Detailed Single Year Tables
Description of Proposed Provision:
E3.2: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in 2023-2032). Do not provide benefit credit for additional earnings taxed.
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 |
|||
2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
2023 | 14.31 | 13.19 | -1.11 | 211 | 0.00 | 0.16 | 0.16 | ||
2024 | 14.45 | 13.26 | -1.19 | 195 | -0.00 | 0.30 | 0.30 | ||
2025 | 14.66 | 13.40 | -1.26 | 180 | -0.00 | 0.43 | 0.43 | ||
2026 | 14.88 | 13.63 | -1.25 | 165 | -0.00 | 0.55 | 0.55 | ||
2027 | 15.10 | 13.76 | -1.34 | 152 | -0.00 | 0.66 | 0.66 | ||
2028 | 15.32 | 13.90 | -1.42 | 139 | -0.00 | 0.76 | 0.76 | ||
2029 | 15.52 | 14.03 | -1.50 | 126 | -0.00 | 0.85 | 0.85 | ||
2030 | 15.72 | 14.14 | -1.58 | 114 | -0.00 | 0.94 | 0.94 | ||
2031 | 15.90 | 14.25 | -1.65 | 102 | -0.01 | 1.02 | 1.02 | ||
2032 | 16.06 | 14.34 | -1.72 | 90 | -0.01 | 1.09 | 1.10 | ||
2033 | 16.20 | 14.35 | -1.84 | 79 | -0.01 | 1.10 | 1.10 | ||
2034 | 16.31 | 14.36 | -1.95 | 68 | -0.01 | 1.10 | 1.11 | ||
2035 | 16.41 | 14.37 | -2.03 | 56 | -0.01 | 1.10 | 1.11 | ||
2036 | 16.48 | 14.38 | -2.10 | 44 | -0.01 | 1.10 | 1.12 | ||
2037 | 16.56 | 14.39 | -2.17 | 32 | -0.02 | 1.10 | 1.12 | ||
2038 | 16.62 | 14.40 | -2.22 | 19 | -0.02 | 1.10 | 1.12 | ||
2039 | 16.67 | 14.40 | -2.27 | 6 | -0.02 | 1.11 | 1.13 | ||
2040 | 16.70 | 14.41 | -2.29 | ---- | -0.02 | 1.11 | 1.13 | ||
2041 | 16.71 | 14.41 | -2.30 | ---- | -0.03 | 1.11 | 1.13 | ||
2042 | 16.74 | 14.41 | -2.33 | ---- | -0.03 | 1.11 | 1.14 | ||
2043 | 16.75 | 14.42 | -2.34 | ---- | -0.03 | 1.11 | 1.14 | ||
2044 | 16.77 | 14.42 | -2.35 | ---- | -0.03 | 1.11 | 1.14 | ||
2045 | 16.79 | 14.42 | -2.37 | ---- | -0.03 | 1.11 | 1.15 | ||
2046 | 16.81 | 14.42 | -2.38 | ---- | -0.03 | 1.11 | 1.15 | ||
2047 | 16.83 | 14.43 | -2.40 | ---- | -0.04 | 1.12 | 1.15 | ||
2048 | 16.85 | 14.43 | -2.42 | ---- | -0.04 | 1.12 | 1.15 | ||
2049 | 16.88 | 14.43 | -2.44 | ---- | -0.04 | 1.12 | 1.16 | ||
2050 | 16.91 | 14.44 | -2.47 | ---- | -0.04 | 1.12 | 1.16 | ||
2051 | 16.94 | 14.44 | -2.50 | ---- | -0.04 | 1.12 | 1.16 | ||
2052 | 16.97 | 14.45 | -2.53 | ---- | -0.04 | 1.12 | 1.16 | ||
2053 | 17.01 | 14.45 | -2.56 | ---- | -0.04 | 1.12 | 1.16 | ||
2054 | 17.06 | 14.45 | -2.60 | ---- | -0.04 | 1.12 | 1.16 | ||
2055 | 17.11 | 14.46 | -2.65 | ---- | -0.04 | 1.12 | 1.17 | ||
2056 | 17.16 | 14.46 | -2.70 | ---- | -0.04 | 1.12 | 1.17 | ||
2057 | 17.22 | 14.47 | -2.75 | ---- | -0.04 | 1.12 | 1.17 | ||
2058 | 17.28 | 14.48 | -2.81 | ---- | -0.04 | 1.12 | 1.17 | ||
2059 | 17.34 | 14.48 | -2.86 | ---- | -0.04 | 1.13 | 1.17 | ||
2060 | 17.41 | 14.49 | -2.92 | ---- | -0.04 | 1.13 | 1.17 | ||
2061 | 17.47 | 14.49 | -2.98 | ---- | -0.04 | 1.13 | 1.17 | ||
2062 | 17.53 | 14.50 | -3.03 | ---- | -0.04 | 1.13 | 1.17 | ||
2063 | 17.58 | 14.50 | -3.08 | ---- | -0.04 | 1.13 | 1.17 | ||
2064 | 17.64 | 14.51 | -3.13 | ---- | -0.04 | 1.13 | 1.17 | ||
2065 | 17.69 | 14.51 | -3.18 | ---- | -0.04 | 1.13 | 1.17 | ||
2066 | 17.74 | 14.52 | -3.22 | ---- | -0.04 | 1.13 | 1.17 | ||
2067 | 17.79 | 14.52 | -3.27 | ---- | -0.04 | 1.13 | 1.17 | ||
2068 | 17.85 | 14.53 | -3.32 | ---- | -0.04 | 1.13 | 1.17 | ||
2069 | 17.91 | 14.53 | -3.37 | ---- | -0.04 | 1.13 | 1.17 | ||
2070 | 17.96 | 14.54 | -3.43 | ---- | -0.04 | 1.14 | 1.17 | ||
2071 | 18.02 | 14.54 | -3.48 | ---- | -0.04 | 1.14 | 1.17 | ||
2072 | 18.07 | 14.55 | -3.52 | ---- | -0.04 | 1.14 | 1.17 | ||
2073 | 18.13 | 14.55 | -3.57 | ---- | -0.04 | 1.14 | 1.18 | ||
2074 | 18.17 | 14.56 | -3.62 | ---- | -0.04 | 1.14 | 1.18 | ||
2075 | 18.22 | 14.56 | -3.66 | ---- | -0.04 | 1.14 | 1.18 | ||
2076 | 18.25 | 14.57 | -3.69 | ---- | -0.04 | 1.14 | 1.18 | ||
2077 | 18.28 | 14.57 | -3.71 | ---- | -0.04 | 1.14 | 1.18 | ||
2078 | 18.28 | 14.57 | -3.71 | ---- | -0.04 | 1.14 | 1.18 | ||
2079 | 18.28 | 14.57 | -3.71 | ---- | -0.03 | 1.14 | 1.18 | ||
2080 | 18.27 | 14.57 | -3.69 | ---- | -0.03 | 1.14 | 1.18 | ||
2081 | 18.24 | 14.57 | -3.67 | ---- | -0.03 | 1.14 | 1.18 | ||
2082 | 18.21 | 14.57 | -3.64 | ---- | -0.03 | 1.15 | 1.18 | ||
2083 | 18.17 | 14.57 | -3.60 | ---- | -0.03 | 1.15 | 1.18 | ||
2084 | 18.13 | 14.57 | -3.56 | ---- | -0.03 | 1.15 | 1.18 | ||
2085 | 18.07 | 14.56 | -3.51 | ---- | -0.03 | 1.15 | 1.18 | ||
2086 | 18.01 | 14.56 | -3.45 | ---- | -0.03 | 1.15 | 1.18 | ||
2087 | 17.95 | 14.56 | -3.39 | ---- | -0.03 | 1.15 | 1.18 | ||
2088 | 17.88 | 14.55 | -3.33 | ---- | -0.03 | 1.15 | 1.18 | ||
2089 | 17.82 | 14.55 | -3.27 | ---- | -0.03 | 1.15 | 1.18 | ||
2090 | 17.76 | 14.55 | -3.21 | ---- | -0.03 | 1.15 | 1.18 | ||
2091 | 17.71 | 14.55 | -3.17 | ---- | -0.03 | 1.15 | 1.18 | ||
2092 | 17.67 | 14.54 | -3.13 | ---- | -0.03 | 1.15 | 1.18 | ||
2093 | 17.64 | 14.54 | -3.10 | ---- | -0.03 | 1.15 | 1.18 | ||
2094 | 17.62 | 14.54 | -3.08 | ---- | -0.03 | 1.15 | 1.18 | ||
2095 | 17.61 | 14.54 | -3.07 | ---- | -0.03 | 1.15 | 1.18 | ||
2096 | 17.61 | 14.54 | -3.07 | ---- | -0.03 | 1.15 | 1.18 | ||
2097 | 17.62 | 14.54 | -3.07 | ---- | -0.03 | 1.15 | 1.18 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2022-2096 | 17.17% | 14.82% | -2.35% | 2039 | -0.03% | 1.04% | 1.07% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2022 Trustees Report.