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Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum in years 2018 and later. Phase in elimination by taxing all earnings above the current law taxable maximum at 2.48% in 2014, 4.96% in 2015, up to 12.4% in 2018 and later. Credit the additional earnings for benefit purposes by: (a) calculating a second average indexed monthly earnings (AIME+) reflecting only earnings taxed above the current law taxable maximum, (b) applying a 5 percent factor on this newly computed AIME+ to develop a second component of the PIA, and (c) adding this second component to the current-law PIA.

 

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
201313.9512.83-1.12
329
0.000.000.00
201413.9813.40-0.58
315
0.000.470.47
201513.9713.92-0.05
305
0.000.970.97
201613.9414.440.50
299
0.001.461.46
201713.9214.941.02
297
0.001.931.93
201813.9615.411.45
298
0.002.382.38
201914.1415.431.29
302
0.002.372.37
202014.3815.411.03
304
0.012.342.34
202114.6615.430.76
305
0.012.322.31
202214.9815.450.47
304
0.012.322.31
202315.3015.470.17
302
0.012.322.31
202415.6115.49-0.12
299
0.012.322.31
202515.9015.50-0.39
296
0.022.322.31
202616.1715.52-0.65
292
0.022.332.31
202716.4415.54-0.90
287
0.032.332.30
202816.6715.56-1.11
282
0.032.332.30
202916.8715.57-1.30
276
0.042.332.30
203017.0515.58-1.46
269
0.042.332.29
203117.1915.59-1.60
263
0.052.342.29
203217.3015.60-1.70
255
0.052.342.28
203317.3915.61-1.78
248
0.062.342.28
203417.4415.62-1.83
240
0.062.342.28
203517.4815.62-1.86
232
0.072.342.27
203617.5015.62-1.88
224
0.072.342.27
203717.5115.63-1.88
216
0.082.342.27
203817.5015.63-1.88
208
0.082.352.26
203917.4815.63-1.85
201
0.092.352.26
204017.4515.63-1.82
193
0.092.352.25
204117.4215.63-1.79
186
0.102.352.25
204217.3815.63-1.75
178
0.102.352.25
204317.3515.63-1.72
171
0.112.352.24
204417.3315.63-1.69
164
0.112.362.24
204517.3115.63-1.67
156
0.122.362.24
204617.2815.63-1.65
149
0.122.362.23
204717.2715.64-1.63
142
0.132.362.23
204817.2515.64-1.61
135
0.132.362.23
204917.2315.64-1.60
128
0.142.362.23
205017.2215.64-1.58
120
0.142.372.22
205117.2215.64-1.58
113
0.152.372.22
205217.2215.64-1.58
106
0.152.372.22
205317.2315.65-1.58
98
0.162.372.22
205417.2415.65-1.59
91
0.162.372.21
205517.2615.65-1.60
83
0.162.382.21
205617.2715.66-1.62
75
0.172.382.21
205717.2915.66-1.63
67
0.172.382.21
205817.3115.66-1.65
58
0.172.382.21
205917.3315.67-1.66
50
0.182.382.20
206017.3415.67-1.67
41
0.182.382.20
206117.3415.67-1.67
32
0.182.392.20
206217.3515.67-1.68
23
0.192.392.20
206317.3615.68-1.69
14
0.192.392.20
206417.3815.68-1.70
5
0.192.392.20
206517.3915.68-1.71
----
0.192.392.20
206617.4115.68-1.73
----
0.192.392.20
206717.4415.69-1.75
----
0.202.402.20
206817.4615.69-1.77
----
0.202.402.20
206917.4915.69-1.80
----
0.202.402.20
207017.5315.70-1.83
----
0.202.402.20
207117.5515.70-1.85
----
0.202.402.20
207217.5815.70-1.88
----
0.202.402.20
207317.6115.71-1.90
----
0.202.412.20
207417.6415.71-1.93
----
0.212.412.20
207517.6715.71-1.95
----
0.212.412.20
207617.6915.72-1.98
----
0.212.412.20
207717.7215.72-2.00
----
0.212.412.20
207817.7515.72-2.02
----
0.212.412.20
207917.7815.73-2.05
----
0.212.412.20
208017.8215.73-2.08
----
0.212.422.21
208117.8515.74-2.12
----
0.212.422.21
208217.8915.74-2.15
----
0.212.422.21
208317.9315.74-2.19
----
0.212.422.21
208417.9715.75-2.22
----
0.212.422.21
208518.0115.75-2.26
----
0.222.422.21
208618.0515.75-2.30
----
0.222.432.21
208718.0915.76-2.33
----
0.222.432.21



 

Summarized Estimates

 
  Proposal
  Change from Present Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2012 Trustees Report.
2012-2086 16.79% 16.23% -0.56%
2064
0.10% 2.21% 2.11%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified May 14, 2013