Detailed Single Year Tables
Description of Proposed Provision:
E2.17: Apply 12.4 percent payroll tax rate on earnings above $400,000 starting in 2024 and tax all earnings once the current-law taxable maximum exceeds $400,000. 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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.87 | 13.97 | -0.90 | 187 | 0.00 | 1.09 | 1.09 | ||
| 2025 | 15.04 | 14.19 | -0.85 | 175 | -0.00 | 1.22 | 1.22 | ||
| 2026 | 15.23 | 14.35 | -0.88 | 164 | -0.00 | 1.27 | 1.28 | ||
| 2027 | 15.38 | 14.42 | -0.96 | 153 | -0.00 | 1.33 | 1.33 | ||
| 2028 | 15.55 | 14.51 | -1.04 | 143 | -0.00 | 1.38 | 1.38 | ||
| 2029 | 15.71 | 14.59 | -1.12 | 134 | -0.01 | 1.43 | 1.44 | ||
| 2030 | 15.86 | 14.67 | -1.19 | 124 | -0.01 | 1.49 | 1.49 | ||
| 2031 | 15.99 | 14.76 | -1.24 | 115 | -0.01 | 1.54 | 1.55 | ||
| 2032 | 16.13 | 14.84 | -1.30 | 105 | -0.01 | 1.60 | 1.61 | ||
| 2033 | 16.25 | 14.89 | -1.36 | 96 | -0.02 | 1.65 | 1.66 | ||
| 2034 | 16.36 | 14.95 | -1.41 | 87 | -0.02 | 1.69 | 1.71 | ||
| 2035 | 16.45 | 15.01 | -1.45 | 79 | -0.02 | 1.74 | 1.76 | ||
| 2036 | 16.53 | 15.06 | -1.47 | 71 | -0.03 | 1.79 | 1.82 | ||
| 2037 | 16.61 | 15.12 | -1.48 | 62 | -0.03 | 1.84 | 1.87 | ||
| 2038 | 16.66 | 15.18 | -1.48 | 54 | -0.03 | 1.89 | 1.93 | ||
| 2039 | 16.71 | 15.24 | -1.47 | 46 | -0.04 | 1.95 | 1.98 | ||
| 2040 | 16.74 | 15.30 | -1.44 | 37 | -0.04 | 2.00 | 2.04 | ||
| 2041 | 16.76 | 15.36 | -1.40 | 29 | -0.04 | 2.06 | 2.11 | ||
| 2042 | 16.77 | 15.43 | -1.34 | 21 | -0.05 | 2.13 | 2.17 | ||
| 2043 | 16.78 | 15.49 | -1.29 | 14 | -0.05 | 2.19 | 2.24 | ||
| 2044 | 16.79 | 15.56 | -1.23 | 6 | -0.05 | 2.26 | 2.31 | ||
| 2045 | 16.81 | 15.63 | -1.18 | ---- | -0.05 | 2.32 | 2.38 | ||
| 2046 | 16.82 | 15.70 | -1.12 | ---- | -0.06 | 2.39 | 2.45 | ||
| 2047 | 16.84 | 15.78 | -1.06 | ---- | -0.06 | 2.47 | 2.53 | ||
| 2048 | 16.86 | 15.82 | -1.04 | ---- | -0.06 | 2.50 | 2.57 | ||
| 2049 | 16.89 | 15.83 | -1.06 | ---- | -0.07 | 2.51 | 2.57 | ||
| 2050 | 16.92 | 15.83 | -1.09 | ---- | -0.07 | 2.51 | 2.58 | ||
| 2051 | 16.95 | 15.83 | -1.12 | ---- | -0.07 | 2.51 | 2.58 | ||
| 2052 | 16.99 | 15.84 | -1.15 | ---- | -0.07 | 2.51 | 2.58 | ||
| 2053 | 17.03 | 15.84 | -1.19 | ---- | -0.07 | 2.51 | 2.58 | ||
| 2054 | 17.09 | 15.85 | -1.24 | ---- | -0.08 | 2.51 | 2.59 | ||
| 2055 | 17.15 | 15.85 | -1.30 | ---- | -0.08 | 2.51 | 2.59 | ||
| 2056 | 17.22 | 15.86 | -1.36 | ---- | -0.08 | 2.51 | 2.59 | ||
| 2057 | 17.30 | 15.87 | -1.43 | ---- | -0.08 | 2.51 | 2.59 | ||
| 2058 | 17.38 | 15.87 | -1.50 | ---- | -0.08 | 2.51 | 2.59 | ||
| 2059 | 17.46 | 15.88 | -1.58 | ---- | -0.08 | 2.51 | 2.60 | ||
| 2060 | 17.53 | 15.89 | -1.65 | ---- | -0.08 | 2.51 | 2.60 | ||
| 2061 | 17.61 | 15.89 | -1.71 | ---- | -0.08 | 2.51 | 2.60 | ||
| 2062 | 17.68 | 15.90 | -1.78 | ---- | -0.08 | 2.51 | 2.60 | ||
| 2063 | 17.74 | 15.91 | -1.84 | ---- | -0.08 | 2.51 | 2.60 | ||
| 2064 | 17.80 | 15.91 | -1.89 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2065 | 17.86 | 15.92 | -1.94 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2066 | 17.92 | 15.92 | -2.00 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2067 | 17.98 | 15.93 | -2.05 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2068 | 18.03 | 15.93 | -2.10 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2069 | 18.09 | 15.94 | -2.15 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2070 | 18.15 | 15.94 | -2.21 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2071 | 18.20 | 15.95 | -2.26 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2072 | 18.25 | 15.95 | -2.30 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2073 | 18.30 | 15.96 | -2.35 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2074 | 18.35 | 15.96 | -2.39 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2075 | 18.39 | 15.96 | -2.42 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2076 | 18.41 | 15.97 | -2.44 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2077 | 18.43 | 15.97 | -2.46 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2078 | 18.43 | 15.97 | -2.46 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2079 | 18.41 | 15.97 | -2.44 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2080 | 18.39 | 15.97 | -2.42 | ---- | -0.07 | 2.52 | 2.60 | ||
| 2081 | 18.36 | 15.97 | -2.39 | ---- | -0.07 | 2.52 | 2.60 | ||
| 2082 | 18.32 | 15.97 | -2.35 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2083 | 18.27 | 15.97 | -2.31 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2084 | 18.22 | 15.96 | -2.25 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2085 | 18.16 | 15.96 | -2.20 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2086 | 18.09 | 15.96 | -2.13 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2087 | 18.02 | 15.95 | -2.07 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2088 | 17.95 | 15.95 | -2.00 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2089 | 17.88 | 15.95 | -1.94 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2090 | 17.83 | 15.94 | -1.88 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2091 | 17.77 | 15.94 | -1.83 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2092 | 17.73 | 15.94 | -1.80 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2093 | 17.71 | 15.94 | -1.77 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2094 | 17.69 | 15.94 | -1.75 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2095 | 17.68 | 15.94 | -1.74 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2096 | 17.68 | 15.94 | -1.74 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2097 | 17.69 | 15.94 | -1.75 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2098 | 17.71 | 15.94 | -1.77 | ---- | -0.07 | 2.53 | 2.60 | ||
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 | 17.33% | 15.98% | -1.35% | 2044 | -0.06% | 2.20% | 2.26% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2023 Trustees Report.