Detailed Single Year Tables
Description of Proposed Provision:
E3.14: Eliminate the taxable maximum for the employer payroll tax (6.2 percent) beginning in 2024. For the employee payroll tax (6.2 percent) and for benefit credit purposes, beginning in 2024, increase the taxable maximum by an additional 2 percent per year until taxable earnings equal 90 percent of covered earnings.
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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.87 | 14.02 | -0.85 | 187 | 0.00 | 1.13 | 1.13 | ||
| 2025 | 15.04 | 14.22 | -0.82 | 175 | -0.00 | 1.25 | 1.25 | ||
| 2026 | 15.23 | 14.36 | -0.87 | 164 | -0.00 | 1.28 | 1.28 | ||
| 2027 | 15.38 | 14.40 | -0.97 | 154 | -0.00 | 1.31 | 1.31 | ||
| 2028 | 15.55 | 14.47 | -1.08 | 144 | -0.01 | 1.33 | 1.34 | ||
| 2029 | 15.71 | 14.52 | -1.19 | 134 | -0.01 | 1.36 | 1.37 | ||
| 2030 | 15.86 | 14.57 | -1.29 | 124 | -0.01 | 1.39 | 1.40 | ||
| 2031 | 15.99 | 14.62 | -1.37 | 114 | -0.01 | 1.41 | 1.42 | ||
| 2032 | 16.13 | 14.67 | -1.46 | 104 | -0.02 | 1.43 | 1.45 | ||
| 2033 | 16.25 | 14.70 | -1.55 | 94 | -0.02 | 1.45 | 1.47 | ||
| 2034 | 16.36 | 14.73 | -1.63 | 84 | -0.02 | 1.47 | 1.49 | ||
| 2035 | 16.45 | 14.76 | -1.70 | 74 | -0.03 | 1.49 | 1.52 | ||
| 2036 | 16.53 | 14.78 | -1.75 | 64 | -0.03 | 1.51 | 1.54 | ||
| 2037 | 16.61 | 14.81 | -1.80 | 54 | -0.03 | 1.52 | 1.55 | ||
| 2038 | 16.67 | 14.83 | -1.84 | 44 | -0.03 | 1.54 | 1.57 | ||
| 2039 | 16.72 | 14.85 | -1.86 | 33 | -0.03 | 1.56 | 1.59 | ||
| 2040 | 16.75 | 14.87 | -1.88 | 23 | -0.03 | 1.57 | 1.60 | ||
| 2041 | 16.78 | 14.89 | -1.89 | 12 | -0.03 | 1.59 | 1.62 | ||
| 2042 | 16.79 | 14.91 | -1.88 | 1 | -0.03 | 1.61 | 1.63 | ||
| 2043 | 16.81 | 14.93 | -1.88 | ---- | -0.02 | 1.62 | 1.64 | ||
| 2044 | 16.83 | 14.94 | -1.88 | ---- | -0.02 | 1.64 | 1.66 | ||
| 2045 | 16.85 | 14.96 | -1.89 | ---- | -0.01 | 1.65 | 1.67 | ||
| 2046 | 16.87 | 14.98 | -1.90 | ---- | -0.01 | 1.67 | 1.68 | ||
| 2047 | 16.90 | 15.00 | -1.91 | ---- | 0.00 | 1.68 | 1.68 | ||
| 2048 | 16.94 | 15.01 | -1.92 | ---- | 0.01 | 1.70 | 1.69 | ||
| 2049 | 16.97 | 15.03 | -1.94 | ---- | 0.02 | 1.71 | 1.69 | ||
| 2050 | 17.02 | 15.05 | -1.97 | ---- | 0.03 | 1.73 | 1.70 | ||
| 2051 | 17.06 | 15.07 | -1.99 | ---- | 0.04 | 1.74 | 1.70 | ||
| 2052 | 17.11 | 15.08 | -2.03 | ---- | 0.05 | 1.76 | 1.71 | ||
| 2053 | 17.17 | 15.10 | -2.07 | ---- | 0.06 | 1.77 | 1.71 | ||
| 2054 | 17.24 | 15.12 | -2.12 | ---- | 0.08 | 1.79 | 1.71 | ||
| 2055 | 17.33 | 15.14 | -2.18 | ---- | 0.09 | 1.80 | 1.71 | ||
| 2056 | 17.41 | 15.16 | -2.25 | ---- | 0.11 | 1.81 | 1.70 | ||
| 2057 | 17.51 | 15.18 | -2.32 | ---- | 0.13 | 1.83 | 1.70 | ||
| 2058 | 17.60 | 15.20 | -2.40 | ---- | 0.15 | 1.84 | 1.70 | ||
| 2059 | 17.70 | 15.22 | -2.48 | ---- | 0.16 | 1.86 | 1.69 | ||
| 2060 | 17.80 | 15.24 | -2.56 | ---- | 0.18 | 1.86 | 1.68 | ||
| 2061 | 17.90 | 15.25 | -2.65 | ---- | 0.20 | 1.87 | 1.66 | ||
| 2062 | 17.99 | 15.26 | -2.73 | ---- | 0.23 | 1.87 | 1.65 | ||
| 2063 | 18.07 | 15.26 | -2.81 | ---- | 0.25 | 1.87 | 1.63 | ||
| 2064 | 18.15 | 15.27 | -2.88 | ---- | 0.27 | 1.88 | 1.61 | ||
| 2065 | 18.23 | 15.28 | -2.95 | ---- | 0.29 | 1.88 | 1.59 | ||
| 2066 | 18.31 | 15.29 | -3.03 | ---- | 0.31 | 1.88 | 1.57 | ||
| 2067 | 18.39 | 15.30 | -3.10 | ---- | 0.33 | 1.89 | 1.55 | ||
| 2068 | 18.47 | 15.30 | -3.17 | ---- | 0.35 | 1.89 | 1.53 | ||
| 2069 | 18.55 | 15.31 | -3.24 | ---- | 0.38 | 1.89 | 1.52 | ||
| 2070 | 18.63 | 15.32 | -3.31 | ---- | 0.40 | 1.90 | 1.50 | ||
| 2071 | 18.70 | 15.33 | -3.38 | ---- | 0.42 | 1.90 | 1.48 | ||
| 2072 | 18.78 | 15.33 | -3.44 | ---- | 0.44 | 1.90 | 1.46 | ||
| 2073 | 18.85 | 15.34 | -3.51 | ---- | 0.46 | 1.91 | 1.44 | ||
| 2074 | 18.91 | 15.35 | -3.57 | ---- | 0.49 | 1.91 | 1.42 | ||
| 2075 | 18.97 | 15.35 | -3.62 | ---- | 0.51 | 1.91 | 1.40 | ||
| 2076 | 19.02 | 15.36 | -3.66 | ---- | 0.53 | 1.91 | 1.39 | ||
| 2077 | 19.05 | 15.36 | -3.68 | ---- | 0.55 | 1.92 | 1.37 | ||
| 2078 | 19.07 | 15.37 | -3.70 | ---- | 0.56 | 1.92 | 1.36 | ||
| 2079 | 19.07 | 15.37 | -3.70 | ---- | 0.58 | 1.92 | 1.34 | ||
| 2080 | 19.06 | 15.37 | -3.69 | ---- | 0.60 | 1.92 | 1.33 | ||
| 2081 | 19.05 | 15.37 | -3.67 | ---- | 0.61 | 1.93 | 1.31 | ||
| 2082 | 19.02 | 15.37 | -3.65 | ---- | 0.63 | 1.93 | 1.30 | ||
| 2083 | 18.99 | 15.37 | -3.61 | ---- | 0.64 | 1.93 | 1.29 | ||
| 2084 | 18.94 | 15.37 | -3.57 | ---- | 0.65 | 1.93 | 1.28 | ||
| 2085 | 18.89 | 15.37 | -3.52 | ---- | 0.66 | 1.93 | 1.27 | ||
| 2086 | 18.83 | 15.37 | -3.47 | ---- | 0.67 | 1.94 | 1.26 | ||
| 2087 | 18.77 | 15.36 | -3.41 | ---- | 0.68 | 1.94 | 1.25 | ||
| 2088 | 18.71 | 15.36 | -3.35 | ---- | 0.69 | 1.94 | 1.25 | ||
| 2089 | 18.65 | 15.36 | -3.29 | ---- | 0.70 | 1.94 | 1.24 | ||
| 2090 | 18.60 | 15.36 | -3.25 | ---- | 0.71 | 1.94 | 1.23 | ||
| 2091 | 18.56 | 15.35 | -3.20 | ---- | 0.72 | 1.94 | 1.23 | ||
| 2092 | 18.52 | 15.35 | -3.17 | ---- | 0.72 | 1.95 | 1.22 | ||
| 2093 | 18.50 | 15.35 | -3.15 | ---- | 0.73 | 1.95 | 1.22 | ||
| 2094 | 18.49 | 15.35 | -3.14 | ---- | 0.74 | 1.95 | 1.21 | ||
| 2095 | 18.49 | 15.35 | -3.14 | ---- | 0.75 | 1.95 | 1.20 | ||
| 2096 | 18.50 | 15.36 | -3.14 | ---- | 0.75 | 1.95 | 1.20 | ||
| 2097 | 18.51 | 15.36 | -3.16 | ---- | 0.76 | 1.95 | 1.19 | ||
| 2098 | 18.54 | 15.36 | -3.18 | ---- | 0.77 | 1.95 | 1.19 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2023-2097 | 17.62% | 15.48% | -2.15% | 2042 | 0.24% | 1.70% | 1.46% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2023 Trustees Report.