Detailed Single Year Tables
Description of Proposed Provision:
E2.12: Eliminate the taxable maximum in years 2035 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2026, 2.48 percent in 2027, and so on, up to 12.40 percent in 2035. Provide benefit credit for earnings above the current-law taxable maximum. Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the new bend point.
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 | 13.32 | -1.92 | 149 | 0.00 | 0.24 | 0.24 | ||
2027 | 15.38 | 13.59 | -1.80 | 133 | -0.00 | 0.49 | 0.49 | ||
2028 | 15.55 | 13.88 | -1.68 | 118 | -0.00 | 0.75 | 0.75 | ||
2029 | 15.72 | 14.16 | -1.56 | 105 | 0.00 | 1.00 | 1.00 | ||
2030 | 15.87 | 14.44 | -1.43 | 93 | 0.00 | 1.25 | 1.25 | ||
2031 | 16.01 | 14.72 | -1.29 | 83 | 0.00 | 1.51 | 1.50 | ||
2032 | 16.15 | 15.00 | -1.15 | 74 | 0.01 | 1.76 | 1.75 | ||
2033 | 16.28 | 15.25 | -1.02 | 66 | 0.01 | 2.01 | 2.00 | ||
2034 | 16.40 | 15.51 | -0.89 | 59 | 0.01 | 2.25 | 2.24 | ||
2035 | 16.50 | 15.76 | -0.74 | 54 | 0.02 | 2.49 | 2.47 | ||
2036 | 16.58 | 15.78 | -0.80 | 50 | 0.02 | 2.51 | 2.48 | ||
2037 | 16.67 | 15.79 | -0.87 | 46 | 0.03 | 2.51 | 2.48 | ||
2038 | 16.73 | 15.80 | -0.94 | 41 | 0.04 | 2.51 | 2.47 | ||
2039 | 16.79 | 15.81 | -0.99 | 36 | 0.05 | 2.51 | 2.47 | ||
2040 | 16.83 | 15.81 | -1.02 | 30 | 0.05 | 2.51 | 2.46 | ||
2041 | 16.87 | 15.82 | -1.05 | 24 | 0.06 | 2.52 | 2.45 | ||
2042 | 16.89 | 15.82 | -1.07 | 19 | 0.07 | 2.52 | 2.45 | ||
2043 | 16.91 | 15.82 | -1.09 | 13 | 0.08 | 2.52 | 2.44 | ||
2044 | 16.93 | 15.83 | -1.11 | 6 | 0.09 | 2.52 | 2.43 | ||
2045 | 16.96 | 15.83 | -1.13 | 0 | 0.10 | 2.52 | 2.43 | ||
2046 | 16.99 | 15.84 | -1.15 | ---- | 0.11 | 2.53 | 2.42 | ||
2047 | 17.02 | 15.84 | -1.18 | ---- | 0.12 | 2.53 | 2.41 | ||
2048 | 17.06 | 15.84 | -1.21 | ---- | 0.13 | 2.53 | 2.40 | ||
2049 | 17.10 | 15.85 | -1.25 | ---- | 0.14 | 2.53 | 2.39 | ||
2050 | 17.14 | 15.85 | -1.28 | ---- | 0.15 | 2.53 | 2.38 | ||
2051 | 17.18 | 15.86 | -1.32 | ---- | 0.16 | 2.54 | 2.37 | ||
2052 | 17.23 | 15.87 | -1.37 | ---- | 0.17 | 2.54 | 2.37 | ||
2053 | 17.29 | 15.87 | -1.42 | ---- | 0.18 | 2.54 | 2.36 | ||
2054 | 17.36 | 15.88 | -1.48 | ---- | 0.19 | 2.54 | 2.35 | ||
2055 | 17.44 | 15.89 | -1.55 | ---- | 0.21 | 2.54 | 2.34 | ||
2056 | 17.52 | 15.89 | -1.63 | ---- | 0.22 | 2.55 | 2.33 | ||
2057 | 17.61 | 15.90 | -1.70 | ---- | 0.23 | 2.55 | 2.32 | ||
2058 | 17.70 | 15.91 | -1.79 | ---- | 0.24 | 2.55 | 2.31 | ||
2059 | 17.79 | 15.92 | -1.87 | ---- | 0.25 | 2.55 | 2.30 | ||
2060 | 17.88 | 15.93 | -1.95 | ---- | 0.26 | 2.55 | 2.29 | ||
2061 | 17.96 | 15.94 | -2.03 | ---- | 0.27 | 2.56 | 2.28 | ||
2062 | 18.04 | 15.94 | -2.10 | ---- | 0.28 | 2.56 | 2.28 | ||
2063 | 18.12 | 15.95 | -2.17 | ---- | 0.29 | 2.56 | 2.27 | ||
2064 | 18.19 | 15.96 | -2.23 | ---- | 0.30 | 2.56 | 2.26 | ||
2065 | 18.26 | 15.96 | -2.29 | ---- | 0.31 | 2.56 | 2.25 | ||
2066 | 18.32 | 15.97 | -2.35 | ---- | 0.32 | 2.56 | 2.24 | ||
2067 | 18.39 | 15.98 | -2.41 | ---- | 0.33 | 2.57 | 2.24 | ||
2068 | 18.45 | 15.98 | -2.47 | ---- | 0.34 | 2.57 | 2.23 | ||
2069 | 18.52 | 15.99 | -2.53 | ---- | 0.34 | 2.57 | 2.23 | ||
2070 | 18.58 | 15.99 | -2.59 | ---- | 0.35 | 2.57 | 2.22 | ||
2071 | 18.64 | 16.00 | -2.64 | ---- | 0.36 | 2.57 | 2.22 | ||
2072 | 18.69 | 16.00 | -2.69 | ---- | 0.36 | 2.57 | 2.21 | ||
2073 | 18.75 | 16.01 | -2.74 | ---- | 0.37 | 2.57 | 2.21 | ||
2074 | 18.80 | 16.01 | -2.78 | ---- | 0.37 | 2.57 | 2.20 | ||
2075 | 18.84 | 16.02 | -2.82 | ---- | 0.37 | 2.57 | 2.20 | ||
2076 | 18.86 | 16.02 | -2.84 | ---- | 0.38 | 2.58 | 2.20 | ||
2077 | 18.88 | 16.02 | -2.86 | ---- | 0.38 | 2.58 | 2.20 | ||
2078 | 18.88 | 16.02 | -2.86 | ---- | 0.38 | 2.58 | 2.20 | ||
2079 | 18.87 | 16.02 | -2.85 | ---- | 0.38 | 2.58 | 2.20 | ||
2080 | 18.85 | 16.02 | -2.82 | ---- | 0.38 | 2.58 | 2.20 | ||
2081 | 18.82 | 16.02 | -2.79 | ---- | 0.38 | 2.58 | 2.20 | ||
2082 | 18.78 | 16.02 | -2.75 | ---- | 0.38 | 2.58 | 2.20 | ||
2083 | 18.73 | 16.02 | -2.71 | ---- | 0.38 | 2.58 | 2.20 | ||
2084 | 18.67 | 16.02 | -2.65 | ---- | 0.38 | 2.58 | 2.20 | ||
2085 | 18.61 | 16.01 | -2.59 | ---- | 0.38 | 2.58 | 2.20 | ||
2086 | 18.54 | 16.01 | -2.53 | ---- | 0.38 | 2.58 | 2.20 | ||
2087 | 18.47 | 16.01 | -2.46 | ---- | 0.38 | 2.58 | 2.20 | ||
2088 | 18.39 | 16.00 | -2.39 | ---- | 0.37 | 2.58 | 2.21 | ||
2089 | 18.32 | 16.00 | -2.33 | ---- | 0.37 | 2.58 | 2.21 | ||
2090 | 18.26 | 15.99 | -2.27 | ---- | 0.37 | 2.58 | 2.21 | ||
2091 | 18.21 | 15.99 | -2.22 | ---- | 0.37 | 2.58 | 2.21 | ||
2092 | 18.17 | 15.99 | -2.18 | ---- | 0.37 | 2.58 | 2.21 | ||
2093 | 18.14 | 15.99 | -2.15 | ---- | 0.37 | 2.58 | 2.22 | ||
2094 | 18.12 | 15.99 | -2.13 | ---- | 0.37 | 2.58 | 2.22 | ||
2095 | 18.11 | 15.99 | -2.12 | ---- | 0.36 | 2.58 | 2.22 | ||
2096 | 18.11 | 15.99 | -2.12 | ---- | 0.36 | 2.58 | 2.22 | ||
2097 | 18.12 | 15.99 | -2.13 | ---- | 0.36 | 2.58 | 2.22 | ||
2098 | 18.14 | 15.99 | -2.14 | ---- | 0.36 | 2.58 | 2.22 |
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 | 17.59% | 16.03% | -1.56% | 2045 | 0.20% | 2.25% | 2.05% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.