Detailed Single Year Tables
Description of Proposed Provision:
E3.13: Beginning in 2031, apply 2 percent payroll tax rate on earnings over the wage-indexed equivalent of $400,000 in 2017 (about $696,600 in 2031), with the threshold wage-indexed after 2031. 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 | 12.89 | -1.98 | 187 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 15.04 | 12.97 | -2.07 | 168 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.23 | 13.08 | -2.15 | 149 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.38 | 13.09 | -2.29 | 131 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.55 | 13.13 | -2.42 | 114 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.72 | 13.16 | -2.56 | 96 | 0.00 | 0.00 | 0.00 | ||
| 2030 | 15.87 | 13.18 | -2.69 | 78 | 0.00 | 0.00 | 0.00 | ||
| 2031 | 16.00 | 13.37 | -2.63 | 60 | 0.00 | 0.16 | 0.16 | ||
| 2032 | 16.14 | 13.41 | -2.73 | 44 | -0.00 | 0.17 | 0.17 | ||
| 2033 | 16.27 | 13.42 | -2.85 | 27 | -0.00 | 0.17 | 0.17 | ||
| 2034 | 16.38 | 13.43 | -2.95 | 10 | -0.00 | 0.17 | 0.17 | ||
| 2035 | 16.48 | 13.44 | -3.04 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2036 | 16.56 | 13.45 | -3.11 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2037 | 16.63 | 13.46 | -3.18 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2038 | 16.70 | 13.46 | -3.23 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2039 | 16.74 | 13.47 | -3.28 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2040 | 16.78 | 13.47 | -3.31 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2041 | 16.80 | 13.47 | -3.33 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2042 | 16.81 | 13.47 | -3.34 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2043 | 16.83 | 13.48 | -3.35 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2044 | 16.84 | 13.48 | -3.36 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2045 | 16.86 | 13.48 | -3.38 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2046 | 16.88 | 13.48 | -3.39 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2047 | 16.90 | 13.49 | -3.41 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2048 | 16.92 | 13.49 | -3.43 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2049 | 16.95 | 13.49 | -3.46 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2050 | 16.98 | 13.49 | -3.49 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2051 | 17.01 | 13.50 | -3.52 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2052 | 17.05 | 13.50 | -3.55 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2053 | 17.10 | 13.51 | -3.60 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2054 | 17.16 | 13.51 | -3.65 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2055 | 17.22 | 13.52 | -3.71 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2056 | 17.30 | 13.52 | -3.77 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2057 | 17.37 | 13.53 | -3.84 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2058 | 17.45 | 13.53 | -3.92 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2059 | 17.53 | 13.54 | -3.99 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2060 | 17.61 | 13.55 | -4.06 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2061 | 17.68 | 13.55 | -4.13 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2062 | 17.75 | 13.56 | -4.19 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2063 | 17.82 | 13.56 | -4.25 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2064 | 17.88 | 13.57 | -4.31 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2065 | 17.94 | 13.57 | -4.36 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2066 | 18.00 | 13.58 | -4.42 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2067 | 18.05 | 13.58 | -4.47 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2068 | 18.11 | 13.59 | -4.52 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2069 | 18.17 | 13.59 | -4.57 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2070 | 18.22 | 13.60 | -4.63 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2071 | 18.28 | 13.60 | -4.68 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2072 | 18.33 | 13.60 | -4.72 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2073 | 18.38 | 13.61 | -4.77 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2074 | 18.42 | 13.61 | -4.81 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2075 | 18.46 | 13.62 | -4.84 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2076 | 18.48 | 13.62 | -4.86 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2077 | 18.50 | 13.62 | -4.88 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2078 | 18.50 | 13.62 | -4.88 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2079 | 18.48 | 13.62 | -4.86 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2080 | 18.46 | 13.62 | -4.84 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2081 | 18.43 | 13.62 | -4.81 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2082 | 18.39 | 13.62 | -4.77 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2083 | 18.34 | 13.61 | -4.73 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2084 | 18.28 | 13.61 | -4.67 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2085 | 18.22 | 13.61 | -4.61 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2086 | 18.16 | 13.60 | -4.55 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2087 | 18.08 | 13.60 | -4.49 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2088 | 18.01 | 13.59 | -4.42 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2089 | 17.95 | 13.59 | -4.36 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2090 | 17.89 | 13.59 | -4.30 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2091 | 17.84 | 13.58 | -4.25 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2092 | 17.80 | 13.58 | -4.21 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2093 | 17.77 | 13.58 | -4.19 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2094 | 17.75 | 13.58 | -4.17 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2095 | 17.74 | 13.58 | -4.16 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2096 | 17.74 | 13.58 | -4.16 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2097 | 17.75 | 13.58 | -4.17 | ---- | -0.00 | 0.17 | 0.18 | ||
| 2098 | 17.77 | 13.58 | -4.19 | ---- | -0.00 | 0.17 | 0.18 | ||
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 | 17.38% | 13.93% | -3.45% | 2034 | -0.00% | 0.15% | 0.16% | ||
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.