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Detailed Single Year Tables
Payroll Taxes (including maximum taxable)

Description of Proposed Provision:
Eliminate the taxable maximum for years 2019 and later (phased in 2013-2018), and apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum that were taxed after 2012, using a secondary PIA formula. This secondary PIA formula uses: (1) an “AIME+” derived from annual earnings from each year after 2012 that were in excess of that year’s current-law taxable maximum; (2) a bend point equal to 134 percent higher of the monthly current-law taxable maximum; and (3) formula factors of 3 percent and 0.25 percent, 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
201213.8312.89-0.93
340
0.000.000.00
201313.9513.16-0.79
329
0.000.330.33
201413.9813.62-0.36
318
0.000.690.69
201513.9714.000.03
309
0.001.051.05
201613.9414.380.44
304
0.001.401.40
201713.9114.750.83
301
0.001.741.74
201813.9615.101.14
300
0.002.072.07
201914.1415.411.27
302
0.002.362.36
202014.3815.411.04
304
0.002.342.34
202114.6615.420.77
305
0.002.322.32
202214.9715.450.47
304
0.002.322.32
202315.2915.460.18
302
0.002.322.32
202415.6015.48-0.11
300
0.002.322.32
202515.8815.50-0.38
296
0.002.322.32
202616.1515.52-0.63
292
0.002.322.32
202716.4115.54-0.88
288
0.002.332.32
202816.6415.55-1.09
283
0.002.332.32
202916.8415.57-1.27
277
0.002.332.32
203017.0115.58-1.43
271
0.012.332.32
203117.1515.59-1.56
264
0.012.332.32
203217.2615.60-1.66
257
0.012.332.32
203317.3415.60-1.73
250
0.012.332.32
203417.3915.61-1.78
242
0.012.332.32
203517.4215.61-1.81
235
0.012.332.32
203617.4415.62-1.82
227
0.012.342.32
203717.4515.62-1.83
220
0.012.342.32
203817.4415.62-1.81
212
0.012.342.32
203917.4115.62-1.79
205
0.022.342.32
204017.3715.62-1.75
198
0.022.342.32
204117.3415.62-1.72
191
0.022.342.32
204217.3015.62-1.68
184
0.022.342.32
204317.2615.62-1.64
177
0.022.342.32
204417.2315.62-1.61
170
0.022.342.32
204517.2115.62-1.59
164
0.022.342.32
204617.1815.62-1.56
157
0.022.352.32
204717.1615.62-1.54
150
0.022.352.33
204817.1415.62-1.51
144
0.022.352.33
204917.1215.62-1.49
137
0.022.352.33
205017.1015.62-1.48
131
0.022.352.33
205117.0915.63-1.47
124
0.022.352.33
205217.0915.63-1.47
117
0.022.352.33
205317.1015.63-1.47
111
0.022.352.33
205417.1015.63-1.47
104
0.022.362.33
205517.1215.63-1.48
97
0.022.362.33
205617.1315.64-1.49
90
0.032.362.33
205717.1515.64-1.51
82
0.032.362.33
205817.1615.64-1.52
75
0.032.362.34
205917.1715.65-1.53
67
0.032.362.34
206017.1815.65-1.53
59
0.032.362.34
206117.1915.65-1.54
51
0.032.372.34
206217.1915.65-1.54
43
0.032.372.34
206317.2015.65-1.55
35
0.032.372.34
206417.2115.66-1.56
27
0.032.372.34
206517.2315.66-1.57
18
0.032.372.34
206617.2415.66-1.58
10
0.032.372.35
206717.2715.66-1.60
1
0.032.372.35
206817.2915.67-1.63
----
0.032.372.35
206917.3215.67-1.65
----
0.032.382.35
207017.3515.67-1.68
----
0.032.382.35
207117.3815.68-1.70
----
0.032.382.35
207217.4115.68-1.72
----
0.032.382.35
207317.4315.68-1.75
----
0.032.382.35
207417.4615.69-1.77
----
0.032.382.36
207517.4915.69-1.80
----
0.032.392.36
207617.5215.69-1.82
----
0.032.392.36
207717.5415.70-1.84
----
0.032.392.36
207817.5715.70-1.87
----
0.032.392.36
207917.6015.70-1.90
----
0.032.392.36
208017.6315.71-1.93
----
0.032.392.36
208117.6715.71-1.96
----
0.032.392.36
208217.7115.72-1.99
----
0.032.402.36
208317.7515.72-2.03
----
0.032.402.37
208417.7915.72-2.06
----
0.032.402.37
208517.8315.73-2.10
----
0.032.402.37
208617.8715.73-2.14
----
0.032.402.37
208717.9015.73-2.17
----
0.032.402.37



 

Summarized Estimates
 
  Proposal
   Change from Present Law
Years Cost
rate		 Income
rate		 Actuarial
balance
Year of reserve
depletion1
Cost
rate		 Income
rate		 Actuarial
balance
 
Based on Intermediate Assumptions of the 2012 Trustees Report.
2012-2086 16.70% 16.22% -0.48%
2067
0.02% 2.20% 2.18%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified February 22, 2013