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 2024-2029). 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 |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.31 | 13.04 | -1.27 | 211 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.45 | 13.22 | -1.23 | 194 | 0.00 | 0.26 | 0.26 | ||
| 2025 | 14.66 | 13.46 | -1.20 | 179 | -0.00 | 0.49 | 0.49 | ||
| 2026 | 14.88 | 13.77 | -1.11 | 165 | -0.00 | 0.69 | 0.69 | ||
| 2027 | 15.10 | 13.96 | -1.14 | 152 | -0.00 | 0.86 | 0.86 | ||
| 2028 | 15.32 | 14.15 | -1.18 | 140 | -0.00 | 1.01 | 1.01 | ||
| 2029 | 15.53 | 14.32 | -1.21 | 129 | -0.00 | 1.14 | 1.14 | ||
| 2030 | 15.72 | 14.32 | -1.39 | 118 | -0.00 | 1.12 | 1.13 | ||
| 2031 | 15.90 | 14.33 | -1.57 | 107 | -0.00 | 1.10 | 1.10 | ||
| 2032 | 16.06 | 14.34 | -1.72 | 96 | -0.00 | 1.10 | 1.10 | ||
| 2033 | 16.20 | 14.35 | -1.85 | 85 | -0.01 | 1.10 | 1.10 | ||
| 2034 | 16.32 | 14.36 | -1.95 | 73 | -0.01 | 1.10 | 1.11 | ||
| 2035 | 16.41 | 14.37 | -2.04 | 62 | -0.01 | 1.10 | 1.11 | ||
| 2036 | 16.49 | 14.38 | -2.11 | 50 | -0.01 | 1.10 | 1.11 | ||
| 2037 | 16.57 | 14.39 | -2.18 | 38 | -0.01 | 1.10 | 1.11 | ||
| 2038 | 16.63 | 14.40 | -2.23 | 25 | -0.01 | 1.11 | 1.12 | ||
| 2039 | 16.68 | 14.40 | -2.27 | 12 | -0.01 | 1.11 | 1.12 | ||
| 2040 | 16.71 | 14.41 | -2.30 | ---- | -0.01 | 1.11 | 1.12 | ||
| 2041 | 16.73 | 14.41 | -2.32 | ---- | -0.01 | 1.11 | 1.12 | ||
| 2042 | 16.75 | 14.42 | -2.34 | ---- | -0.01 | 1.11 | 1.12 | ||
| 2043 | 16.77 | 14.42 | -2.35 | ---- | -0.01 | 1.11 | 1.12 | ||
| 2044 | 16.79 | 14.42 | -2.37 | ---- | -0.01 | 1.11 | 1.13 | ||
| 2045 | 16.81 | 14.42 | -2.39 | ---- | -0.01 | 1.12 | 1.13 | ||
| 2046 | 16.83 | 14.43 | -2.40 | ---- | -0.01 | 1.12 | 1.13 | ||
| 2047 | 16.86 | 14.43 | -2.42 | ---- | -0.01 | 1.12 | 1.13 | ||
| 2048 | 16.88 | 14.44 | -2.45 | ---- | -0.01 | 1.12 | 1.13 | ||
| 2049 | 16.91 | 14.44 | -2.47 | ---- | -0.01 | 1.12 | 1.13 | ||
| 2050 | 16.94 | 14.44 | -2.50 | ---- | -0.00 | 1.12 | 1.13 | ||
| 2051 | 16.98 | 14.45 | -2.53 | ---- | -0.00 | 1.12 | 1.13 | ||
| 2052 | 17.01 | 14.45 | -2.56 | ---- | -0.00 | 1.13 | 1.13 | ||
| 2053 | 17.05 | 14.45 | -2.60 | ---- | 0.00 | 1.13 | 1.13 | ||
| 2054 | 17.10 | 14.46 | -2.64 | ---- | 0.00 | 1.13 | 1.12 | ||
| 2055 | 17.15 | 14.46 | -2.69 | ---- | 0.00 | 1.13 | 1.12 | ||
| 2056 | 17.21 | 14.47 | -2.74 | ---- | 0.01 | 1.13 | 1.12 | ||
| 2057 | 17.27 | 14.48 | -2.80 | ---- | 0.01 | 1.13 | 1.12 | ||
| 2058 | 17.34 | 14.48 | -2.86 | ---- | 0.01 | 1.13 | 1.12 | ||
| 2059 | 17.40 | 14.49 | -2.92 | ---- | 0.02 | 1.13 | 1.12 | ||
| 2060 | 17.47 | 14.49 | -2.98 | ---- | 0.02 | 1.13 | 1.12 | ||
| 2061 | 17.53 | 14.50 | -3.03 | ---- | 0.02 | 1.13 | 1.11 | ||
| 2062 | 17.60 | 14.51 | -3.09 | ---- | 0.02 | 1.14 | 1.11 | ||
| 2063 | 17.65 | 14.51 | -3.14 | ---- | 0.03 | 1.14 | 1.11 | ||
| 2064 | 17.71 | 14.52 | -3.19 | ---- | 0.03 | 1.14 | 1.11 | ||
| 2065 | 17.76 | 14.52 | -3.24 | ---- | 0.03 | 1.14 | 1.11 | ||
| 2066 | 17.82 | 14.53 | -3.29 | ---- | 0.04 | 1.14 | 1.10 | ||
| 2067 | 17.87 | 14.53 | -3.34 | ---- | 0.04 | 1.14 | 1.10 | ||
| 2068 | 17.93 | 14.54 | -3.39 | ---- | 0.04 | 1.14 | 1.10 | ||
| 2069 | 17.99 | 14.54 | -3.45 | ---- | 0.05 | 1.14 | 1.10 | ||
| 2070 | 18.05 | 14.55 | -3.50 | ---- | 0.05 | 1.15 | 1.10 | ||
| 2071 | 18.11 | 14.55 | -3.55 | ---- | 0.05 | 1.15 | 1.10 | ||
| 2072 | 18.16 | 14.56 | -3.60 | ---- | 0.05 | 1.15 | 1.09 | ||
| 2073 | 18.22 | 14.56 | -3.65 | ---- | 0.06 | 1.15 | 1.09 | ||
| 2074 | 18.27 | 14.57 | -3.70 | ---- | 0.06 | 1.15 | 1.09 | ||
| 2075 | 18.31 | 14.57 | -3.74 | ---- | 0.06 | 1.15 | 1.09 | ||
| 2076 | 18.35 | 14.58 | -3.77 | ---- | 0.06 | 1.15 | 1.09 | ||
| 2077 | 18.37 | 14.58 | -3.79 | ---- | 0.06 | 1.15 | 1.09 | ||
| 2078 | 18.39 | 14.58 | -3.80 | ---- | 0.07 | 1.15 | 1.09 | ||
| 2079 | 18.38 | 14.58 | -3.80 | ---- | 0.07 | 1.15 | 1.09 | ||
| 2080 | 18.37 | 14.58 | -3.78 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2081 | 18.35 | 14.58 | -3.76 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2082 | 18.31 | 14.58 | -3.73 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2083 | 18.28 | 14.58 | -3.69 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2084 | 18.23 | 14.58 | -3.65 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2085 | 18.18 | 14.58 | -3.60 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2086 | 18.12 | 14.57 | -3.55 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2087 | 18.05 | 14.57 | -3.48 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2088 | 17.99 | 14.57 | -3.42 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2089 | 17.92 | 14.56 | -3.36 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2090 | 17.87 | 14.56 | -3.31 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2091 | 17.82 | 14.56 | -3.26 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2092 | 17.78 | 14.56 | -3.22 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2093 | 17.75 | 14.55 | -3.19 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2094 | 17.73 | 14.55 | -3.17 | ---- | 0.07 | 1.16 | 1.09 | ||
| 2095 | 17.72 | 14.55 | -3.16 | ---- | 0.07 | 1.17 | 1.09 | ||
| 2096 | 17.71 | 14.55 | -3.16 | ---- | 0.07 | 1.17 | 1.09 | ||
| 2097 | 17.72 | 14.56 | -3.17 | ---- | 0.07 | 1.17 | 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 |
||
| 2022-2096 | 17.22% | 14.84% | -2.38% | 2039 | 0.02% | 1.07% | 1.04% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.