Detailed Single Year Tables
Description of Proposed Provision:
E2.14: Apply OASDI 12.4 percent payroll tax rate on earnings above $250,000 starting in 2023, and tax all earnings once the current-law taxable maximum exceeds $250,000. 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 2022 that were in excess of that year's current-law taxable maximum; and (2) a formula factor of 2 percent on this newly computed "AIME+".
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 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 14.49 | 0.06 | 214 | 0.00 | 1.58 | 1.58 | ||
| 2024 | 14.63 | 14.62 | -0.01 | 206 | -0.00 | 1.68 | 1.68 | ||
| 2025 | 14.85 | 14.67 | -0.18 | 199 | -0.00 | 1.71 | 1.71 | ||
| 2026 | 15.10 | 14.82 | -0.28 | 191 | -0.01 | 1.74 | 1.75 | ||
| 2027 | 15.35 | 14.88 | -0.47 | 182 | -0.01 | 1.78 | 1.79 | ||
| 2028 | 15.61 | 14.96 | -0.65 | 174 | -0.02 | 1.82 | 1.84 | ||
| 2029 | 15.85 | 15.03 | -0.81 | 165 | -0.02 | 1.86 | 1.89 | ||
| 2030 | 16.07 | 15.10 | -0.98 | 156 | -0.03 | 1.91 | 1.94 | ||
| 2031 | 16.24 | 15.17 | -1.07 | 147 | -0.05 | 1.96 | 2.01 | ||
| 2032 | 16.38 | 15.24 | -1.13 | 139 | -0.06 | 2.03 | 2.08 | ||
| 2033 | 16.49 | 15.32 | -1.16 | 131 | -0.07 | 2.09 | 2.17 | ||
| 2034 | 16.57 | 15.40 | -1.17 | 123 | -0.09 | 2.16 | 2.25 | ||
| 2035 | 16.64 | 15.47 | -1.16 | 116 | -0.10 | 2.23 | 2.33 | ||
| 2036 | 16.69 | 15.55 | -1.13 | 110 | -0.11 | 2.30 | 2.42 | ||
| 2037 | 16.74 | 15.57 | -1.17 | 104 | -0.13 | 2.31 | 2.44 | ||
| 2038 | 16.78 | 15.58 | -1.20 | 98 | -0.14 | 2.31 | 2.45 | ||
| 2039 | 16.80 | 15.58 | -1.22 | 92 | -0.15 | 2.31 | 2.46 | ||
| 2040 | 16.82 | 15.58 | -1.23 | 86 | -0.16 | 2.31 | 2.48 | ||
| 2041 | 16.85 | 15.59 | -1.26 | 79 | -0.17 | 2.32 | 2.49 | ||
| 2042 | 16.86 | 15.59 | -1.27 | 72 | -0.18 | 2.32 | 2.50 | ||
| 2043 | 16.85 | 15.59 | -1.26 | 66 | -0.19 | 2.32 | 2.51 | ||
| 2044 | 16.84 | 15.59 | -1.25 | 59 | -0.20 | 2.32 | 2.52 | ||
| 2045 | 16.84 | 15.60 | -1.24 | 53 | -0.21 | 2.32 | 2.53 | ||
| 2046 | 16.84 | 15.60 | -1.24 | 46 | -0.22 | 2.32 | 2.54 | ||
| 2047 | 16.85 | 15.60 | -1.25 | 39 | -0.23 | 2.32 | 2.55 | ||
| 2048 | 16.86 | 15.60 | -1.26 | 32 | -0.23 | 2.32 | 2.55 | ||
| 2049 | 16.88 | 15.61 | -1.27 | 25 | -0.24 | 2.32 | 2.56 | ||
| 2050 | 16.89 | 15.61 | -1.28 | 18 | -0.25 | 2.32 | 2.57 | ||
| 2051 | 16.91 | 15.61 | -1.29 | 11 | -0.25 | 2.32 | 2.57 | ||
| 2052 | 16.93 | 15.62 | -1.31 | 4 | -0.26 | 2.32 | 2.58 | ||
| 2053 | 16.96 | 15.62 | -1.34 | ---- | -0.26 | 2.32 | 2.58 | ||
| 2054 | 16.99 | 15.63 | -1.36 | ---- | -0.26 | 2.32 | 2.59 | ||
| 2055 | 17.03 | 15.63 | -1.40 | ---- | -0.27 | 2.32 | 2.59 | ||
| 2056 | 17.07 | 15.64 | -1.43 | ---- | -0.27 | 2.33 | 2.59 | ||
| 2057 | 17.12 | 15.64 | -1.47 | ---- | -0.27 | 2.33 | 2.60 | ||
| 2058 | 17.17 | 15.65 | -1.52 | ---- | -0.27 | 2.33 | 2.60 | ||
| 2059 | 17.22 | 15.65 | -1.57 | ---- | -0.27 | 2.33 | 2.60 | ||
| 2060 | 17.28 | 15.66 | -1.62 | ---- | -0.27 | 2.33 | 2.60 | ||
| 2061 | 17.33 | 15.66 | -1.67 | ---- | -0.27 | 2.33 | 2.60 | ||
| 2062 | 17.38 | 15.67 | -1.71 | ---- | -0.27 | 2.33 | 2.60 | ||
| 2063 | 17.43 | 15.68 | -1.76 | ---- | -0.27 | 2.33 | 2.60 | ||
| 2064 | 17.49 | 15.68 | -1.80 | ---- | -0.27 | 2.34 | 2.60 | ||
| 2065 | 17.54 | 15.69 | -1.85 | ---- | -0.26 | 2.34 | 2.60 | ||
| 2066 | 17.59 | 15.69 | -1.90 | ---- | -0.26 | 2.34 | 2.60 | ||
| 2067 | 17.64 | 15.70 | -1.95 | ---- | -0.26 | 2.34 | 2.60 | ||
| 2068 | 17.70 | 15.70 | -1.99 | ---- | -0.26 | 2.34 | 2.60 | ||
| 2069 | 17.75 | 15.71 | -2.04 | ---- | -0.26 | 2.34 | 2.60 | ||
| 2070 | 17.81 | 15.71 | -2.10 | ---- | -0.26 | 2.34 | 2.60 | ||
| 2071 | 17.87 | 15.72 | -2.15 | ---- | -0.26 | 2.34 | 2.60 | ||
| 2072 | 17.92 | 15.72 | -2.20 | ---- | -0.26 | 2.35 | 2.60 | ||
| 2073 | 17.97 | 15.73 | -2.24 | ---- | -0.25 | 2.35 | 2.60 | ||
| 2074 | 18.02 | 15.73 | -2.29 | ---- | -0.25 | 2.35 | 2.60 | ||
| 2075 | 18.06 | 15.74 | -2.33 | ---- | -0.25 | 2.35 | 2.60 | ||
| 2076 | 18.10 | 15.74 | -2.36 | ---- | -0.25 | 2.35 | 2.60 | ||
| 2077 | 18.12 | 15.75 | -2.37 | ---- | -0.25 | 2.35 | 2.60 | ||
| 2078 | 18.13 | 15.75 | -2.38 | ---- | -0.25 | 2.35 | 2.60 | ||
| 2079 | 18.12 | 15.75 | -2.37 | ---- | -0.25 | 2.35 | 2.60 | ||
| 2080 | 18.11 | 15.75 | -2.36 | ---- | -0.24 | 2.36 | 2.60 | ||
| 2081 | 18.09 | 15.75 | -2.33 | ---- | -0.24 | 2.36 | 2.60 | ||
| 2082 | 18.05 | 15.75 | -2.30 | ---- | -0.24 | 2.36 | 2.60 | ||
| 2083 | 18.01 | 15.75 | -2.26 | ---- | -0.24 | 2.36 | 2.60 | ||
| 2084 | 17.96 | 15.75 | -2.21 | ---- | -0.24 | 2.36 | 2.60 | ||
| 2085 | 17.90 | 15.75 | -2.16 | ---- | -0.23 | 2.36 | 2.60 | ||
| 2086 | 17.84 | 15.74 | -2.10 | ---- | -0.23 | 2.36 | 2.60 | ||
| 2087 | 17.78 | 15.74 | -2.04 | ---- | -0.23 | 2.36 | 2.60 | ||
| 2088 | 17.71 | 15.74 | -1.97 | ---- | -0.23 | 2.37 | 2.60 | ||
| 2089 | 17.64 | 15.73 | -1.91 | ---- | -0.23 | 2.37 | 2.60 | ||
| 2090 | 17.59 | 15.73 | -1.85 | ---- | -0.23 | 2.37 | 2.59 | ||
| 2091 | 17.54 | 15.73 | -1.81 | ---- | -0.23 | 2.37 | 2.59 | ||
| 2092 | 17.51 | 15.73 | -1.78 | ---- | -0.22 | 2.37 | 2.59 | ||
| 2093 | 17.49 | 15.73 | -1.76 | ---- | -0.22 | 2.37 | 2.59 | ||
| 2094 | 17.48 | 15.73 | -1.75 | ---- | -0.22 | 2.37 | 2.59 | ||
| 2095 | 17.48 | 15.73 | -1.75 | ---- | -0.22 | 2.37 | 2.60 | ||
| 2096 | 17.48 | 15.73 | -1.75 | ---- | -0.22 | 2.38 | 2.60 | ||
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 | 17.13% | 15.96% | -1.17% | 2052 | -0.19% | 2.18% | 2.37% | ||
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.