Detailed Single Year Tables
Description of Proposed Provision:
E2.11: Eliminate the taxable maximum in years 2029 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2025, 4.96 percent in 2026, and so on, up to 12.40 percent in 2029. Provide benefit credit for earnings above the current-law taxable maximum that are subject to the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2024 that were in excess of that year's current-law taxable maximum; and (2) a formula factor of 5 percent on this newly computed "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 | 15.04 | 13.44 | -1.60 | 168 | 0.00 | 0.47 | 0.47 | ||
2026 | 15.23 | 14.05 | -1.18 | 152 | -0.00 | 0.97 | 0.97 | ||
2027 | 15.38 | 14.56 | -0.82 | 140 | -0.00 | 1.46 | 1.47 | ||
2028 | 15.55 | 15.08 | -0.47 | 132 | -0.00 | 1.95 | 1.96 | ||
2029 | 15.72 | 15.60 | -0.12 | 126 | -0.00 | 2.44 | 2.44 | ||
2030 | 15.87 | 15.67 | -0.20 | 122 | -0.00 | 2.48 | 2.48 | ||
2031 | 16.00 | 15.71 | -0.30 | 119 | -0.00 | 2.49 | 2.50 | ||
2032 | 16.14 | 15.74 | -0.40 | 115 | -0.00 | 2.50 | 2.50 | ||
2033 | 16.27 | 15.75 | -0.52 | 111 | -0.00 | 2.50 | 2.50 | ||
2034 | 16.38 | 15.76 | -0.62 | 107 | -0.00 | 2.50 | 2.51 | ||
2035 | 16.48 | 15.77 | -0.70 | 104 | -0.00 | 2.51 | 2.51 | ||
2036 | 16.56 | 15.78 | -0.77 | 100 | -0.00 | 2.51 | 2.51 | ||
2037 | 16.63 | 15.79 | -0.85 | 96 | -0.00 | 2.51 | 2.51 | ||
2038 | 16.70 | 15.80 | -0.90 | 91 | -0.00 | 2.51 | 2.51 | ||
2039 | 16.75 | 15.80 | -0.95 | 87 | 0.00 | 2.51 | 2.51 | ||
2040 | 16.78 | 15.81 | -0.98 | 82 | 0.00 | 2.51 | 2.51 | ||
2041 | 16.81 | 15.81 | -1.00 | 77 | 0.01 | 2.51 | 2.51 | ||
2042 | 16.83 | 15.81 | -1.01 | 72 | 0.01 | 2.51 | 2.50 | ||
2043 | 16.84 | 15.82 | -1.03 | 66 | 0.01 | 2.51 | 2.50 | ||
2044 | 16.86 | 15.82 | -1.04 | 61 | 0.02 | 2.51 | 2.50 | ||
2045 | 16.88 | 15.82 | -1.06 | 55 | 0.02 | 2.52 | 2.50 | ||
2046 | 16.91 | 15.83 | -1.08 | 50 | 0.03 | 2.52 | 2.49 | ||
2047 | 16.93 | 15.83 | -1.10 | 44 | 0.03 | 2.52 | 2.49 | ||
2048 | 16.96 | 15.83 | -1.13 | 38 | 0.04 | 2.52 | 2.48 | ||
2049 | 17.00 | 15.84 | -1.16 | 32 | 0.04 | 2.52 | 2.48 | ||
2050 | 17.04 | 15.84 | -1.19 | 25 | 0.05 | 2.52 | 2.47 | ||
2051 | 17.08 | 15.85 | -1.23 | 19 | 0.06 | 2.52 | 2.47 | ||
2052 | 17.12 | 15.85 | -1.27 | 12 | 0.07 | 2.53 | 2.46 | ||
2053 | 17.18 | 15.86 | -1.32 | 5 | 0.07 | 2.53 | 2.45 | ||
2054 | 17.25 | 15.87 | -1.38 | ---- | 0.08 | 2.53 | 2.45 | ||
2055 | 17.32 | 15.87 | -1.45 | ---- | 0.09 | 2.53 | 2.44 | ||
2056 | 17.40 | 15.88 | -1.52 | ---- | 0.10 | 2.53 | 2.43 | ||
2057 | 17.49 | 15.89 | -1.60 | ---- | 0.11 | 2.53 | 2.43 | ||
2058 | 17.58 | 15.90 | -1.68 | ---- | 0.12 | 2.54 | 2.42 | ||
2059 | 17.67 | 15.91 | -1.76 | ---- | 0.13 | 2.54 | 2.41 | ||
2060 | 17.76 | 15.91 | -1.84 | ---- | 0.14 | 2.54 | 2.40 | ||
2061 | 17.84 | 15.92 | -1.92 | ---- | 0.15 | 2.54 | 2.39 | ||
2062 | 17.92 | 15.93 | -1.99 | ---- | 0.16 | 2.54 | 2.38 | ||
2063 | 17.99 | 15.94 | -2.06 | ---- | 0.17 | 2.55 | 2.38 | ||
2064 | 18.06 | 15.94 | -2.12 | ---- | 0.18 | 2.55 | 2.37 | ||
2065 | 18.13 | 15.95 | -2.19 | ---- | 0.19 | 2.55 | 2.36 | ||
2066 | 18.20 | 15.96 | -2.25 | ---- | 0.20 | 2.55 | 2.35 | ||
2067 | 18.27 | 15.96 | -2.31 | ---- | 0.21 | 2.55 | 2.34 | ||
2068 | 18.33 | 15.97 | -2.37 | ---- | 0.22 | 2.55 | 2.34 | ||
2069 | 18.40 | 15.97 | -2.43 | ---- | 0.23 | 2.55 | 2.33 | ||
2070 | 18.47 | 15.98 | -2.49 | ---- | 0.23 | 2.56 | 2.32 | ||
2071 | 18.53 | 15.99 | -2.54 | ---- | 0.24 | 2.56 | 2.31 | ||
2072 | 18.58 | 15.99 | -2.59 | ---- | 0.25 | 2.56 | 2.31 | ||
2073 | 18.64 | 16.00 | -2.64 | ---- | 0.26 | 2.56 | 2.30 | ||
2074 | 18.69 | 16.00 | -2.69 | ---- | 0.26 | 2.56 | 2.30 | ||
2075 | 18.74 | 16.01 | -2.73 | ---- | 0.27 | 2.56 | 2.29 | ||
2076 | 18.77 | 16.01 | -2.76 | ---- | 0.28 | 2.56 | 2.29 | ||
2077 | 18.78 | 16.01 | -2.77 | ---- | 0.28 | 2.57 | 2.28 | ||
2078 | 18.79 | 16.01 | -2.78 | ---- | 0.29 | 2.57 | 2.28 | ||
2079 | 18.78 | 16.01 | -2.77 | ---- | 0.29 | 2.57 | 2.28 | ||
2080 | 18.76 | 16.01 | -2.75 | ---- | 0.29 | 2.57 | 2.27 | ||
2081 | 18.73 | 16.01 | -2.72 | ---- | 0.30 | 2.57 | 2.27 | ||
2082 | 18.69 | 16.01 | -2.68 | ---- | 0.30 | 2.57 | 2.27 | ||
2083 | 18.65 | 16.01 | -2.64 | ---- | 0.30 | 2.57 | 2.27 | ||
2084 | 18.59 | 16.01 | -2.58 | ---- | 0.30 | 2.57 | 2.27 | ||
2085 | 18.53 | 16.00 | -2.53 | ---- | 0.30 | 2.57 | 2.27 | ||
2086 | 18.46 | 16.00 | -2.46 | ---- | 0.30 | 2.57 | 2.27 | ||
2087 | 18.39 | 16.00 | -2.40 | ---- | 0.30 | 2.57 | 2.27 | ||
2088 | 18.32 | 15.99 | -2.33 | ---- | 0.30 | 2.57 | 2.27 | ||
2089 | 18.26 | 15.99 | -2.27 | ---- | 0.30 | 2.57 | 2.27 | ||
2090 | 18.20 | 15.99 | -2.21 | ---- | 0.30 | 2.57 | 2.27 | ||
2091 | 18.14 | 15.98 | -2.16 | ---- | 0.30 | 2.57 | 2.27 | ||
2092 | 18.10 | 15.98 | -2.12 | ---- | 0.30 | 2.57 | 2.27 | ||
2093 | 18.07 | 15.98 | -2.09 | ---- | 0.30 | 2.57 | 2.27 | ||
2094 | 18.06 | 15.98 | -2.08 | ---- | 0.30 | 2.57 | 2.27 | ||
2095 | 18.05 | 15.98 | -2.07 | ---- | 0.30 | 2.58 | 2.27 | ||
2096 | 18.05 | 15.98 | -2.07 | ---- | 0.30 | 2.58 | 2.27 | ||
2097 | 18.06 | 15.98 | -2.08 | ---- | 0.30 | 2.58 | 2.27 | ||
2098 | 18.08 | 15.98 | -2.09 | ---- | 0.30 | 2.58 | 2.27 |
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 | 17.51% | 16.16% | -1.35% | 2053 | 0.13% | 2.38% | 2.25% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.