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Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum for years 2022 and later (phased in 2016-2021), and apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum that are subject to the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2015 that were in excess of that year's current-law taxable maximum; (2) a new bend point equal to 134 percent of the monthly current-law taxable maximum; and (3) formula factors of 3 percent and 0.25 percent below and above the new bend point, respectively.

 

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
201514.1312.82-1.31
308
0.000.000.00
201613.8813.25-0.63
298
0.000.370.37
201713.8913.64-0.25
283
0.000.730.73
201813.9714.020.05
271
0.001.081.08
201914.0914.370.28
263
0.001.421.42
202014.2214.700.48
257
0.001.741.74
202114.3415.040.69
254
0.002.052.05
202214.5215.370.85
252
0.002.352.36
202314.7215.370.65
251
0.002.342.34
202414.9515.380.42
249
0.002.312.32
202515.1615.390.23
248
0.002.312.32
202615.3615.410.05
246
0.002.312.32
202715.5615.43-0.13
244
0.002.322.32
202815.7515.44-0.31
242
0.002.322.32
202915.9315.46-0.47
239
0.002.322.32
203016.1015.47-0.62
237
0.002.322.32
203116.2515.48-0.76
235
0.002.322.32
203216.3815.50-0.88
231
0.002.322.32
203316.4815.51-0.98
228
0.012.322.32
203416.5615.51-1.05
224
0.012.322.32
203516.6315.52-1.11
220
0.012.322.31
203616.6915.53-1.16
215
0.012.322.31
203716.7315.53-1.20
211
0.012.322.31
203816.7415.54-1.20
206
0.012.322.31
203916.7415.54-1.20
202
0.012.332.31
204016.7215.54-1.18
197
0.012.332.31
204116.7015.54-1.16
193
0.012.332.31
204216.6815.54-1.14
189
0.012.332.31
204316.6615.54-1.11
185
0.022.332.31
204416.6315.55-1.09
180
0.022.332.31
204516.6115.55-1.07
176
0.022.332.31
204616.5915.55-1.04
173
0.022.332.31
204716.5815.55-1.03
169
0.022.332.31
204816.5715.55-1.02
165
0.022.332.31
204916.5615.55-1.01
161
0.022.332.31
205016.5615.55-1.01
157
0.022.332.31
205116.5715.56-1.02
153
0.022.332.31
205216.5915.56-1.04
149
0.022.342.31
205316.6315.56-1.06
144
0.022.342.31
205416.6615.57-1.10
140
0.022.342.31
205516.7115.57-1.14
135
0.022.342.32
205616.7615.58-1.19
130
0.022.342.32
205716.8215.58-1.24
124
0.022.342.32
205816.8715.59-1.29
118
0.022.342.32
205916.9215.59-1.33
112
0.022.342.32
206016.9815.60-1.38
106
0.032.342.32
206117.0315.60-1.43
99
0.032.342.32
206217.0815.60-1.48
92
0.032.342.32
206317.1415.61-1.53
84
0.032.352.32
206417.1915.61-1.58
76
0.032.352.32
206517.2415.62-1.63
68
0.032.352.32
206617.3015.62-1.68
60
0.032.352.32
206717.3615.63-1.73
51
0.032.352.32
206817.4215.63-1.78
42
0.032.352.32
206917.4715.64-1.84
32
0.032.352.32
207017.5315.64-1.89
22
0.032.352.33
207117.5815.65-1.93
12
0.032.362.33
207217.6315.65-1.97
2
0.032.362.33
207317.6615.66-2.01
----
0.032.362.33
207417.6915.66-2.03
----
0.032.362.33
207517.7115.66-2.05
----
0.032.362.33
207617.7315.66-2.06
----
0.032.362.33
207717.7315.67-2.07
----
0.032.362.33
207817.7415.67-2.07
----
0.032.362.33
207917.7415.67-2.07
----
0.032.372.33
208017.7415.67-2.07
----
0.032.372.34
208117.7515.67-2.07
----
0.032.372.34
208217.7615.67-2.09
----
0.032.372.34
208317.7815.68-2.10
----
0.032.372.34
208417.8115.68-2.13
----
0.032.372.34
208517.8415.68-2.16
----
0.032.372.34
208617.8815.69-2.19
----
0.032.372.34
208717.9215.69-2.23
----
0.032.382.34
208817.9615.69-2.27
----
0.032.382.34
208918.0115.70-2.31
----
0.032.382.34
209018.0515.70-2.35
----
0.042.382.34



 

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 2015 Trustees Report.
2015-2089 16.56% 16.06% -0.50%
2072
0.02% 2.20% 2.18%
 
1 Under present law, the year of Trust Fund reserve depletion is 2034.

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Last reviewed or modified September 1, 2015