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Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum in years 2024 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2015, 2.48 percent in 2016, and so on, up to 11.16 percent in 2023. Provide benefit credit for earnings above the current-law taxable maximum, adding a bend point at the current law taxable maximum and applying a formula factor of 3 percent for AIME above the 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
201213.8312.89-0.93
340
0.000.000.00
201313.9512.83-1.12
329
0.000.000.00
201413.9812.93-1.05
315
0.000.000.00
201513.9713.19-0.77
302
0.000.240.24
201613.9413.48-0.46
291
0.000.500.50
201713.9113.76-0.16
282
0.000.750.75
201813.9614.030.07
276
0.001.001.00
201914.1414.280.14
270
0.001.221.22
202014.3814.510.13
265
0.011.441.43
202114.6614.760.09
260
0.011.651.64
202214.9815.000.02
256
0.011.881.86
202315.3115.24-0.07
252
0.022.102.08
202415.6215.47-0.14
248
0.022.312.29
202515.9115.51-0.41
245
0.032.332.30
202616.1915.52-0.67
241
0.042.332.29
202716.4615.54-0.92
237
0.052.332.28
202816.7015.56-1.14
231
0.062.332.27
202916.9015.57-1.33
225
0.072.342.27
203017.0915.59-1.50
218
0.082.342.26
203117.2415.60-1.64
211
0.092.342.25
203217.3515.61-1.74
203
0.102.342.24
203317.4415.62-1.82
195
0.112.352.23
203417.5015.62-1.88
186
0.122.352.22
203517.5415.63-1.91
177
0.132.352.22
203617.5715.63-1.94
169
0.142.352.21
203717.5815.64-1.95
160
0.152.352.20
203817.5815.64-1.94
151
0.162.362.20
203917.5615.64-1.92
142
0.172.362.19
204017.5315.64-1.89
133
0.182.362.18
204117.5015.64-1.86
125
0.192.362.18
204217.4715.64-1.83
116
0.192.362.17
204317.4415.64-1.80
108
0.202.372.17
204417.4215.64-1.78
99
0.212.372.16
204517.4015.65-1.75
90
0.212.372.15
204617.3815.65-1.73
82
0.222.372.15
204717.3615.65-1.71
73
0.232.372.15
204817.3515.65-1.70
65
0.232.382.14
204917.3315.65-1.68
56
0.242.382.14
205017.3215.65-1.67
47
0.242.382.14
205117.3215.65-1.66
39
0.252.382.13
205217.3215.66-1.66
30
0.252.382.13
205317.3315.66-1.67
21
0.262.382.13
205417.3415.66-1.68
12
0.262.392.13
205517.3515.67-1.69
2
0.262.392.13
205617.3715.67-1.70
----
0.262.392.13
205717.3915.67-1.72
----
0.272.392.13
205817.4015.67-1.73
----
0.272.392.13
205917.4115.68-1.74
----
0.272.392.13
206017.4215.68-1.74
----
0.272.392.13
206117.4315.68-1.75
----
0.272.402.13
206217.4315.68-1.75
----
0.262.402.13
206317.4415.68-1.75
----
0.262.402.14
206417.4515.69-1.76
----
0.262.402.14
206517.4615.69-1.77
----
0.262.402.14
206617.4815.69-1.79
----
0.262.402.14
206717.5015.69-1.80
----
0.262.402.14
206817.5215.70-1.83
----
0.262.402.15
206917.5515.70-1.85
----
0.262.412.15
207017.5815.70-1.88
----
0.262.412.15
207117.6115.71-1.90
----
0.262.412.15
207217.6315.71-1.92
----
0.252.412.16
207317.6615.71-1.94
----
0.252.412.16
207417.6915.72-1.97
----
0.252.412.16
207517.7115.72-1.99
----
0.252.412.16
207617.7415.72-2.01
----
0.252.422.16
207717.7615.73-2.04
----
0.252.422.17
207817.7915.73-2.06
----
0.252.422.17
207917.8215.73-2.09
----
0.252.422.17
208017.8515.74-2.12
----
0.252.422.17
208117.8915.74-2.15
----
0.252.422.17
208217.9315.74-2.18
----
0.252.422.17
208317.9615.75-2.22
----
0.252.432.18
208418.0015.75-2.25
----
0.252.432.18
208518.0415.76-2.29
----
0.252.432.18
208618.0815.76-2.32
----
0.252.432.18
208718.1215.76-2.36
----
0.252.432.18



 

Summarized Estimates

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

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2012 Trustees Report.
2012-2086 16.84% 16.09% -0.75%
2055
0.16% 2.07% 1.92%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified May 14, 2013