Detailed Single Year Tables
Description of Proposed Provision:
E3.15: Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2024-2033). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2024-2033). Provide benefit credit for earnings taxed 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 | 13.14 | -1.73 | 187 | 0.00 | 0.25 | 0.25 | ||
2025 | 15.04 | 13.47 | -1.57 | 169 | -0.00 | 0.50 | 0.50 | ||
2026 | 15.23 | 13.81 | -1.43 | 154 | -0.00 | 0.72 | 0.72 | ||
2027 | 15.38 | 14.02 | -1.36 | 141 | 0.00 | 0.93 | 0.93 | ||
2028 | 15.55 | 14.24 | -1.32 | 128 | 0.00 | 1.11 | 1.11 | ||
2029 | 15.72 | 14.43 | -1.29 | 117 | 0.00 | 1.27 | 1.27 | ||
2030 | 15.87 | 14.61 | -1.27 | 107 | 0.00 | 1.42 | 1.42 | ||
2031 | 16.01 | 14.77 | -1.24 | 97 | 0.01 | 1.56 | 1.56 | ||
2032 | 16.15 | 14.92 | -1.23 | 88 | 0.01 | 1.68 | 1.68 | ||
2033 | 16.28 | 15.04 | -1.23 | 80 | 0.01 | 1.80 | 1.79 | ||
2034 | 16.40 | 15.06 | -1.33 | 72 | 0.01 | 1.80 | 1.79 | ||
2035 | 16.50 | 15.07 | -1.42 | 64 | 0.02 | 1.81 | 1.79 | ||
2036 | 16.58 | 15.08 | -1.50 | 56 | 0.02 | 1.81 | 1.79 | ||
2037 | 16.66 | 15.09 | -1.57 | 47 | 0.03 | 1.81 | 1.78 | ||
2038 | 16.73 | 15.10 | -1.63 | 38 | 0.03 | 1.81 | 1.78 | ||
2039 | 16.79 | 15.11 | -1.68 | 29 | 0.04 | 1.81 | 1.77 | ||
2040 | 16.83 | 15.11 | -1.72 | 19 | 0.05 | 1.81 | 1.76 | ||
2041 | 16.86 | 15.12 | -1.75 | 9 | 0.06 | 1.82 | 1.76 | ||
2042 | 16.89 | 15.12 | -1.77 | ---- | 0.07 | 1.82 | 1.75 | ||
2043 | 16.91 | 15.12 | -1.78 | ---- | 0.08 | 1.82 | 1.74 | ||
2044 | 16.94 | 15.13 | -1.81 | ---- | 0.09 | 1.82 | 1.73 | ||
2045 | 16.97 | 15.13 | -1.83 | ---- | 0.10 | 1.83 | 1.72 | ||
2046 | 17.00 | 15.14 | -1.86 | ---- | 0.12 | 1.83 | 1.71 | ||
2047 | 17.04 | 15.14 | -1.89 | ---- | 0.13 | 1.83 | 1.70 | ||
2048 | 17.07 | 15.15 | -1.92 | ---- | 0.15 | 1.83 | 1.69 | ||
2049 | 17.12 | 15.16 | -1.96 | ---- | 0.16 | 1.84 | 1.67 | ||
2050 | 17.17 | 15.16 | -2.01 | ---- | 0.18 | 1.84 | 1.66 | ||
2051 | 17.22 | 15.17 | -2.05 | ---- | 0.20 | 1.84 | 1.64 | ||
2052 | 17.28 | 15.17 | -2.10 | ---- | 0.22 | 1.85 | 1.63 | ||
2053 | 17.35 | 15.18 | -2.17 | ---- | 0.24 | 1.85 | 1.61 | ||
2054 | 17.42 | 15.19 | -2.23 | ---- | 0.26 | 1.85 | 1.59 | ||
2055 | 17.51 | 15.20 | -2.31 | ---- | 0.28 | 1.86 | 1.58 | ||
2056 | 17.61 | 15.21 | -2.40 | ---- | 0.30 | 1.86 | 1.56 | ||
2057 | 17.70 | 15.22 | -2.49 | ---- | 0.33 | 1.86 | 1.54 | ||
2058 | 17.81 | 15.23 | -2.58 | ---- | 0.35 | 1.87 | 1.52 | ||
2059 | 17.91 | 15.24 | -2.67 | ---- | 0.37 | 1.87 | 1.50 | ||
2060 | 18.01 | 15.25 | -2.77 | ---- | 0.40 | 1.87 | 1.48 | ||
2061 | 18.11 | 15.26 | -2.85 | ---- | 0.42 | 1.88 | 1.46 | ||
2062 | 18.20 | 15.27 | -2.94 | ---- | 0.44 | 1.88 | 1.44 | ||
2063 | 18.29 | 15.27 | -3.02 | ---- | 0.47 | 1.88 | 1.42 | ||
2064 | 18.38 | 15.28 | -3.09 | ---- | 0.49 | 1.89 | 1.40 | ||
2065 | 18.46 | 15.29 | -3.17 | ---- | 0.52 | 1.89 | 1.38 | ||
2066 | 18.54 | 15.30 | -3.24 | ---- | 0.54 | 1.89 | 1.36 | ||
2067 | 18.62 | 15.31 | -3.31 | ---- | 0.56 | 1.90 | 1.34 | ||
2068 | 18.70 | 15.31 | -3.39 | ---- | 0.58 | 1.90 | 1.32 | ||
2069 | 18.78 | 15.32 | -3.46 | ---- | 0.61 | 1.90 | 1.30 | ||
2070 | 18.86 | 15.33 | -3.53 | ---- | 0.63 | 1.91 | 1.28 | ||
2071 | 18.93 | 15.34 | -3.59 | ---- | 0.65 | 1.91 | 1.26 | ||
2072 | 19.00 | 15.34 | -3.66 | ---- | 0.67 | 1.91 | 1.25 | ||
2073 | 19.07 | 15.35 | -3.72 | ---- | 0.69 | 1.92 | 1.23 | ||
2074 | 19.13 | 15.36 | -3.77 | ---- | 0.70 | 1.92 | 1.21 | ||
2075 | 19.18 | 15.36 | -3.82 | ---- | 0.72 | 1.92 | 1.20 | ||
2076 | 19.23 | 15.37 | -3.86 | ---- | 0.74 | 1.92 | 1.19 | ||
2077 | 19.25 | 15.37 | -3.88 | ---- | 0.75 | 1.93 | 1.18 | ||
2078 | 19.27 | 15.38 | -3.89 | ---- | 0.76 | 1.93 | 1.17 | ||
2079 | 19.26 | 15.38 | -3.89 | ---- | 0.77 | 1.93 | 1.16 | ||
2080 | 19.25 | 15.38 | -3.87 | ---- | 0.78 | 1.93 | 1.15 | ||
2081 | 19.22 | 15.38 | -3.85 | ---- | 0.79 | 1.93 | 1.14 | ||
2082 | 19.19 | 15.38 | -3.81 | ---- | 0.80 | 1.93 | 1.14 | ||
2083 | 19.15 | 15.38 | -3.77 | ---- | 0.80 | 1.93 | 1.13 | ||
2084 | 19.09 | 15.37 | -3.72 | ---- | 0.81 | 1.94 | 1.13 | ||
2085 | 19.04 | 15.37 | -3.67 | ---- | 0.81 | 1.94 | 1.13 | ||
2086 | 18.97 | 15.37 | -3.60 | ---- | 0.81 | 1.94 | 1.13 | ||
2087 | 18.90 | 15.36 | -3.54 | ---- | 0.81 | 1.94 | 1.13 | ||
2088 | 18.83 | 15.36 | -3.47 | ---- | 0.81 | 1.94 | 1.13 | ||
2089 | 18.77 | 15.36 | -3.41 | ---- | 0.81 | 1.94 | 1.13 | ||
2090 | 18.71 | 15.35 | -3.35 | ---- | 0.81 | 1.94 | 1.13 | ||
2091 | 18.65 | 15.35 | -3.30 | ---- | 0.81 | 1.94 | 1.13 | ||
2092 | 18.61 | 15.35 | -3.27 | ---- | 0.81 | 1.94 | 1.13 | ||
2093 | 18.58 | 15.35 | -3.24 | ---- | 0.81 | 1.94 | 1.13 | ||
2094 | 18.57 | 15.35 | -3.22 | ---- | 0.81 | 1.94 | 1.13 | ||
2095 | 18.56 | 15.35 | -3.21 | ---- | 0.82 | 1.94 | 1.13 | ||
2096 | 18.56 | 15.35 | -3.21 | ---- | 0.82 | 1.94 | 1.13 | ||
2097 | 18.57 | 15.35 | -3.22 | ---- | 0.82 | 1.94 | 1.13 | ||
2098 | 18.59 | 15.35 | -3.24 | ---- | 0.82 | 1.94 | 1.12 |
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 | 17.75% | 15.51% | -2.24% | 2041 | 0.37% | 1.74% | 1.37% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.