0.19 | 0.19 | ||
| 2027 | 15.36 | 13.31 | -2.05 | 145 | -0.00 | 0.21 | 0.21 | ||
| 2028 | 15.62 | 13.36 | -2.26 | 128 | -0.00 | 0.22 | 0.22 | ||
| 2029 | 15.87 | 13.41 | -2.46 | 110 | -0.00 | 0.24 | 0.24 | ||
| 2030 | 16.11 | 13.44 | -2.67 | 93 | -0.00 | 0.25 | 0.25 | ||
| 2031 | 16.28 | 13.46 | -2.82 | 75 | -0.00 | 0.26 | 0.26 | ||
| 2032 | 16.43 | 13.48 | -2.95 | 57 | -0.00 | 0.27 | 0.27 | ||
| 2033 | 16.56 | 13.50 | -3.06 | 39 | -0.00 | 0.27 | 0.27 | ||
| 2034 | 16.66 | 13.51 | -3.15 | 21 | -0.00 | 0.27 | 0.28 | ||
| 2035 | 16.73 | 13.52 | -3.22 | 2 | -0.00 | 0.28 | 0.28 | ||
| 2036 | 16.80 | 13.53 | -3.27 | ---- | -0.00 | 0.28 | 0.28 | ||
| 2037 | 16.86 | 13.53 | -3.33 | ---- | -0.00 | 0.27 | 0.28 | ||
| 2038 | 16.91 | 13.54 | -3.38 | ---- | -0.00 | 0.27 | 0.27 | ||
| 2039 | 16.95 | 13.54 | -3.41 | ---- | -0.00 | 0.27 | 0.27 | ||
| 2040 | 16.98 | 13.54 | -3.44 | ---- | -0.00 | 0.27 | 0.27 | ||
| 2041 | 17.02 | 13.54 | -3.48 | ---- | -0.00 | 0.26 | 0.27 | ||
| 2042 | 17.04 | 13.53 | -3.50 | ---- | -0.00 | 0.26 | 0.26 | ||
| 2043 | 17.04 | 13.53 | -3.51 | ---- | -0.00 | 0.25 | 0.25 | ||
| 2044 | 17.04 | 13.53 | -3.52 | ---- | -0.00 | 0.25 | 0.25 | ||
| 2045 | 17.05 | 13.52 | -3.52 | ---- | -0.00 | 0.24 | 0.24 | ||
| 2046 | 17.06 | 13.52 | -3.54 | ---- | -0.00 | 0.24 | 0.24 | ||
| 2047 | 17.08 | 13.52 | -3.56 | ---- | -0.00 | 0.23 | 0.24 | ||
| 2048 | 17.10 | 13.52 | -3.58 | ---- | -0.00 | 0.23 | 0.23 | ||
| 2049 | 17.12 | 13.51 | -3.60 | ---- | -0.00 | 0.23 | 0.23 | ||
| 2050 | 17.14 | 13.51 | -3.62 | ---- | -0.00 | 0.22 | 0.22 | ||
| 2051 | 17.16 | 13.51 | -3.65 | ---- | -0.00 | 0.22 | 0.22 | ||
| 2052 | 17.19 | 13.51 | -3.67 | ---- | -0.00 | 0.22 | 0.22 | ||
| 2053 | 17.22 | 13.51 | -3.71 | ---- | -0.00 | 0.21 | 0.21 | ||
| 2054 | 17.25 | 13.51 | -3.74 | ---- | -0.00 | 0.21 | 0.21 | ||
| 2055 | 17.29 | 13.51 | -3.78 | ---- | -0.00 | 0.21 | 0.21 | ||
| 2056 | 17.34 | 13.52 | -3.82 | ---- | -0.00 | 0.21 | 0.21 | ||
| 2057 | 17.38 | 13.52 | -3.87 | ---- | -0.00 | 0.20 | 0.21 | ||
| 2058 | 17.44 | 13.52 | -3.91 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2059 | 17.49 | 13.52 | -3.97 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2060 | 17.55 | 13.53 | -4.02 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2061 | 17.60 | 13.53 | -4.07 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2062 | 17.65 | 13.53 | -4.12 | ---- | -0.00 | 0.20 | 0.20 | ||
| 2063 | 17.70 | 13.54 | -4.17 | ---- | -0.00 | 0.19 | 0.20 | ||
| 2064 | 17.75 | 13.54 | -4.21 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2065 | 17.80 | 13.54 | -4.26 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2066 | 17.85 | 13.54 | -4.31 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2067 | 17.90 | 13.55 | -4.36 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2068 | 17.96 | 13.55 | -4.41 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2069 | 18.01 | 13.55 | -4.46 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2070 | 18.07 | 13.56 | -4.51 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2071 | 18.12 | 13.56 | -4.56 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2072 | 18.17 | 13.56 | -4.61 | ---- | -0.00 | 0.19 | 0.19 | ||
| 2073 | 18.22 | 13.57 | -4.66 | ---- | -0.00 | 0.18 | 0.19 | ||
| 2074 | 18.27 | 13.57 | -4.70 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2075 | 18.31 | 13.57 | -4.74 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2076 | 18.35 | 13.57 | -4.77 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2077 | 18.37 | 13.58 | -4.79 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2078 | 18.38 | 13.58 | -4.80 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2079 | 18.37 | 13.58 | -4.79 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2080 | 18.35 | 13.57 | -4.78 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2081 | 18.33 | 13.57 | -4.75 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2082 | 18.29 | 13.57 | -4.72 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2083 | 18.25 | 13.57 | -4.68 | ---- | -0.00 | 0.18 | 0.18 | ||
| 2084 | 18.20 | 13.56 | -4.63 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2085 | 18.14 | 13.56 | -4.58 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2086 | 18.08 | 13.55 | -4.52 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2087 | 18.01 | 13.55 | -4.46 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2088 | 17.94 | 13.54 | -4.39 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2089 | 17.87 | 13.54 | -4.33 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2090 | 17.81 | 13.53 | -4.28 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2091 | 17.77 | 13.53 | -4.24 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2092 | 17.73 | 13.53 | -4.21 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2093 | 17.71 | 13.52 | -4.19 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2094 | 17.70 | 13.52 | -4.18 | ---- | -0.00 | 0.16 | 0.17 | ||
| 2095 | 17.70 | 13.52 | -4.18 | ---- | -0.00 | 0.16 | 0.17 | ||
| 2096 | 17.70 | 13.52 | -4.18 | ---- | -0.00 | 0.16 | 0.16 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 17.31% | 13.98% | -3.33% | 2035 | -0.00% | 0.21% | 0.21% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.