Detailed Single Year Tables
Description of Proposed Provision:
E3.1: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in 2023-2032). Provide benefit credit for earnings up to the revised taxable maximum.
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 | 14.89 | 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 | 15.33 | 13.90 | -1.43 | 139 | 0.00 | 0.76 | 0.76 | ||
2029 | 15.53 | 14.03 | -1.51 | 126 | 0.01 | 0.85 | 0.85 | ||
2030 | 15.73 | 14.14 | -1.59 | 114 | 0.01 | 0.94 | 0.93 | ||
2031 | 15.92 | 14.25 | -1.67 | 102 | 0.01 | 1.02 | 1.01 | ||
2032 | 16.09 | 14.34 | -1.74 | 90 | 0.02 | 1.10 | 1.08 | ||
2033 | 16.23 | 14.36 | -1.87 | 78 | 0.02 | 1.10 | 1.08 | ||
2034 | 16.35 | 14.37 | -1.99 | 67 | 0.03 | 1.10 | 1.07 | ||
2035 | 16.46 | 14.38 | -2.08 | 55 | 0.04 | 1.11 | 1.07 | ||
2036 | 16.55 | 14.39 | -2.16 | 43 | 0.05 | 1.11 | 1.06 | ||
2037 | 16.63 | 14.40 | -2.24 | 30 | 0.06 | 1.11 | 1.05 | ||
2038 | 16.71 | 14.41 | -2.30 | 17 | 0.07 | 1.11 | 1.05 | ||
2039 | 16.77 | 14.41 | -2.35 | 4 | 0.08 | 1.12 | 1.04 | ||
2040 | 16.81 | 14.42 | -2.39 | ---- | 0.09 | 1.12 | 1.03 | ||
2041 | 16.84 | 14.42 | -2.42 | ---- | 0.10 | 1.12 | 1.02 | ||
2042 | 16.88 | 14.43 | -2.45 | ---- | 0.11 | 1.13 | 1.01 | ||
2043 | 16.91 | 14.43 | -2.48 | ---- | 0.13 | 1.13 | 1.00 | ||
2044 | 16.95 | 14.44 | -2.51 | ---- | 0.14 | 1.13 | 0.99 | ||
2045 | 16.98 | 14.44 | -2.54 | ---- | 0.16 | 1.14 | 0.98 | ||
2046 | 17.01 | 14.45 | -2.56 | ---- | 0.17 | 1.14 | 0.97 | ||
2047 | 17.05 | 14.45 | -2.60 | ---- | 0.19 | 1.14 | 0.95 | ||
2048 | 17.10 | 14.46 | -2.64 | ---- | 0.21 | 1.15 | 0.94 | ||
2049 | 17.14 | 14.47 | -2.68 | ---- | 0.23 | 1.15 | 0.92 | ||
2050 | 17.19 | 14.47 | -2.72 | ---- | 0.25 | 1.15 | 0.91 | ||
2051 | 17.25 | 14.48 | -2.77 | ---- | 0.27 | 1.16 | 0.89 | ||
2052 | 17.30 | 14.48 | -2.82 | ---- | 0.29 | 1.16 | 0.87 | ||
2053 | 17.36 | 14.49 | -2.87 | ---- | 0.31 | 1.16 | 0.86 | ||
2054 | 17.43 | 14.50 | -2.93 | ---- | 0.33 | 1.17 | 0.84 | ||
2055 | 17.50 | 14.50 | -2.99 | ---- | 0.35 | 1.17 | 0.82 | ||
2056 | 17.57 | 14.51 | -3.06 | ---- | 0.37 | 1.17 | 0.80 | ||
2057 | 17.66 | 14.52 | -3.14 | ---- | 0.39 | 1.18 | 0.78 | ||
2058 | 17.74 | 14.53 | -3.21 | ---- | 0.42 | 1.18 | 0.76 | ||
2059 | 17.83 | 14.54 | -3.29 | ---- | 0.44 | 1.18 | 0.74 | ||
2060 | 17.91 | 14.55 | -3.37 | ---- | 0.46 | 1.19 | 0.72 | ||
2061 | 18.00 | 14.55 | -3.44 | ---- | 0.49 | 1.19 | 0.70 | ||
2062 | 18.08 | 14.56 | -3.52 | ---- | 0.51 | 1.19 | 0.68 | ||
2063 | 18.16 | 14.57 | -3.59 | ---- | 0.53 | 1.20 | 0.66 | ||
2064 | 18.23 | 14.58 | -3.66 | ---- | 0.55 | 1.20 | 0.64 | ||
2065 | 18.31 | 14.59 | -3.72 | ---- | 0.58 | 1.20 | 0.63 | ||
2066 | 18.38 | 14.59 | -3.79 | ---- | 0.60 | 1.21 | 0.61 | ||
2067 | 18.45 | 14.60 | -3.85 | ---- | 0.62 | 1.21 | 0.59 | ||
2068 | 18.53 | 14.61 | -3.92 | ---- | 0.64 | 1.21 | 0.57 | ||
2069 | 18.61 | 14.62 | -3.99 | ---- | 0.66 | 1.22 | 0.56 | ||
2070 | 18.68 | 14.62 | -4.06 | ---- | 0.68 | 1.22 | 0.54 | ||
2071 | 18.76 | 14.63 | -4.13 | ---- | 0.70 | 1.22 | 0.52 | ||
2072 | 18.83 | 14.64 | -4.19 | ---- | 0.72 | 1.23 | 0.51 | ||
2073 | 18.90 | 14.64 | -4.25 | ---- | 0.74 | 1.23 | 0.49 | ||
2074 | 18.96 | 14.65 | -4.31 | ---- | 0.75 | 1.23 | 0.48 | ||
2075 | 19.02 | 14.66 | -4.36 | ---- | 0.77 | 1.23 | 0.47 | ||
2076 | 19.07 | 14.66 | -4.41 | ---- | 0.78 | 1.24 | 0.46 | ||
2077 | 19.10 | 14.67 | -4.44 | ---- | 0.79 | 1.24 | 0.45 | ||
2078 | 19.12 | 14.67 | -4.46 | ---- | 0.80 | 1.24 | 0.44 | ||
2079 | 19.13 | 14.67 | -4.46 | ---- | 0.81 | 1.24 | 0.43 | ||
2080 | 19.12 | 14.67 | -4.45 | ---- | 0.82 | 1.24 | 0.42 | ||
2081 | 19.11 | 14.67 | -4.43 | ---- | 0.83 | 1.25 | 0.42 | ||
2082 | 19.08 | 14.67 | -4.41 | ---- | 0.84 | 1.25 | 0.41 | ||
2083 | 19.04 | 14.67 | -4.37 | ---- | 0.84 | 1.25 | 0.41 | ||
2084 | 19.00 | 14.67 | -4.33 | ---- | 0.84 | 1.25 | 0.41 | ||
2085 | 18.95 | 14.67 | -4.28 | ---- | 0.85 | 1.25 | 0.40 | ||
2086 | 18.89 | 14.66 | -4.23 | ---- | 0.85 | 1.25 | 0.40 | ||
2087 | 18.83 | 14.66 | -4.17 | ---- | 0.85 | 1.25 | 0.40 | ||
2088 | 18.76 | 14.66 | -4.11 | ---- | 0.85 | 1.25 | 0.40 | ||
2089 | 18.70 | 14.65 | -4.05 | ---- | 0.85 | 1.25 | 0.40 | ||
2090 | 18.64 | 14.65 | -3.99 | ---- | 0.85 | 1.25 | 0.41 | ||
2091 | 18.59 | 14.65 | -3.94 | ---- | 0.85 | 1.25 | 0.41 | ||
2092 | 18.55 | 14.65 | -3.90 | ---- | 0.85 | 1.25 | 0.41 | ||
2093 | 18.52 | 14.65 | -3.87 | ---- | 0.85 | 1.26 | 0.41 | ||
2094 | 18.50 | 14.64 | -3.86 | ---- | 0.85 | 1.26 | 0.41 | ||
2095 | 18.49 | 14.64 | -3.85 | ---- | 0.85 | 1.26 | 0.41 | ||
2096 | 18.49 | 14.65 | -3.84 | ---- | 0.85 | 1.26 | 0.41 | ||
2097 | 18.50 | 14.65 | -3.85 | ---- | 0.85 | 1.26 | 0.41 |
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 | 17.60% | 14.87% | -2.73% | 2039 | 0.40% | 1.09% | 0.69% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2022 Trustees Report.