Detailed Single Year Tables
Description of Proposed Provision:
E3.1: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in 2024-2033). Provide benefit credit for earnings up to the revised taxable maximum.
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 | 13.64 | -1.75 | 137 | 0.00 | 0.54 | 0.54 | ||
2028 | 15.56 | 13.78 | -1.77 | 122 | 0.00 | 0.65 | 0.65 | ||
2029 | 15.72 | 13.92 | -1.81 | 108 | 0.00 | 0.76 | 0.75 | ||
2030 | 15.88 | 14.04 | -1.84 | 95 | 0.01 | 0.85 | 0.85 | ||
2031 | 16.01 | 14.15 | -1.86 | 82 | 0.01 | 0.94 | 0.93 | ||
2032 | 16.16 | 14.26 | -1.90 | 70 | 0.01 | 1.02 | 1.01 | ||
2033 | 16.29 | 14.35 | -1.94 | 57 | 0.02 | 1.10 | 1.08 | ||
2034 | 16.41 | 14.37 | -2.04 | 45 | 0.02 | 1.11 | 1.08 | ||
2035 | 16.51 | 14.37 | -2.13 | 33 | 0.03 | 1.11 | 1.08 | ||
2036 | 16.59 | 14.38 | -2.21 | 21 | 0.04 | 1.11 | 1.07 | ||
2037 | 16.68 | 14.39 | -2.29 | 8 | 0.05 | 1.11 | 1.07 | ||
2038 | 16.75 | 14.40 | -2.35 | ---- | 0.06 | 1.11 | 1.06 | ||
2039 | 16.81 | 14.41 | -2.40 | ---- | 0.07 | 1.12 | 1.05 | ||
2040 | 16.86 | 14.41 | -2.44 | ---- | 0.08 | 1.12 | 1.04 | ||
2041 | 16.89 | 14.42 | -2.47 | ---- | 0.09 | 1.12 | 1.03 | ||
2042 | 16.92 | 14.43 | -2.49 | ---- | 0.10 | 1.12 | 1.02 | ||
2043 | 16.94 | 14.43 | -2.51 | ---- | 0.11 | 1.13 | 1.01 | ||
2044 | 16.97 | 14.44 | -2.54 | ---- | 0.13 | 1.13 | 1.00 | ||
2045 | 17.00 | 14.44 | -2.56 | ---- | 0.14 | 1.13 | 0.99 | ||
2046 | 17.04 | 14.45 | -2.59 | ---- | 0.16 | 1.14 | 0.98 | ||
2047 | 17.08 | 14.45 | -2.63 | ---- | 0.17 | 1.14 | 0.96 | ||
2048 | 17.12 | 14.46 | -2.66 | ---- | 0.19 | 1.14 | 0.95 | ||
2049 | 17.17 | 14.46 | -2.70 | ---- | 0.21 | 1.15 | 0.94 | ||
2050 | 17.22 | 14.47 | -2.75 | ---- | 0.23 | 1.15 | 0.92 | ||
2051 | 17.27 | 14.48 | -2.79 | ---- | 0.25 | 1.15 | 0.90 | ||
2052 | 17.33 | 14.48 | -2.85 | ---- | 0.27 | 1.16 | 0.89 | ||
2053 | 17.40 | 14.49 | -2.91 | ---- | 0.29 | 1.16 | 0.87 | ||
2054 | 17.48 | 14.50 | -2.98 | ---- | 0.31 | 1.16 | 0.85 | ||
2055 | 17.57 | 14.51 | -3.06 | ---- | 0.33 | 1.17 | 0.83 | ||
2056 | 17.66 | 14.52 | -3.14 | ---- | 0.36 | 1.17 | 0.81 | ||
2057 | 17.76 | 14.53 | -3.23 | ---- | 0.38 | 1.17 | 0.79 | ||
2058 | 17.86 | 14.54 | -3.32 | ---- | 0.40 | 1.18 | 0.77 | ||
2059 | 17.97 | 14.55 | -3.42 | ---- | 0.43 | 1.18 | 0.75 | ||
2060 | 18.07 | 14.56 | -3.51 | ---- | 0.45 | 1.18 | 0.73 | ||
2061 | 18.17 | 14.57 | -3.60 | ---- | 0.48 | 1.19 | 0.71 | ||
2062 | 18.26 | 14.58 | -3.68 | ---- | 0.50 | 1.19 | 0.69 | ||
2063 | 18.35 | 14.59 | -3.76 | ---- | 0.52 | 1.19 | 0.67 | ||
2064 | 18.43 | 14.59 | -3.84 | ---- | 0.55 | 1.20 | 0.65 | ||
2065 | 18.51 | 14.60 | -3.91 | ---- | 0.57 | 1.20 | 0.63 | ||
2066 | 18.59 | 14.61 | -3.99 | ---- | 0.59 | 1.20 | 0.61 | ||
2067 | 18.67 | 14.62 | -4.06 | ---- | 0.61 | 1.21 | 0.59 | ||
2068 | 18.75 | 14.63 | -4.13 | ---- | 0.64 | 1.21 | 0.58 | ||
2069 | 18.83 | 14.63 | -4.20 | ---- | 0.66 | 1.21 | 0.56 | ||
2070 | 18.91 | 14.64 | -4.27 | ---- | 0.68 | 1.22 | 0.54 | ||
2071 | 18.98 | 14.65 | -4.33 | ---- | 0.70 | 1.22 | 0.52 | ||
2072 | 19.05 | 14.66 | -4.39 | ---- | 0.72 | 1.22 | 0.51 | ||
2073 | 19.12 | 14.66 | -4.45 | ---- | 0.73 | 1.23 | 0.49 | ||
2074 | 19.18 | 14.67 | -4.51 | ---- | 0.75 | 1.23 | 0.48 | ||
2075 | 19.23 | 14.67 | -4.56 | ---- | 0.77 | 1.23 | 0.46 | ||
2076 | 19.27 | 14.68 | -4.59 | ---- | 0.78 | 1.23 | 0.45 | ||
2077 | 19.30 | 14.68 | -4.61 | ---- | 0.79 | 1.24 | 0.44 | ||
2078 | 19.31 | 14.69 | -4.62 | ---- | 0.81 | 1.24 | 0.43 | ||
2079 | 19.31 | 14.69 | -4.62 | ---- | 0.82 | 1.24 | 0.42 | ||
2080 | 19.29 | 14.69 | -4.60 | ---- | 0.82 | 1.24 | 0.42 | ||
2081 | 19.27 | 14.69 | -4.58 | ---- | 0.83 | 1.24 | 0.41 | ||
2082 | 19.23 | 14.69 | -4.54 | ---- | 0.84 | 1.24 | 0.41 | ||
2083 | 19.19 | 14.69 | -4.50 | ---- | 0.84 | 1.25 | 0.40 | ||
2084 | 19.14 | 14.68 | -4.45 | ---- | 0.85 | 1.25 | 0.40 | ||
2085 | 19.08 | 14.68 | -4.39 | ---- | 0.85 | 1.25 | 0.40 | ||
2086 | 19.01 | 14.68 | -4.33 | ---- | 0.85 | 1.25 | 0.40 | ||
2087 | 18.94 | 14.67 | -4.27 | ---- | 0.85 | 1.25 | 0.40 | ||
2088 | 18.87 | 14.67 | -4.20 | ---- | 0.85 | 1.25 | 0.40 | ||
2089 | 18.80 | 14.67 | -4.14 | ---- | 0.85 | 1.25 | 0.40 | ||
2090 | 18.74 | 14.66 | -4.08 | ---- | 0.85 | 1.25 | 0.40 | ||
2091 | 18.69 | 14.66 | -4.03 | ---- | 0.85 | 1.25 | 0.40 | ||
2092 | 18.65 | 14.66 | -3.99 | ---- | 0.85 | 1.25 | 0.40 | ||
2093 | 18.62 | 14.66 | -3.96 | ---- | 0.85 | 1.25 | 0.40 | ||
2094 | 18.61 | 14.66 | -3.95 | ---- | 0.85 | 1.25 | 0.40 | ||
2095 | 18.60 | 14.66 | -3.94 | ---- | 0.85 | 1.25 | 0.40 | ||
2096 | 18.60 | 14.66 | -3.94 | ---- | 0.85 | 1.26 | 0.40 | ||
2097 | 18.61 | 14.66 | -3.95 | ---- | 0.86 | 1.26 | 0.40 | ||
2098 | 18.63 | 14.66 | -3.97 | ---- | 0.86 | 1.26 | 0.40 |
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 | 17.79% | 14.87% | -2.92% | 2037 | 0.40% | 1.09% | 0.69% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.