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Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum in years 2022 and later (phase in by applying a portion of the payroll tax rate to earnings above the current-law taxable maximum: 1.24 percent in 2013; 2.48 percent in 2014; ; 11.16 percent in 2021). Provide benefit credit for earnings above the current-law taxable maximum (phased in at the same proportion as the payroll tax rate during 2013-2021). Revise the benefit formula by adding a bend point at the current-law taxable maximum and applying a formula factor of 5 percent for AIME above this new bend point.

 

Financial Estimates for the OASDI Trust Fund Program

 
  Proposal
  Change from Present Law
  Expressed as a percentage of
present-law taxable payroll

Trust fund
ratio as of
January 1
Expressed as a percentage of
present-law taxable payroll
Calendar
year
Cost
rate
Income
rate
Annual
balance

Cost
rate
Income
rate
Annual
balance
201113.3512.52-0.82
353
0.000.000.00
201213.2312.87-0.36
347
0.000.000.00
201313.1813.08-0.10
341
0.000.210.21
201413.1813.360.18
336
0.000.450.45
201513.2413.620.37
332
0.000.680.68
201613.3313.880.55
331
0.000.910.91
201713.4614.140.68
330
0.001.141.14
201813.6214.410.79
330
0.011.381.37
201913.8914.660.77
329
0.011.611.61
202014.2114.900.69
328
0.011.841.83
202114.5415.150.61
327
0.022.072.05
202214.8515.400.55
327
0.022.302.28
202315.1515.430.28
326
0.032.322.29
202415.4415.450.01
326
0.042.322.28
202515.7215.47-0.25
324
0.052.322.28
202615.9815.49-0.49
321
0.062.322.27
202716.2215.50-0.71
318
0.072.332.26
202816.4315.52-0.91
314
0.082.332.25
202916.6115.53-1.08
309
0.092.332.24
203016.7615.55-1.22
304
0.112.332.23
203116.8815.56-1.32
298
0.122.342.22
203216.9915.57-1.42
292
0.132.342.21
203317.0715.58-1.50
286
0.142.342.20
203417.1415.58-1.55
280
0.162.342.19
203517.1815.59-1.59
274
0.172.352.18
203617.2115.59-1.62
268
0.182.352.17
203717.2315.60-1.63
261
0.192.352.16
203817.2215.60-1.62
255
0.202.352.15
203917.2015.60-1.60
249
0.212.362.14
204017.1815.61-1.57
243
0.222.362.13
204117.1515.61-1.54
238
0.232.362.13
204217.1115.61-1.51
232
0.242.362.12
204317.0915.61-1.48
227
0.252.362.11
204417.0715.61-1.46
221
0.262.372.11
204517.0515.61-1.44
216
0.272.372.10
204617.0315.61-1.42
211
0.272.372.10
204717.0215.62-1.40
205
0.282.372.09
204817.0015.62-1.39
200
0.292.372.09
204916.9915.62-1.37
195
0.292.382.09
205016.9815.62-1.36
190
0.292.382.08
205116.9815.62-1.35
184
0.302.382.08
205216.9815.63-1.35
179
0.302.382.08
205316.9915.63-1.36
173
0.302.382.08
205417.0015.63-1.37
168
0.302.382.08
205517.0215.63-1.39
162
0.302.382.08
205617.0515.64-1.41
156
0.312.392.08
205717.0715.64-1.43
150
0.312.392.08
205817.0915.65-1.44
143
0.312.392.08
205917.1015.65-1.45
137
0.312.392.08
206017.1115.65-1.46
130
0.312.392.08
206117.1215.65-1.47
123
0.312.392.08
206217.1315.66-1.48
117
0.312.392.08
206317.1515.66-1.49
110
0.312.402.09
206417.1615.66-1.50
103
0.312.402.09
206517.1815.66-1.51
95
0.312.402.09
206617.2015.67-1.53
88
0.312.402.09
206717.2215.67-1.55
80
0.312.402.09
206817.2515.67-1.58
72
0.312.402.09
206917.2815.68-1.61
64
0.312.402.09
207017.3115.68-1.63
56
0.312.412.09
207117.3515.68-1.66
47
0.312.412.09
207217.3815.69-1.69
39
0.312.412.10
207317.4215.69-1.73
30
0.312.412.10
207417.4615.70-1.76
20
0.322.412.10
207517.5015.70-1.79
11
0.322.412.10
207617.5315.70-1.83
1
0.322.422.10
207717.5715.71-1.86
----
0.322.422.10
207817.6115.71-1.89
----
0.322.422.10
207917.6415.72-1.93
----
0.322.422.10
208017.6815.72-1.96
----
0.322.422.10
208117.7215.72-2.00
----
0.322.422.10
208217.7615.73-2.03
----
0.322.422.10
208317.8015.73-2.07
----
0.322.432.10
208417.8415.74-2.11
----
0.322.432.10
208517.8815.74-2.14
----
0.332.432.10
208617.9215.74-2.18
----
0.332.432.10



 

Summarized Estimates

 
  Proposal
  Change from Present Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of
exhaustion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2011 Trustees Report.
2011-2085 16.44% 16.12% -0.32%
2076
0.19% 2.09% 1.90%
 
1 Under present law, the year of exhaustion is 2036.

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Last reviewed or modified March 29, 2012