Detailed Single Year Tables
Description of Proposed Provision:
E3.2: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in 2024-2033). 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 | 13.03 | -1.84 | 187 | 0.00 | 0.14 | 0.14 | ||
| 2025 | 15.04 | 13.26 | -1.78 | 169 | -0.00 | 0.29 | 0.29 | ||
| 2026 | 15.23 | 13.50 | -1.73 | 152 | -0.00 | 0.42 | 0.42 | ||
| 2027 | 15.38 | 13.63 | -1.75 | 137 | -0.00 | 0.54 | 0.54 | ||
| 2028 | 15.55 | 13.78 | -1.77 | 122 | -0.00 | 0.65 | 0.65 | ||
| 2029 | 15.72 | 13.92 | -1.80 | 108 | -0.00 | 0.76 | 0.76 | ||
| 2030 | 15.87 | 14.04 | -1.83 | 95 | -0.00 | 0.85 | 0.85 | ||
| 2031 | 16.00 | 14.15 | -1.85 | 82 | -0.00 | 0.94 | 0.94 | ||
| 2032 | 16.14 | 14.26 | -1.88 | 70 | -0.00 | 1.02 | 1.02 | ||
| 2033 | 16.26 | 14.34 | -1.92 | 58 | -0.01 | 1.10 | 1.10 | ||
| 2034 | 16.37 | 14.36 | -2.01 | 46 | -0.01 | 1.10 | 1.11 | ||
| 2035 | 16.47 | 14.37 | -2.10 | 34 | -0.01 | 1.10 | 1.11 | ||
| 2036 | 16.54 | 14.38 | -2.17 | 22 | -0.01 | 1.10 | 1.12 | ||
| 2037 | 16.62 | 14.39 | -2.24 | 9 | -0.01 | 1.10 | 1.12 | ||
| 2038 | 16.68 | 14.39 | -2.29 | ---- | -0.02 | 1.11 | 1.12 | ||
| 2039 | 16.73 | 14.40 | -2.33 | ---- | -0.02 | 1.11 | 1.12 | ||
| 2040 | 16.76 | 14.40 | -2.36 | ---- | -0.02 | 1.11 | 1.13 | ||
| 2041 | 16.78 | 14.41 | -2.38 | ---- | -0.02 | 1.11 | 1.13 | ||
| 2042 | 16.79 | 14.41 | -2.38 | ---- | -0.02 | 1.11 | 1.13 | ||
| 2043 | 16.80 | 14.41 | -2.39 | ---- | -0.03 | 1.11 | 1.14 | ||
| 2044 | 16.82 | 14.42 | -2.40 | ---- | -0.03 | 1.11 | 1.14 | ||
| 2045 | 16.83 | 14.42 | -2.41 | ---- | -0.03 | 1.11 | 1.14 | ||
| 2046 | 16.85 | 14.42 | -2.43 | ---- | -0.03 | 1.11 | 1.15 | ||
| 2047 | 16.87 | 14.43 | -2.44 | ---- | -0.03 | 1.12 | 1.15 | ||
| 2048 | 16.89 | 14.43 | -2.46 | ---- | -0.04 | 1.12 | 1.15 | ||
| 2049 | 16.92 | 14.44 | -2.48 | ---- | -0.04 | 1.12 | 1.15 | ||
| 2050 | 16.95 | 14.44 | -2.51 | ---- | -0.04 | 1.12 | 1.16 | ||
| 2051 | 16.98 | 14.44 | -2.54 | ---- | -0.04 | 1.12 | 1.16 | ||
| 2052 | 17.02 | 14.45 | -2.57 | ---- | -0.04 | 1.12 | 1.16 | ||
| 2053 | 17.07 | 14.45 | -2.62 | ---- | -0.04 | 1.12 | 1.16 | ||
| 2054 | 17.12 | 14.46 | -2.67 | ---- | -0.04 | 1.12 | 1.16 | ||
| 2055 | 17.19 | 14.46 | -2.73 | ---- | -0.04 | 1.12 | 1.16 | ||
| 2056 | 17.26 | 14.47 | -2.79 | ---- | -0.04 | 1.12 | 1.17 | ||
| 2057 | 17.34 | 14.48 | -2.86 | ---- | -0.04 | 1.12 | 1.17 | ||
| 2058 | 17.42 | 14.49 | -2.93 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2059 | 17.50 | 14.49 | -3.00 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2060 | 17.57 | 14.50 | -3.07 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2061 | 17.65 | 14.51 | -3.14 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2062 | 17.72 | 14.51 | -3.20 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2063 | 17.78 | 14.52 | -3.26 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2064 | 17.84 | 14.52 | -3.32 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2065 | 17.90 | 14.53 | -3.37 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2066 | 17.96 | 14.54 | -3.43 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2067 | 18.02 | 14.54 | -3.48 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2068 | 18.07 | 14.55 | -3.53 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2069 | 18.13 | 14.55 | -3.58 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2070 | 18.19 | 14.56 | -3.63 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2071 | 18.24 | 14.56 | -3.68 | ---- | -0.04 | 1.13 | 1.17 | ||
| 2072 | 18.29 | 14.57 | -3.73 | ---- | -0.04 | 1.14 | 1.17 | ||
| 2073 | 18.34 | 14.57 | -3.77 | ---- | -0.04 | 1.14 | 1.17 | ||
| 2074 | 18.39 | 14.58 | -3.81 | ---- | -0.04 | 1.14 | 1.17 | ||
| 2075 | 18.43 | 14.58 | -3.85 | ---- | -0.04 | 1.14 | 1.17 | ||
| 2076 | 18.45 | 14.58 | -3.87 | ---- | -0.04 | 1.14 | 1.18 | ||
| 2077 | 18.47 | 14.59 | -3.88 | ---- | -0.04 | 1.14 | 1.18 | ||
| 2078 | 18.47 | 14.59 | -3.88 | ---- | -0.04 | 1.14 | 1.18 | ||
| 2079 | 18.45 | 14.59 | -3.87 | ---- | -0.04 | 1.14 | 1.18 | ||
| 2080 | 18.43 | 14.59 | -3.84 | ---- | -0.04 | 1.14 | 1.18 | ||
| 2081 | 18.40 | 14.59 | -3.81 | ---- | -0.03 | 1.14 | 1.18 | ||
| 2082 | 18.36 | 14.58 | -3.77 | ---- | -0.03 | 1.14 | 1.18 | ||
| 2083 | 18.31 | 14.58 | -3.73 | ---- | -0.03 | 1.14 | 1.18 | ||
| 2084 | 18.26 | 14.58 | -3.67 | ---- | -0.03 | 1.14 | 1.18 | ||
| 2085 | 18.19 | 14.58 | -3.62 | ---- | -0.03 | 1.14 | 1.18 | ||
| 2086 | 18.13 | 14.57 | -3.55 | ---- | -0.03 | 1.14 | 1.18 | ||
| 2087 | 18.06 | 14.57 | -3.49 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2088 | 17.99 | 14.57 | -3.42 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2089 | 17.92 | 14.56 | -3.36 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2090 | 17.86 | 14.56 | -3.30 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2091 | 17.81 | 14.56 | -3.25 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2092 | 17.77 | 14.56 | -3.21 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2093 | 17.74 | 14.55 | -3.19 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2094 | 17.72 | 14.55 | -3.17 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2095 | 17.71 | 14.55 | -3.16 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2096 | 17.71 | 14.56 | -3.16 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2097 | 17.72 | 14.56 | -3.17 | ---- | -0.03 | 1.15 | 1.18 | ||
| 2098 | 17.74 | 14.56 | -3.18 | ---- | -0.03 | 1.15 | 1.18 | ||
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 | 17.35% | 14.82% | -2.54% | 2037 | -0.03% | 1.04% | 1.07% | ||
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.