Detailed Single Year Tables
Description of Proposed Provision:
B7.3: Give credit to parents with a child under 6 for earnings for up to five years. The earnings credited for a childcare year equal one half of the SSA average wage index (about $33,074 in 2023). The credits are available for all past years to newly eligible retired-worker and disabled-worker beneficiaries starting in 2024. The 5 years are chosen to yield the largest increase in 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 |
|||
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 | 15.05 | 12.97 | -2.08 | 168 | 0.01 | 0.00 | -0.01 | ||
2026 | 15.26 | 13.08 | -2.17 | 149 | 0.02 | 0.00 | -0.02 | ||
2027 | 15.41 | 13.10 | -2.32 | 131 | 0.03 | 0.00 | -0.03 | ||
2028 | 15.60 | 13.13 | -2.47 | 113 | 0.04 | 0.00 | -0.04 | ||
2029 | 15.77 | 13.16 | -2.61 | 95 | 0.06 | 0.00 | -0.05 | ||
2030 | 15.94 | 13.19 | -2.75 | 77 | 0.07 | 0.00 | -0.07 | ||
2031 | 16.08 | 13.22 | -2.87 | 59 | 0.08 | 0.00 | -0.08 | ||
2032 | 16.24 | 13.24 | -3.00 | 41 | 0.09 | 0.00 | -0.09 | ||
2033 | 16.37 | 13.25 | -3.12 | 22 | 0.10 | 0.00 | -0.10 | ||
2034 | 16.50 | 13.26 | -3.24 | 4 | 0.12 | 0.00 | -0.11 | ||
2035 | 16.61 | 13.27 | -3.34 | ---- | 0.13 | 0.01 | -0.12 | ||
2036 | 16.70 | 13.28 | -3.42 | ---- | 0.14 | 0.01 | -0.14 | ||
2037 | 16.79 | 13.29 | -3.50 | ---- | 0.15 | 0.01 | -0.15 | ||
2038 | 16.86 | 13.29 | -3.56 | ---- | 0.16 | 0.01 | -0.16 | ||
2039 | 16.92 | 13.30 | -3.62 | ---- | 0.17 | 0.01 | -0.17 | ||
2040 | 16.96 | 13.30 | -3.66 | ---- | 0.18 | 0.01 | -0.17 | ||
2041 | 17.00 | 13.31 | -3.69 | ---- | 0.19 | 0.01 | -0.18 | ||
2042 | 17.02 | 13.31 | -3.71 | ---- | 0.20 | 0.01 | -0.19 | ||
2043 | 17.04 | 13.31 | -3.73 | ---- | 0.21 | 0.01 | -0.20 | ||
2044 | 17.06 | 13.32 | -3.75 | ---- | 0.22 | 0.01 | -0.21 | ||
2045 | 17.09 | 13.32 | -3.77 | ---- | 0.23 | 0.01 | -0.22 | ||
2046 | 17.11 | 13.32 | -3.79 | ---- | 0.23 | 0.01 | -0.22 | ||
2047 | 17.14 | 13.32 | -3.82 | ---- | 0.24 | 0.01 | -0.23 | ||
2048 | 17.18 | 13.33 | -3.85 | ---- | 0.25 | 0.01 | -0.24 | ||
2049 | 17.21 | 13.33 | -3.88 | ---- | 0.26 | 0.01 | -0.24 | ||
2050 | 17.25 | 13.33 | -3.92 | ---- | 0.26 | 0.01 | -0.25 | ||
2051 | 17.29 | 13.34 | -3.95 | ---- | 0.27 | 0.01 | -0.26 | ||
2052 | 17.34 | 13.34 | -3.99 | ---- | 0.28 | 0.01 | -0.26 | ||
2053 | 17.39 | 13.35 | -4.04 | ---- | 0.28 | 0.01 | -0.27 | ||
2054 | 17.45 | 13.35 | -4.10 | ---- | 0.29 | 0.01 | -0.27 | ||
2055 | 17.52 | 13.36 | -4.17 | ---- | 0.29 | 0.01 | -0.28 | ||
2056 | 17.60 | 13.36 | -4.24 | ---- | 0.30 | 0.01 | -0.28 | ||
2057 | 17.68 | 13.37 | -4.31 | ---- | 0.30 | 0.01 | -0.29 | ||
2058 | 17.76 | 13.38 | -4.39 | ---- | 0.30 | 0.01 | -0.29 | ||
2059 | 17.85 | 13.38 | -4.46 | ---- | 0.31 | 0.02 | -0.29 | ||
2060 | 17.93 | 13.39 | -4.54 | ---- | 0.31 | 0.02 | -0.29 | ||
2061 | 18.00 | 13.40 | -4.61 | ---- | 0.31 | 0.02 | -0.30 | ||
2062 | 18.07 | 13.40 | -4.67 | ---- | 0.31 | 0.02 | -0.30 | ||
2063 | 18.14 | 13.41 | -4.73 | ---- | 0.32 | 0.02 | -0.30 | ||
2064 | 18.20 | 13.41 | -4.79 | ---- | 0.32 | 0.02 | -0.30 | ||
2065 | 18.27 | 13.42 | -4.85 | ---- | 0.32 | 0.02 | -0.30 | ||
2066 | 18.33 | 13.42 | -4.90 | ---- | 0.32 | 0.02 | -0.31 | ||
2067 | 18.38 | 13.43 | -4.96 | ---- | 0.32 | 0.02 | -0.31 | ||
2068 | 18.44 | 13.43 | -5.01 | ---- | 0.32 | 0.02 | -0.31 | ||
2069 | 18.50 | 13.44 | -5.06 | ---- | 0.33 | 0.02 | -0.31 | ||
2070 | 18.56 | 13.44 | -5.12 | ---- | 0.33 | 0.02 | -0.31 | ||
2071 | 18.61 | 13.44 | -5.17 | ---- | 0.33 | 0.02 | -0.31 | ||
2072 | 18.66 | 13.45 | -5.22 | ---- | 0.33 | 0.02 | -0.31 | ||
2073 | 18.71 | 13.45 | -5.26 | ---- | 0.33 | 0.02 | -0.31 | ||
2074 | 18.76 | 13.46 | -5.30 | ---- | 0.33 | 0.02 | -0.31 | ||
2075 | 18.80 | 13.46 | -5.34 | ---- | 0.33 | 0.02 | -0.32 | ||
2076 | 18.82 | 13.46 | -5.36 | ---- | 0.33 | 0.02 | -0.32 | ||
2077 | 18.84 | 13.46 | -5.37 | ---- | 0.33 | 0.02 | -0.32 | ||
2078 | 18.84 | 13.47 | -5.37 | ---- | 0.33 | 0.02 | -0.32 | ||
2079 | 18.82 | 13.46 | -5.36 | ---- | 0.33 | 0.02 | -0.32 | ||
2080 | 18.80 | 13.46 | -5.34 | ---- | 0.33 | 0.02 | -0.32 | ||
2081 | 18.77 | 13.46 | -5.30 | ---- | 0.33 | 0.02 | -0.32 | ||
2082 | 18.73 | 13.46 | -5.27 | ---- | 0.33 | 0.02 | -0.31 | ||
2083 | 18.68 | 13.46 | -5.22 | ---- | 0.33 | 0.02 | -0.31 | ||
2084 | 18.62 | 13.45 | -5.16 | ---- | 0.33 | 0.02 | -0.31 | ||
2085 | 18.56 | 13.45 | -5.11 | ---- | 0.33 | 0.02 | -0.31 | ||
2086 | 18.49 | 13.45 | -5.04 | ---- | 0.33 | 0.02 | -0.31 | ||
2087 | 18.42 | 13.44 | -4.98 | ---- | 0.33 | 0.02 | -0.31 | ||
2088 | 18.35 | 13.44 | -4.91 | ---- | 0.33 | 0.02 | -0.31 | ||
2089 | 18.28 | 13.43 | -4.85 | ---- | 0.33 | 0.02 | -0.31 | ||
2090 | 18.22 | 13.43 | -4.79 | ---- | 0.33 | 0.02 | -0.31 | ||
2091 | 18.17 | 13.43 | -4.74 | ---- | 0.32 | 0.02 | -0.31 | ||
2092 | 18.12 | 13.42 | -4.70 | ---- | 0.32 | 0.02 | -0.31 | ||
2093 | 18.10 | 13.42 | -4.67 | ---- | 0.32 | 0.02 | -0.31 | ||
2094 | 18.08 | 13.42 | -4.66 | ---- | 0.32 | 0.02 | -0.31 | ||
2095 | 18.07 | 13.42 | -4.65 | ---- | 0.32 | 0.02 | -0.31 | ||
2096 | 18.07 | 13.42 | -4.65 | ---- | 0.32 | 0.02 | -0.31 | ||
2097 | 18.08 | 13.42 | -4.66 | ---- | 0.32 | 0.02 | -0.31 | ||
2098 | 18.10 | 13.42 | -4.67 | ---- | 0.32 | 0.02 | -0.31 |
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 | 17.63% | 13.79% | -3.84% | 2034 | 0.24% | 0.01% | -0.23% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.