Detailed Single Year Tables
Description of Proposed Provision:
E2.11: Eliminate the taxable maximum in years 2027 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2023, 4.96 percent in 2024, and so on, up to 12.40 percent in 2027. Provide benefit credit for earnings above the current-law taxable maximum that are subject to the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2022 that were in excess of that year's current-law taxable maximum; and (2) a formula factor of 5 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 | 13.41 | -1.02 | 214 | 0.00 | 0.50 | 0.50 | ||
2024 | 14.64 | 13.93 | -0.71 | 199 | -0.00 | 0.98 | 0.98 | ||
2025 | 14.85 | 14.41 | -0.44 | 187 | -0.00 | 1.45 | 1.46 | ||
2026 | 15.10 | 14.98 | -0.12 | 178 | -0.00 | 1.90 | 1.91 | ||
2027 | 15.36 | 15.43 | 0.07 | 171 | -0.00 | 2.33 | 2.34 | ||
2028 | 15.62 | 15.48 | -0.14 | 166 | -0.01 | 2.34 | 2.35 | ||
2029 | 15.86 | 15.50 | -0.36 | 161 | -0.01 | 2.33 | 2.34 | ||
2030 | 16.09 | 15.50 | -0.59 | 154 | -0.02 | 2.31 | 2.33 | ||
2031 | 16.26 | 15.52 | -0.74 | 148 | -0.02 | 2.31 | 2.34 | ||
2032 | 16.40 | 15.53 | -0.87 | 142 | -0.03 | 2.31 | 2.35 | ||
2033 | 16.52 | 15.54 | -0.97 | 135 | -0.04 | 2.32 | 2.36 | ||
2034 | 16.61 | 15.55 | -1.05 | 128 | -0.05 | 2.32 | 2.37 | ||
2035 | 16.67 | 15.56 | -1.11 | 122 | -0.06 | 2.32 | 2.38 | ||
2036 | 16.73 | 15.57 | -1.16 | 116 | -0.07 | 2.32 | 2.39 | ||
2037 | 16.78 | 15.57 | -1.20 | 110 | -0.08 | 2.32 | 2.40 | ||
2038 | 16.82 | 15.58 | -1.24 | 104 | -0.09 | 2.32 | 2.41 | ||
2039 | 16.85 | 15.59 | -1.26 | 98 | -0.10 | 2.32 | 2.42 | ||
2040 | 16.87 | 15.59 | -1.28 | 91 | -0.11 | 2.32 | 2.43 | ||
2041 | 16.90 | 15.59 | -1.31 | 85 | -0.12 | 2.32 | 2.44 | ||
2042 | 16.91 | 15.60 | -1.32 | 78 | -0.12 | 2.32 | 2.45 | ||
2043 | 16.91 | 15.60 | -1.31 | 71 | -0.13 | 2.32 | 2.45 | ||
2044 | 16.91 | 15.60 | -1.31 | 64 | -0.13 | 2.32 | 2.46 | ||
2045 | 16.91 | 15.60 | -1.31 | 57 | -0.14 | 2.33 | 2.46 | ||
2046 | 16.92 | 15.61 | -1.31 | 50 | -0.14 | 2.33 | 2.47 | ||
2047 | 16.93 | 15.61 | -1.32 | 43 | -0.14 | 2.33 | 2.47 | ||
2048 | 16.95 | 15.62 | -1.34 | 36 | -0.15 | 2.33 | 2.48 | ||
2049 | 16.97 | 15.62 | -1.35 | 28 | -0.15 | 2.33 | 2.48 | ||
2050 | 16.99 | 15.62 | -1.37 | 21 | -0.15 | 2.33 | 2.48 | ||
2051 | 17.01 | 15.63 | -1.39 | 13 | -0.15 | 2.33 | 2.48 | ||
2052 | 17.04 | 15.63 | -1.41 | 5 | -0.15 | 2.33 | 2.48 | ||
2053 | 17.07 | 15.64 | -1.44 | ---- | -0.14 | 2.34 | 2.48 | ||
2054 | 17.11 | 15.64 | -1.47 | ---- | -0.14 | 2.34 | 2.48 | ||
2055 | 17.15 | 15.65 | -1.51 | ---- | -0.14 | 2.34 | 2.48 | ||
2056 | 17.20 | 15.65 | -1.55 | ---- | -0.14 | 2.34 | 2.48 | ||
2057 | 17.25 | 15.66 | -1.60 | ---- | -0.13 | 2.34 | 2.47 | ||
2058 | 17.31 | 15.66 | -1.65 | ---- | -0.13 | 2.34 | 2.47 | ||
2059 | 17.37 | 15.67 | -1.70 | ---- | -0.12 | 2.35 | 2.47 | ||
2060 | 17.43 | 15.68 | -1.76 | ---- | -0.11 | 2.35 | 2.46 | ||
2061 | 17.49 | 15.68 | -1.81 | ---- | -0.11 | 2.35 | 2.46 | ||
2062 | 17.55 | 15.69 | -1.86 | ---- | -0.10 | 2.35 | 2.45 | ||
2063 | 17.61 | 15.70 | -1.91 | ---- | -0.10 | 2.35 | 2.45 | ||
2064 | 17.66 | 15.70 | -1.96 | ---- | -0.09 | 2.36 | 2.45 | ||
2065 | 17.72 | 15.71 | -2.01 | ---- | -0.08 | 2.36 | 2.44 | ||
2066 | 17.78 | 15.71 | -2.06 | ---- | -0.08 | 2.36 | 2.44 | ||
2067 | 17.83 | 15.72 | -2.12 | ---- | -0.07 | 2.36 | 2.43 | ||
2068 | 17.89 | 15.72 | -2.17 | ---- | -0.06 | 2.36 | 2.43 | ||
2069 | 17.95 | 15.73 | -2.22 | ---- | -0.06 | 2.37 | 2.42 | ||
2070 | 18.02 | 15.74 | -2.28 | ---- | -0.05 | 2.37 | 2.42 | ||
2071 | 18.07 | 15.74 | -2.33 | ---- | -0.05 | 2.37 | 2.42 | ||
2072 | 18.13 | 15.75 | -2.38 | ---- | -0.04 | 2.37 | 2.41 | ||
2073 | 18.19 | 15.75 | -2.43 | ---- | -0.04 | 2.37 | 2.41 | ||
2074 | 18.24 | 15.76 | -2.48 | ---- | -0.03 | 2.37 | 2.41 | ||
2075 | 18.29 | 15.76 | -2.52 | ---- | -0.03 | 2.38 | 2.40 | ||
2076 | 18.32 | 15.77 | -2.55 | ---- | -0.03 | 2.38 | 2.40 | ||
2077 | 18.35 | 15.77 | -2.58 | ---- | -0.02 | 2.38 | 2.40 | ||
2078 | 18.36 | 15.77 | -2.58 | ---- | -0.02 | 2.38 | 2.40 | ||
2079 | 18.35 | 15.78 | -2.58 | ---- | -0.02 | 2.38 | 2.40 | ||
2080 | 18.34 | 15.78 | -2.56 | ---- | -0.01 | 2.38 | 2.40 | ||
2081 | 18.32 | 15.78 | -2.54 | ---- | -0.01 | 2.38 | 2.39 | ||
2082 | 18.29 | 15.78 | -2.51 | ---- | -0.01 | 2.39 | 2.39 | ||
2083 | 18.24 | 15.78 | -2.47 | ---- | -0.01 | 2.39 | 2.39 | ||
2084 | 18.19 | 15.78 | -2.42 | ---- | -0.00 | 2.39 | 2.39 | ||
2085 | 18.14 | 15.77 | -2.36 | ---- | -0.00 | 2.39 | 2.39 | ||
2086 | 18.08 | 15.77 | -2.30 | ---- | -0.00 | 2.39 | 2.39 | ||
2087 | 18.01 | 15.77 | -2.24 | ---- | 0.00 | 2.39 | 2.39 | ||
2088 | 17.94 | 15.77 | -2.17 | ---- | 0.00 | 2.39 | 2.39 | ||
2089 | 17.87 | 15.76 | -2.11 | ---- | 0.00 | 2.39 | 2.39 | ||
2090 | 17.82 | 15.76 | -2.06 | ---- | 0.00 | 2.40 | 2.39 | ||
2091 | 17.77 | 15.76 | -2.01 | ---- | 0.00 | 2.40 | 2.39 | ||
2092 | 17.74 | 15.76 | -1.98 | ---- | 0.00 | 2.40 | 2.39 | ||
2093 | 17.72 | 15.76 | -1.96 | ---- | 0.01 | 2.40 | 2.39 | ||
2094 | 17.71 | 15.76 | -1.95 | ---- | 0.01 | 2.40 | 2.39 | ||
2095 | 17.71 | 15.76 | -1.95 | ---- | 0.01 | 2.40 | 2.39 | ||
2096 | 17.71 | 15.76 | -1.95 | ---- | 0.01 | 2.40 | 2.39 |
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 | 17.25% | 16.00% | -1.25% | 2052 | -0.06% | 2.22% | 2.28% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2021 Trustees Report.