Detailed Single Year Tables
Description of Proposed Provision:
E2.13: Apply OASDI 12.4 percent payroll tax rate on earnings above $400,000 starting in 2025, and tax all earnings once the current-law taxable maximum exceeds $400,000. 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 2 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 | 14.12 | -0.93 | 168 | 0.00 | 1.14 | 1.14 | ||
2026 | 15.23 | 14.35 | -0.88 | 156 | -0.00 | 1.27 | 1.27 | ||
2027 | 15.38 | 14.42 | -0.96 | 146 | -0.00 | 1.33 | 1.33 | ||
2028 | 15.55 | 14.51 | -1.04 | 137 | -0.00 | 1.38 | 1.38 | ||
2029 | 15.72 | 14.59 | -1.12 | 127 | -0.00 | 1.43 | 1.43 | ||
2030 | 15.87 | 14.67 | -1.20 | 117 | -0.00 | 1.49 | 1.49 | ||
2031 | 16.00 | 14.76 | -1.24 | 108 | -0.00 | 1.54 | 1.55 | ||
2032 | 16.14 | 14.84 | -1.30 | 99 | -0.01 | 1.60 | 1.61 | ||
2033 | 16.26 | 14.90 | -1.36 | 90 | -0.01 | 1.65 | 1.66 | ||
2034 | 16.37 | 14.95 | -1.42 | 81 | -0.01 | 1.69 | 1.70 | ||
2035 | 16.47 | 15.01 | -1.46 | 73 | -0.01 | 1.74 | 1.75 | ||
2036 | 16.54 | 15.07 | -1.48 | 64 | -0.01 | 1.79 | 1.81 | ||
2037 | 16.62 | 15.12 | -1.50 | 56 | -0.02 | 1.84 | 1.86 | ||
2038 | 16.68 | 15.18 | -1.50 | 47 | -0.02 | 1.89 | 1.91 | ||
2039 | 16.73 | 15.24 | -1.48 | 39 | -0.02 | 1.95 | 1.97 | ||
2040 | 16.76 | 15.30 | -1.46 | 31 | -0.02 | 2.01 | 2.03 | ||
2041 | 16.78 | 15.37 | -1.42 | 22 | -0.02 | 2.07 | 2.09 | ||
2042 | 16.79 | 15.43 | -1.36 | 14 | -0.02 | 2.13 | 2.15 | ||
2043 | 16.81 | 15.50 | -1.31 | 6 | -0.02 | 2.19 | 2.22 | ||
2044 | 16.82 | 15.57 | -1.26 | ---- | -0.02 | 2.26 | 2.28 | ||
2045 | 16.84 | 15.64 | -1.20 | ---- | -0.03 | 2.33 | 2.35 | ||
2046 | 16.86 | 15.71 | -1.15 | ---- | -0.03 | 2.40 | 2.42 | ||
2047 | 16.88 | 15.78 | -1.09 | ---- | -0.03 | 2.47 | 2.50 | ||
2048 | 16.90 | 15.82 | -1.08 | ---- | -0.03 | 2.51 | 2.53 | ||
2049 | 16.93 | 15.83 | -1.10 | ---- | -0.02 | 2.51 | 2.54 | ||
2050 | 16.96 | 15.83 | -1.13 | ---- | -0.02 | 2.51 | 2.54 | ||
2051 | 17.00 | 15.84 | -1.16 | ---- | -0.02 | 2.51 | 2.54 | ||
2052 | 17.04 | 15.84 | -1.19 | ---- | -0.02 | 2.51 | 2.54 | ||
2053 | 17.09 | 15.85 | -1.24 | ---- | -0.02 | 2.52 | 2.54 | ||
2054 | 17.15 | 15.85 | -1.29 | ---- | -0.02 | 2.52 | 2.54 | ||
2055 | 17.21 | 15.86 | -1.35 | ---- | -0.02 | 2.52 | 2.54 | ||
2056 | 17.29 | 15.87 | -1.42 | ---- | -0.02 | 2.52 | 2.53 | ||
2057 | 17.36 | 15.87 | -1.49 | ---- | -0.01 | 2.52 | 2.53 | ||
2058 | 17.45 | 15.88 | -1.57 | ---- | -0.01 | 2.52 | 2.53 | ||
2059 | 17.53 | 15.89 | -1.64 | ---- | -0.01 | 2.52 | 2.53 | ||
2060 | 17.61 | 15.90 | -1.72 | ---- | -0.00 | 2.52 | 2.53 | ||
2061 | 17.69 | 15.90 | -1.79 | ---- | -0.00 | 2.52 | 2.52 | ||
2062 | 17.76 | 15.91 | -1.85 | ---- | 0.00 | 2.52 | 2.52 | ||
2063 | 17.83 | 15.92 | -1.91 | ---- | 0.01 | 2.53 | 2.52 | ||
2064 | 17.89 | 15.92 | -1.97 | ---- | 0.01 | 2.53 | 2.52 | ||
2065 | 17.96 | 15.93 | -2.03 | ---- | 0.01 | 2.53 | 2.51 | ||
2066 | 18.02 | 15.93 | -2.09 | ---- | 0.02 | 2.53 | 2.51 | ||
2067 | 18.08 | 15.94 | -2.14 | ---- | 0.02 | 2.53 | 2.51 | ||
2068 | 18.14 | 15.94 | -2.20 | ---- | 0.02 | 2.53 | 2.51 | ||
2069 | 18.20 | 15.95 | -2.25 | ---- | 0.03 | 2.53 | 2.50 | ||
2070 | 18.26 | 15.96 | -2.31 | ---- | 0.03 | 2.53 | 2.50 | ||
2071 | 18.32 | 15.96 | -2.36 | ---- | 0.04 | 2.53 | 2.50 | ||
2072 | 18.37 | 15.97 | -2.41 | ---- | 0.04 | 2.53 | 2.49 | ||
2073 | 18.43 | 15.97 | -2.46 | ---- | 0.04 | 2.53 | 2.49 | ||
2074 | 18.47 | 15.98 | -2.50 | ---- | 0.05 | 2.54 | 2.49 | ||
2075 | 18.51 | 15.98 | -2.53 | ---- | 0.05 | 2.54 | 2.49 | ||
2076 | 18.54 | 15.98 | -2.56 | ---- | 0.05 | 2.54 | 2.49 | ||
2077 | 18.56 | 15.99 | -2.57 | ---- | 0.05 | 2.54 | 2.48 | ||
2078 | 18.56 | 15.99 | -2.57 | ---- | 0.06 | 2.54 | 2.48 | ||
2079 | 18.55 | 15.99 | -2.56 | ---- | 0.06 | 2.54 | 2.48 | ||
2080 | 18.53 | 15.99 | -2.54 | ---- | 0.06 | 2.54 | 2.48 | ||
2081 | 18.50 | 15.99 | -2.51 | ---- | 0.06 | 2.54 | 2.48 | ||
2082 | 18.46 | 15.98 | -2.47 | ---- | 0.07 | 2.54 | 2.48 | ||
2083 | 18.41 | 15.98 | -2.43 | ---- | 0.07 | 2.54 | 2.47 | ||
2084 | 18.36 | 15.98 | -2.38 | ---- | 0.07 | 2.54 | 2.47 | ||
2085 | 18.30 | 15.98 | -2.32 | ---- | 0.07 | 2.54 | 2.47 | ||
2086 | 18.23 | 15.97 | -2.26 | ---- | 0.07 | 2.54 | 2.47 | ||
2087 | 18.16 | 15.97 | -2.19 | ---- | 0.07 | 2.54 | 2.47 | ||
2088 | 18.09 | 15.97 | -2.13 | ---- | 0.07 | 2.55 | 2.47 | ||
2089 | 18.03 | 15.96 | -2.06 | ---- | 0.07 | 2.55 | 2.47 | ||
2090 | 17.97 | 15.96 | -2.01 | ---- | 0.08 | 2.55 | 2.47 | ||
2091 | 17.92 | 15.96 | -1.96 | ---- | 0.08 | 2.55 | 2.47 | ||
2092 | 17.88 | 15.95 | -1.92 | ---- | 0.08 | 2.55 | 2.47 | ||
2093 | 17.85 | 15.95 | -1.90 | ---- | 0.08 | 2.55 | 2.47 | ||
2094 | 17.83 | 15.95 | -1.88 | ---- | 0.08 | 2.55 | 2.47 | ||
2095 | 17.82 | 15.95 | -1.87 | ---- | 0.08 | 2.55 | 2.47 | ||
2096 | 17.82 | 15.95 | -1.87 | ---- | 0.08 | 2.55 | 2.47 | ||
2097 | 17.83 | 15.95 | -1.88 | ---- | 0.08 | 2.55 | 2.47 | ||
2098 | 17.85 | 15.96 | -1.89 | ---- | 0.08 | 2.55 | 2.47 |
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 | 17.40% | 15.97% | -1.43% | 2043 | 0.01% | 2.19% | 2.18% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.