Detailed Single Year Tables
Description of Proposed Provision:
E3.16: Beginning in 2023, apply 4 percent payroll tax rate on earnings above the wage-indexed equivalent of $400,000 in 2015 (about $526,200 in 2023), with the threshold wage-indexed after 2023. Provide benefit credit for additional earnings taxed, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings taxed only between 2015 wage-indexed equivalents of $400,000 and $500,000, or about $526,200 and $657,900 in 2023 (with thresholds wage-indexed after 2023); 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 | 13.23 | -1.20 | 214 | 0.00 | 0.32 | 0.32 | ||
2024 | 14.64 | 13.27 | -1.36 | 198 | -0.00 | 0.33 | 0.33 | ||
2025 | 14.85 | 13.29 | -1.57 | 182 | -0.00 | 0.33 | 0.33 | ||
2026 | 15.10 | 13.40 | -1.70 | 165 | -0.00 | 0.32 | 0.32 | ||
2027 | 15.36 | 13.42 | -1.94 | 149 | -0.00 | 0.32 | 0.32 | ||
2028 | 15.62 | 13.45 | -2.17 | 132 | -0.00 | 0.32 | 0.32 | ||
2029 | 15.87 | 13.48 | -2.38 | 115 | -0.01 | 0.31 | 0.32 | ||
2030 | 16.10 | 13.50 | -2.60 | 98 | -0.01 | 0.31 | 0.32 | ||
2031 | 16.27 | 13.51 | -2.76 | 80 | -0.01 | 0.31 | 0.32 | ||
2032 | 16.42 | 13.53 | -2.90 | 63 | -0.01 | 0.31 | 0.32 | ||
2033 | 16.54 | 13.54 | -3.00 | 45 | -0.02 | 0.31 | 0.33 | ||
2034 | 16.64 | 13.55 | -3.09 | 27 | -0.02 | 0.31 | 0.33 | ||
2035 | 16.71 | 13.55 | -3.16 | 9 | -0.02 | 0.31 | 0.33 | ||
2036 | 16.78 | 13.56 | -3.22 | ---- | -0.03 | 0.31 | 0.33 | ||
2037 | 16.83 | 13.57 | -3.27 | ---- | -0.03 | 0.31 | 0.34 | ||
2038 | 16.88 | 13.57 | -3.31 | ---- | -0.03 | 0.31 | 0.34 | ||
2039 | 16.92 | 13.58 | -3.34 | ---- | -0.03 | 0.31 | 0.34 | ||
2040 | 16.94 | 13.58 | -3.36 | ---- | -0.04 | 0.31 | 0.34 | ||
2041 | 16.98 | 13.58 | -3.40 | ---- | -0.04 | 0.31 | 0.35 | ||
2042 | 17.00 | 13.58 | -3.41 | ---- | -0.04 | 0.31 | 0.35 | ||
2043 | 17.00 | 13.59 | -3.41 | ---- | -0.04 | 0.31 | 0.35 | ||
2044 | 17.00 | 13.59 | -3.41 | ---- | -0.04 | 0.31 | 0.35 | ||
2045 | 17.00 | 13.59 | -3.41 | ---- | -0.05 | 0.31 | 0.36 | ||
2046 | 17.01 | 13.59 | -3.42 | ---- | -0.05 | 0.31 | 0.36 | ||
2047 | 17.03 | 13.59 | -3.43 | ---- | -0.05 | 0.31 | 0.36 | ||
2048 | 17.05 | 13.60 | -3.45 | ---- | -0.05 | 0.31 | 0.36 | ||
2049 | 17.06 | 13.60 | -3.47 | ---- | -0.05 | 0.31 | 0.36 | ||
2050 | 17.08 | 13.60 | -3.48 | ---- | -0.05 | 0.31 | 0.36 | ||
2051 | 17.11 | 13.60 | -3.50 | ---- | -0.05 | 0.31 | 0.37 | ||
2052 | 17.13 | 13.61 | -3.53 | ---- | -0.06 | 0.31 | 0.37 | ||
2053 | 17.16 | 13.61 | -3.55 | ---- | -0.06 | 0.31 | 0.37 | ||
2054 | 17.19 | 13.61 | -3.58 | ---- | -0.06 | 0.31 | 0.37 | ||
2055 | 17.23 | 13.62 | -3.62 | ---- | -0.06 | 0.31 | 0.37 | ||
2056 | 17.28 | 13.62 | -3.66 | ---- | -0.06 | 0.31 | 0.37 | ||
2057 | 17.32 | 13.63 | -3.70 | ---- | -0.06 | 0.31 | 0.37 | ||
2058 | 17.38 | 13.63 | -3.75 | ---- | -0.06 | 0.31 | 0.37 | ||
2059 | 17.43 | 13.64 | -3.79 | ---- | -0.06 | 0.31 | 0.37 | ||
2060 | 17.49 | 13.64 | -3.84 | ---- | -0.06 | 0.31 | 0.37 | ||
2061 | 17.54 | 13.64 | -3.89 | ---- | -0.06 | 0.31 | 0.37 | ||
2062 | 17.59 | 13.65 | -3.94 | ---- | -0.06 | 0.31 | 0.37 | ||
2063 | 17.64 | 13.65 | -3.99 | ---- | -0.06 | 0.31 | 0.38 | ||
2064 | 17.69 | 13.66 | -4.03 | ---- | -0.06 | 0.31 | 0.38 | ||
2065 | 17.74 | 13.66 | -4.08 | ---- | -0.06 | 0.31 | 0.38 | ||
2066 | 17.79 | 13.67 | -4.12 | ---- | -0.06 | 0.31 | 0.38 | ||
2067 | 17.84 | 13.67 | -4.17 | ---- | -0.06 | 0.31 | 0.38 | ||
2068 | 17.89 | 13.67 | -4.22 | ---- | -0.06 | 0.31 | 0.38 | ||
2069 | 17.95 | 13.68 | -4.27 | ---- | -0.06 | 0.31 | 0.38 | ||
2070 | 18.00 | 13.68 | -4.32 | ---- | -0.06 | 0.31 | 0.38 | ||
2071 | 18.06 | 13.69 | -4.37 | ---- | -0.06 | 0.31 | 0.38 | ||
2072 | 18.11 | 13.69 | -4.42 | ---- | -0.06 | 0.31 | 0.38 | ||
2073 | 18.16 | 13.70 | -4.47 | ---- | -0.06 | 0.31 | 0.38 | ||
2074 | 18.21 | 13.70 | -4.51 | ---- | -0.06 | 0.32 | 0.38 | ||
2075 | 18.25 | 13.70 | -4.55 | ---- | -0.06 | 0.32 | 0.38 | ||
2076 | 18.28 | 13.71 | -4.58 | ---- | -0.06 | 0.32 | 0.38 | ||
2077 | 18.31 | 13.71 | -4.60 | ---- | -0.06 | 0.32 | 0.38 | ||
2078 | 18.31 | 13.71 | -4.60 | ---- | -0.06 | 0.32 | 0.38 | ||
2079 | 18.31 | 13.71 | -4.59 | ---- | -0.06 | 0.32 | 0.38 | ||
2080 | 18.29 | 13.71 | -4.58 | ---- | -0.06 | 0.32 | 0.38 | ||
2081 | 18.26 | 13.71 | -4.55 | ---- | -0.06 | 0.32 | 0.38 | ||
2082 | 18.23 | 13.71 | -4.52 | ---- | -0.06 | 0.32 | 0.38 | ||
2083 | 18.19 | 13.71 | -4.48 | ---- | -0.06 | 0.32 | 0.38 | ||
2084 | 18.13 | 13.71 | -4.43 | ---- | -0.06 | 0.32 | 0.38 | ||
2085 | 18.08 | 13.70 | -4.37 | ---- | -0.06 | 0.32 | 0.38 | ||
2086 | 18.01 | 13.70 | -4.32 | ---- | -0.06 | 0.32 | 0.38 | ||
2087 | 17.95 | 13.69 | -4.25 | ---- | -0.06 | 0.32 | 0.38 | ||
2088 | 17.88 | 13.69 | -4.18 | ---- | -0.06 | 0.32 | 0.38 | ||
2089 | 17.81 | 13.69 | -4.12 | ---- | -0.06 | 0.32 | 0.38 | ||
2090 | 17.75 | 13.68 | -4.07 | ---- | -0.06 | 0.32 | 0.38 | ||
2091 | 17.71 | 13.68 | -4.03 | ---- | -0.06 | 0.32 | 0.38 | ||
2092 | 17.67 | 13.68 | -3.99 | ---- | -0.06 | 0.32 | 0.38 | ||
2093 | 17.65 | 13.68 | -3.98 | ---- | -0.06 | 0.32 | 0.38 | ||
2094 | 17.64 | 13.68 | -3.96 | ---- | -0.06 | 0.32 | 0.38 | ||
2095 | 17.64 | 13.68 | -3.96 | ---- | -0.06 | 0.32 | 0.38 | ||
2096 | 17.64 | 13.68 | -3.97 | ---- | -0.06 | 0.32 | 0.38 |
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 | 17.27% | 14.08% | -3.19% | 2035 | -0.04% | 0.31% | 0.35% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2021 Trustees Report.