Detailed Single Year Tables
Description of Proposed Provision:
E3.19: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in linearly from 2023-2028). Provide benefit credit for additional earnings taxed, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from additional annual earnings taxed over the current-law taxable maximum; and (2) a formula factor of 2.5 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 | 13.15 | -1.28 | 214 | 0.00 | 0.23 | 0.23 | ||
| 2024 | 14.64 | 13.38 | -1.25 | 197 | -0.00 | 0.44 | 0.44 | ||
| 2025 | 14.86 | 13.58 | -1.27 | 182 | -0.00 | 0.62 | 0.62 | ||
| 2026 | 15.10 | 13.86 | -1.24 | 168 | -0.00 | 0.78 | 0.78 | ||
| 2027 | 15.36 | 14.02 | -1.34 | 154 | -0.00 | 0.92 | 0.92 | ||
| 2028 | 15.62 | 14.18 | -1.44 | 141 | -0.00 | 1.04 | 1.05 | ||
| 2029 | 15.87 | 14.21 | -1.66 | 128 | -0.00 | 1.04 | 1.04 | ||
| 2030 | 16.10 | 14.22 | -1.89 | 115 | -0.01 | 1.02 | 1.03 | ||
| 2031 | 16.28 | 14.23 | -2.05 | 101 | -0.01 | 1.02 | 1.03 | ||
| 2032 | 16.42 | 14.24 | -2.18 | 88 | -0.01 | 1.02 | 1.04 | ||
| 2033 | 16.54 | 14.25 | -2.29 | 74 | -0.02 | 1.02 | 1.04 | ||
| 2034 | 16.64 | 14.26 | -2.38 | 60 | -0.02 | 1.02 | 1.04 | ||
| 2035 | 16.71 | 14.27 | -2.44 | 46 | -0.02 | 1.02 | 1.05 | ||
| 2036 | 16.77 | 14.28 | -2.50 | 32 | -0.03 | 1.03 | 1.05 | ||
| 2037 | 16.83 | 14.28 | -2.55 | 17 | -0.03 | 1.03 | 1.06 | ||
| 2038 | 16.88 | 14.29 | -2.59 | 3 | -0.04 | 1.03 | 1.06 | ||
| 2039 | 16.91 | 14.29 | -2.62 | ---- | -0.04 | 1.03 | 1.07 | ||
| 2040 | 16.93 | 14.30 | -2.64 | ---- | -0.04 | 1.03 | 1.07 | ||
| 2041 | 16.97 | 14.30 | -2.67 | ---- | -0.05 | 1.03 | 1.08 | ||
| 2042 | 16.99 | 14.31 | -2.68 | ---- | -0.05 | 1.03 | 1.08 | ||
| 2043 | 16.99 | 14.31 | -2.68 | ---- | -0.05 | 1.03 | 1.08 | ||
| 2044 | 16.99 | 14.31 | -2.68 | ---- | -0.06 | 1.03 | 1.09 | ||
| 2045 | 16.99 | 14.31 | -2.68 | ---- | -0.06 | 1.03 | 1.09 | ||
| 2046 | 17.00 | 14.32 | -2.68 | ---- | -0.06 | 1.03 | 1.09 | ||
| 2047 | 17.02 | 14.32 | -2.70 | ---- | -0.06 | 1.03 | 1.10 | ||
| 2048 | 17.04 | 14.32 | -2.71 | ---- | -0.06 | 1.04 | 1.10 | ||
| 2049 | 17.05 | 14.32 | -2.73 | ---- | -0.06 | 1.04 | 1.10 | ||
| 2050 | 17.07 | 14.33 | -2.75 | ---- | -0.07 | 1.04 | 1.10 | ||
| 2051 | 17.09 | 14.33 | -2.76 | ---- | -0.07 | 1.04 | 1.10 | ||
| 2052 | 17.12 | 14.33 | -2.79 | ---- | -0.07 | 1.04 | 1.10 | ||
| 2053 | 17.15 | 14.34 | -2.82 | ---- | -0.07 | 1.04 | 1.10 | ||
| 2054 | 17.19 | 14.34 | -2.85 | ---- | -0.07 | 1.04 | 1.11 | ||
| 2055 | 17.23 | 14.35 | -2.88 | ---- | -0.07 | 1.04 | 1.11 | ||
| 2056 | 17.27 | 14.35 | -2.92 | ---- | -0.07 | 1.04 | 1.11 | ||
| 2057 | 17.32 | 14.35 | -2.96 | ---- | -0.07 | 1.04 | 1.11 | ||
| 2058 | 17.37 | 14.36 | -3.01 | ---- | -0.06 | 1.04 | 1.11 | ||
| 2059 | 17.43 | 14.37 | -3.06 | ---- | -0.06 | 1.04 | 1.11 | ||
| 2060 | 17.49 | 14.37 | -3.11 | ---- | -0.06 | 1.04 | 1.10 | ||
| 2061 | 17.54 | 14.38 | -3.16 | ---- | -0.06 | 1.04 | 1.10 | ||
| 2062 | 17.59 | 14.38 | -3.21 | ---- | -0.06 | 1.04 | 1.10 | ||
| 2063 | 17.65 | 14.39 | -3.26 | ---- | -0.06 | 1.05 | 1.10 | ||
| 2064 | 17.70 | 14.39 | -3.31 | ---- | -0.05 | 1.05 | 1.10 | ||
| 2065 | 17.75 | 14.40 | -3.35 | ---- | -0.05 | 1.05 | 1.10 | ||
| 2066 | 17.80 | 14.40 | -3.40 | ---- | -0.05 | 1.05 | 1.10 | ||
| 2067 | 17.86 | 14.41 | -3.45 | ---- | -0.05 | 1.05 | 1.10 | ||
| 2068 | 17.91 | 14.41 | -3.50 | ---- | -0.05 | 1.05 | 1.10 | ||
| 2069 | 17.97 | 14.42 | -3.55 | ---- | -0.04 | 1.05 | 1.10 | ||
| 2070 | 18.02 | 14.42 | -3.60 | ---- | -0.04 | 1.05 | 1.09 | ||
| 2071 | 18.08 | 14.43 | -3.66 | ---- | -0.04 | 1.05 | 1.09 | ||
| 2072 | 18.13 | 14.43 | -3.70 | ---- | -0.04 | 1.05 | 1.09 | ||
| 2073 | 18.19 | 14.44 | -3.75 | ---- | -0.04 | 1.05 | 1.09 | ||
| 2074 | 18.24 | 14.44 | -3.80 | ---- | -0.04 | 1.05 | 1.09 | ||
| 2075 | 18.28 | 14.44 | -3.84 | ---- | -0.04 | 1.06 | 1.09 | ||
| 2076 | 18.31 | 14.45 | -3.87 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2077 | 18.34 | 14.45 | -3.89 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2078 | 18.34 | 14.45 | -3.89 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2079 | 18.34 | 14.45 | -3.89 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2080 | 18.32 | 14.45 | -3.87 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2081 | 18.30 | 14.45 | -3.84 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2082 | 18.27 | 14.45 | -3.81 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2083 | 18.22 | 14.45 | -3.77 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2084 | 18.17 | 14.45 | -3.72 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2085 | 18.11 | 14.45 | -3.67 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2086 | 18.05 | 14.44 | -3.61 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2087 | 17.98 | 14.44 | -3.54 | ---- | -0.02 | 1.06 | 1.09 | ||
| 2088 | 17.91 | 14.44 | -3.48 | ---- | -0.02 | 1.06 | 1.09 | ||
| 2089 | 17.85 | 14.43 | -3.41 | ---- | -0.02 | 1.07 | 1.09 | ||
| 2090 | 17.79 | 14.43 | -3.36 | ---- | -0.02 | 1.07 | 1.09 | ||
| 2091 | 17.74 | 14.43 | -3.32 | ---- | -0.02 | 1.07 | 1.09 | ||
| 2092 | 17.71 | 14.43 | -3.28 | ---- | -0.02 | 1.07 | 1.09 | ||
| 2093 | 17.69 | 14.43 | -3.27 | ---- | -0.02 | 1.07 | 1.09 | ||
| 2094 | 17.68 | 14.43 | -3.26 | ---- | -0.02 | 1.07 | 1.09 | ||
| 2095 | 17.68 | 14.43 | -3.25 | ---- | -0.02 | 1.07 | 1.09 | ||
| 2096 | 17.68 | 14.43 | -3.26 | ---- | -0.02 | 1.07 | 1.09 | ||
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 | 17.28% | 14.76% | -2.52% | 2038 | -0.04% | 0.98% | 1.02% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.