Detailed Single Year Tables
Description of Proposed Provision:
E2.18: Apply the combined OASDI payroll tax rate on covered earnings above $400,000 paid in 2025 and later, and tax all covered earnings once the current-law taxable maximum exceeds $400,000. Increase the computed level of the AWI for years after 2024 by amounts ranging from 0.5 percent for 2025 to 0.9 percent for 2047 and later. Credit the additional earnings taxed for benefit purposes by: (a) calculating a second average indexed monthly earnings ("AIME+") reflecting only earnings taxed above the current-law taxable maximum, (b) applying a 1 percent factor on this newly computed "AIME+" to develop a second component of the PIA, and (c) adding this second component to the current-law PIA.
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 |
|||
2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
2024 | 14.87 | 12.89 | -1.98 | 187 | 0.00 | 0.00 | 0.00 | ||
2025 | 15.04 | 14.12 | -0.93 | 168 | 0.00 | 1.14 | 1.14 | ||
2026 | 15.23 | 14.35 | -0.88 | 156 | -0.00 | 1.27 | 1.27 | ||
2027 | 15.38 | 14.42 | -0.96 | 146 | -0.00 | 1.33 | 1.33 | ||
2028 | 15.55 | 14.51 | -1.04 | 137 | -0.00 | 1.38 | 1.38 | ||
2029 | 15.72 | 14.59 | -1.13 | 127 | -0.00 | 1.43 | 1.43 | ||
2030 | 15.87 | 14.67 | -1.20 | 117 | -0.00 | 1.49 | 1.49 | ||
2031 | 16.00 | 14.76 | -1.25 | 108 | 0.00 | 1.54 | 1.54 | ||
2032 | 16.15 | 14.84 | -1.31 | 99 | 0.00 | 1.60 | 1.60 | ||
2033 | 16.27 | 14.90 | -1.37 | 90 | 0.00 | 1.65 | 1.65 | ||
2034 | 16.39 | 14.95 | -1.43 | 81 | 0.00 | 1.69 | 1.69 | ||
2035 | 16.48 | 15.01 | -1.47 | 72 | 0.00 | 1.74 | 1.74 | ||
2036 | 16.56 | 15.07 | -1.50 | 64 | 0.00 | 1.79 | 1.79 | ||
2037 | 16.64 | 15.12 | -1.52 | 55 | 0.01 | 1.84 | 1.84 | ||
2038 | 16.70 | 15.18 | -1.52 | 47 | 0.01 | 1.90 | 1.89 | ||
2039 | 16.75 | 15.24 | -1.51 | 38 | 0.01 | 1.95 | 1.94 | ||
2040 | 16.79 | 15.30 | -1.49 | 30 | 0.01 | 2.01 | 2.00 | ||
2041 | 16.82 | 15.37 | -1.45 | 21 | 0.01 | 2.07 | 2.06 | ||
2042 | 16.83 | 15.43 | -1.40 | 13 | 0.01 | 2.13 | 2.12 | ||
2043 | 16.84 | 15.50 | -1.35 | 5 | 0.01 | 2.20 | 2.18 | ||
2044 | 16.86 | 15.57 | -1.29 | ---- | 0.01 | 2.26 | 2.25 | ||
2045 | 16.88 | 15.64 | -1.24 | ---- | 0.02 | 2.33 | 2.31 | ||
2046 | 16.90 | 15.71 | -1.19 | ---- | 0.02 | 2.40 | 2.38 | ||
2047 | 16.92 | 15.79 | -1.14 | ---- | 0.02 | 2.47 | 2.45 | ||
2048 | 16.95 | 15.83 | -1.12 | ---- | 0.02 | 2.51 | 2.49 | ||
2049 | 16.98 | 15.83 | -1.15 | ---- | 0.02 | 2.51 | 2.49 | ||
2050 | 17.01 | 15.84 | -1.18 | ---- | 0.02 | 2.51 | 2.49 | ||
2051 | 17.04 | 15.84 | -1.21 | ---- | 0.03 | 2.52 | 2.49 | ||
2052 | 17.09 | 15.84 | -1.24 | ---- | 0.03 | 2.52 | 2.49 | ||
2053 | 17.14 | 15.85 | -1.29 | ---- | 0.03 | 2.52 | 2.49 | ||
2054 | 17.20 | 15.86 | -1.34 | ---- | 0.03 | 2.52 | 2.49 | ||
2055 | 17.27 | 15.86 | -1.40 | ---- | 0.03 | 2.52 | 2.49 | ||
2056 | 17.34 | 15.87 | -1.47 | ---- | 0.04 | 2.52 | 2.48 | ||
2057 | 17.42 | 15.88 | -1.54 | ---- | 0.04 | 2.52 | 2.48 | ||
2058 | 17.50 | 15.88 | -1.62 | ---- | 0.04 | 2.52 | 2.48 | ||
2059 | 17.58 | 15.89 | -1.69 | ---- | 0.04 | 2.52 | 2.48 | ||
2060 | 17.66 | 15.90 | -1.76 | ---- | 0.04 | 2.52 | 2.48 | ||
2061 | 17.74 | 15.90 | -1.83 | ---- | 0.05 | 2.52 | 2.48 | ||
2062 | 17.81 | 15.91 | -1.90 | ---- | 0.05 | 2.53 | 2.48 | ||
2063 | 17.87 | 15.92 | -1.96 | ---- | 0.05 | 2.53 | 2.48 | ||
2064 | 17.94 | 15.92 | -2.02 | ---- | 0.05 | 2.53 | 2.47 | ||
2065 | 18.00 | 15.93 | -2.07 | ---- | 0.05 | 2.53 | 2.47 | ||
2066 | 18.06 | 15.93 | -2.13 | ---- | 0.06 | 2.53 | 2.47 | ||
2067 | 18.12 | 15.94 | -2.18 | ---- | 0.06 | 2.53 | 2.47 | ||
2068 | 18.17 | 15.94 | -2.23 | ---- | 0.06 | 2.53 | 2.47 | ||
2069 | 18.23 | 15.95 | -2.29 | ---- | 0.06 | 2.53 | 2.47 | ||
2070 | 18.29 | 15.95 | -2.34 | ---- | 0.06 | 2.53 | 2.47 | ||
2071 | 18.35 | 15.96 | -2.39 | ---- | 0.06 | 2.53 | 2.47 | ||
2072 | 18.40 | 15.96 | -2.43 | ---- | 0.07 | 2.53 | 2.47 | ||
2073 | 18.45 | 15.97 | -2.48 | ---- | 0.07 | 2.53 | 2.47 | ||
2074 | 18.50 | 15.97 | -2.52 | ---- | 0.07 | 2.53 | 2.47 | ||
2075 | 18.53 | 15.98 | -2.56 | ---- | 0.07 | 2.53 | 2.47 | ||
2076 | 18.56 | 15.98 | -2.58 | ---- | 0.07 | 2.54 | 2.47 | ||
2077 | 18.57 | 15.98 | -2.59 | ---- | 0.07 | 2.54 | 2.46 | ||
2078 | 18.58 | 15.98 | -2.59 | ---- | 0.07 | 2.54 | 2.46 | ||
2079 | 18.56 | 15.98 | -2.58 | ---- | 0.07 | 2.54 | 2.46 | ||
2080 | 18.54 | 15.98 | -2.56 | ---- | 0.07 | 2.54 | 2.46 | ||
2081 | 18.51 | 15.98 | -2.53 | ---- | 0.07 | 2.54 | 2.46 | ||
2082 | 18.47 | 15.98 | -2.49 | ---- | 0.07 | 2.54 | 2.46 | ||
2083 | 18.42 | 15.98 | -2.44 | ---- | 0.08 | 2.54 | 2.46 | ||
2084 | 18.36 | 15.98 | -2.39 | ---- | 0.08 | 2.54 | 2.46 | ||
2085 | 18.30 | 15.97 | -2.33 | ---- | 0.08 | 2.54 | 2.46 | ||
2086 | 18.24 | 15.97 | -2.27 | ---- | 0.08 | 2.54 | 2.46 | ||
2087 | 18.17 | 15.97 | -2.20 | ---- | 0.08 | 2.54 | 2.47 | ||
2088 | 18.10 | 15.96 | -2.13 | ---- | 0.08 | 2.54 | 2.47 | ||
2089 | 18.03 | 15.96 | -2.07 | ---- | 0.08 | 2.54 | 2.47 | ||
2090 | 17.97 | 15.96 | -2.01 | ---- | 0.08 | 2.54 | 2.47 | ||
2091 | 17.92 | 15.95 | -1.96 | ---- | 0.08 | 2.54 | 2.47 | ||
2092 | 17.88 | 15.95 | -1.93 | ---- | 0.08 | 2.54 | 2.47 | ||
2093 | 17.85 | 15.95 | -1.90 | ---- | 0.08 | 2.54 | 2.47 | ||
2094 | 17.83 | 15.95 | -1.88 | ---- | 0.08 | 2.54 | 2.47 | ||
2095 | 17.82 | 15.95 | -1.87 | ---- | 0.08 | 2.55 | 2.47 | ||
2096 | 17.82 | 15.95 | -1.87 | ---- | 0.08 | 2.55 | 2.47 | ||
2097 | 17.83 | 15.95 | -1.88 | ---- | 0.08 | 2.55 | 2.47 | ||
2098 | 17.85 | 15.95 | -1.90 | ---- | 0.08 | 2.55 | 2.47 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2023-2097 | 17.42% | 15.97% | -1.45% | 2043 | 0.04% | 2.19% | 2.16% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.