Proposed Provision: B3.8. Beginning with those newly eligible for OASDI benefits in 2031, create a new bend point at the 50th percentile of the AIME distribution of newly retired workers and gradually reduce all PIA factors except for the 90 percent factor. By 2064: a) the 32 percent PIA factor below the new bend point reduces to 30 percent; b) the 32 percent PIA factor above the new bend point reduces to 10 percent; and c) the 15 percent PIA factor reduces to 5 percent.
OASDI Cost Rates and Income Rates
(as a percentage of taxable payroll)
|
Income Rates |
Cost Rates |
Year |
Current Law |
Provision |
Current Law |
Provision |
2024 | 13.0 | 13.0 | 14.7 | 14.7 |
2025 | 12.9 | 12.9 | 15.0 | 15.0 |
2026 | 13.1 | 13.1 | 15.2 | 15.2 |
2027 | 13.1 | 13.1 | 15.4 | 15.4 |
2028 | 13.1 | 13.1 | 15.4 | 15.4 |
2029 | 13.2 | 13.2 | 15.5 | 15.5 |
2030 | 13.2 | 13.2 | 15.5 | 15.5 |
2031 | 13.2 | 13.2 | 15.6 | 15.6 |
2032 | 13.2 | 13.2 | 15.6 | 15.6 |
2033 | 13.3 | 13.3 | 15.7 | 15.7 |
2034 | 13.3 | 13.3 | 15.8 | 15.8 |
2035 | 13.3 | 13.3 | 15.9 | 15.9 |
2036 | 13.3 | 13.3 | 16.0 | 16.0 |
2037 | 13.3 | 13.3 | 16.1 | 16.1 |
2038 | 13.3 | 13.3 | 16.2 | 16.1 |
2039 | 13.3 | 13.3 | 16.3 | 16.2 |
2040 | 13.3 | 13.3 | 16.3 | 16.3 |
2041 | 13.3 | 13.3 | 16.4 | 16.3 |
2042 | 13.3 | 13.3 | 16.4 | 16.3 |
2043 | 13.3 | 13.3 | 16.5 | 16.3 |
2044 | 13.3 | 13.3 | 16.5 | 16.4 |
2045 | 13.3 | 13.3 | 16.6 | 16.4 |
2046 | 13.3 | 13.3 | 16.6 | 16.4 |
2047 | 13.4 | 13.3 | 16.6 | 16.3 |
2048 | 13.4 | 13.3 | 16.7 | 16.3 |
2049 | 13.4 | 13.3 | 16.7 | 16.3 |
2050 | 13.4 | 13.3 | 16.8 | 16.3 |
2051 | 13.4 | 13.3 | 16.8 | 16.3 |
2052 | 13.4 | 13.3 | 16.9 | 16.3 |
2053 | 13.4 | 13.3 | 16.9 | 16.4 |
2054 | 13.4 | 13.3 | 17.0 | 16.4 |
2055 | 13.4 | 13.3 | 17.1 | 16.4 |
2056 | 13.4 | 13.4 | 17.2 | 16.4 |
2057 | 13.4 | 13.4 | 17.2 | 16.4 |
2058 | 13.4 | 13.4 | 17.3 | 16.4 |
2059 | 13.4 | 13.4 | 17.4 | 16.4 |
2060 | 13.4 | 13.4 | 17.5 | 16.5 |
2061 | 13.4 | 13.4 | 17.6 | 16.5 |
2062 | 13.4 | 13.4 | 17.7 | 16.5 |
2063 | 13.4 | 13.4 | 17.7 | 16.5 |
2064 | 13.4 | 13.4 | 17.8 | 16.4 |
2065 | 13.5 | 13.4 | 17.9 | 16.4 |
2066 | 13.5 | 13.4 | 17.9 | 16.4 |
2067 | 13.5 | 13.4 | 18.0 | 16.4 |
2068 | 13.5 | 13.4 | 18.0 | 16.4 |
2069 | 13.5 | 13.4 | 18.1 | 16.4 |
2070 | 13.5 | 13.4 | 18.2 | 16.4 |
2071 | 13.5 | 13.4 | 18.3 | 16.4 |
2072 | 13.5 | 13.4 | 18.3 | 16.4 |
2073 | 13.5 | 13.4 | 18.4 | 16.4 |
2074 | 13.5 | 13.4 | 18.4 | 16.4 |
2075 | 13.5 | 13.4 | 18.5 | 16.4 |
2076 | 13.5 | 13.4 | 18.5 | 16.3 |
2077 | 13.5 | 13.4 | 18.6 | 16.3 |
2078 | 13.5 | 13.4 | 18.6 | 16.3 |
2079 | 13.5 | 13.4 | 18.6 | 16.3 |
2080 | 13.5 | 13.4 | 18.6 | 16.2 |
2081 | 13.5 | 13.4 | 18.6 | 16.2 |
2082 | 13.5 | 13.4 | 18.6 | 16.1 |
2083 | 13.5 | 13.4 | 18.5 | 16.1 |
2084 | 13.5 | 13.4 | 18.5 | 16.0 |
2085 | 13.5 | 13.4 | 18.5 | 16.0 |
2086 | 13.5 | 13.3 | 18.4 | 15.9 |
2087 | 13.5 | 13.3 | 18.4 | 15.8 |
2088 | 13.5 | 13.3 | 18.3 | 15.8 |
2089 | 13.5 | 13.3 | 18.2 | 15.7 |
2090 | 13.5 | 13.3 | 18.2 | 15.6 |
2091 | 13.5 | 13.3 | 18.1 | 15.6 |
2092 | 13.5 | 13.3 | 18.1 | 15.6 |
2093 | 13.5 | 13.3 | 18.1 | 15.5 |
2094 | 13.5 | 13.3 | 18.1 | 15.5 |
2095 | 13.5 | 13.3 | 18.1 | 15.5 |
2096 | 13.5 | 13.3 | 18.1 | 15.5 |
2097 | 13.5 | 13.3 | 18.1 | 15.5 |
2098 | 13.5 | 13.3 | 18.1 | 15.5 |
2099 | 13.5 | 13.3 | 18.2 | 15.6 |
back