Detailed Single Year Tables
Description of Proposed Provision:
E2.15: Apply OASDI 12.4 percent payroll tax rate on earnings above $300,000 starting in 2025, and tax all earnings once the current-law taxable maximum exceeds $300,000. 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 3 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 | 14.40 | -0.64 | 168 | 0.00 | 1.43 | 1.43 | ||
2026 | 15.23 | 14.67 | -0.56 | 158 | -0.00 | 1.59 | 1.59 | ||
2027 | 15.38 | 14.75 | -0.63 | 150 | -0.00 | 1.65 | 1.66 | ||
2028 | 15.55 | 14.85 | -0.70 | 142 | -0.00 | 1.72 | 1.72 | ||
2029 | 15.72 | 14.95 | -0.77 | 135 | -0.00 | 1.79 | 1.79 | ||
2030 | 15.87 | 15.04 | -0.83 | 127 | -0.00 | 1.86 | 1.86 | ||
2031 | 16.00 | 15.14 | -0.86 | 120 | -0.00 | 1.93 | 1.93 | ||
2032 | 16.14 | 15.23 | -0.90 | 113 | -0.01 | 2.00 | 2.00 | ||
2033 | 16.26 | 15.31 | -0.95 | 106 | -0.01 | 2.06 | 2.07 | ||
2034 | 16.37 | 15.39 | -0.99 | 99 | -0.01 | 2.13 | 2.14 | ||
2035 | 16.47 | 15.46 | -1.01 | 94 | -0.01 | 2.19 | 2.20 | ||
2036 | 16.54 | 15.54 | -1.01 | 88 | -0.01 | 2.26 | 2.27 | ||
2037 | 16.62 | 15.61 | -1.01 | 83 | -0.01 | 2.33 | 2.34 | ||
2038 | 16.68 | 15.69 | -0.99 | 77 | -0.01 | 2.40 | 2.42 | ||
2039 | 16.73 | 15.77 | -0.96 | 72 | -0.02 | 2.48 | 2.50 | ||
2040 | 16.77 | 15.80 | -0.96 | 67 | -0.02 | 2.51 | 2.52 | ||
2041 | 16.79 | 15.81 | -0.98 | 62 | -0.02 | 2.51 | 2.52 | ||
2042 | 16.80 | 15.81 | -0.99 | 56 | -0.02 | 2.51 | 2.52 | ||
2043 | 16.82 | 15.81 | -1.00 | 51 | -0.02 | 2.51 | 2.52 | ||
2044 | 16.83 | 15.82 | -1.02 | 46 | -0.01 | 2.51 | 2.52 | ||
2045 | 16.85 | 15.82 | -1.03 | 40 | -0.01 | 2.51 | 2.52 | ||
2046 | 16.87 | 15.82 | -1.05 | 35 | -0.01 | 2.51 | 2.52 | ||
2047 | 16.89 | 15.83 | -1.07 | 29 | -0.01 | 2.51 | 2.52 | ||
2048 | 16.92 | 15.83 | -1.09 | 23 | -0.01 | 2.51 | 2.52 | ||
2049 | 16.95 | 15.83 | -1.12 | 17 | -0.01 | 2.52 | 2.52 | ||
2050 | 16.98 | 15.84 | -1.15 | 11 | -0.00 | 2.52 | 2.52 | ||
2051 | 17.02 | 15.84 | -1.18 | 4 | 0.00 | 2.52 | 2.52 | ||
2052 | 17.06 | 15.85 | -1.22 | ---- | 0.00 | 2.52 | 2.51 | ||
2053 | 17.12 | 15.85 | -1.26 | ---- | 0.01 | 2.52 | 2.51 | ||
2054 | 17.18 | 15.86 | -1.32 | ---- | 0.01 | 2.52 | 2.51 | ||
2055 | 17.25 | 15.86 | -1.38 | ---- | 0.02 | 2.52 | 2.51 | ||
2056 | 17.32 | 15.87 | -1.45 | ---- | 0.02 | 2.52 | 2.50 | ||
2057 | 17.41 | 15.88 | -1.53 | ---- | 0.03 | 2.52 | 2.50 | ||
2058 | 17.49 | 15.89 | -1.60 | ---- | 0.03 | 2.53 | 2.49 | ||
2059 | 17.58 | 15.89 | -1.68 | ---- | 0.04 | 2.53 | 2.49 | ||
2060 | 17.66 | 15.90 | -1.76 | ---- | 0.04 | 2.53 | 2.48 | ||
2061 | 17.74 | 15.91 | -1.83 | ---- | 0.05 | 2.53 | 2.48 | ||
2062 | 17.82 | 15.92 | -1.90 | ---- | 0.06 | 2.53 | 2.47 | ||
2063 | 17.89 | 15.92 | -1.96 | ---- | 0.06 | 2.53 | 2.47 | ||
2064 | 17.95 | 15.93 | -2.02 | ---- | 0.07 | 2.53 | 2.46 | ||
2065 | 18.02 | 15.94 | -2.08 | ---- | 0.07 | 2.54 | 2.46 | ||
2066 | 18.08 | 15.94 | -2.14 | ---- | 0.08 | 2.54 | 2.46 | ||
2067 | 18.15 | 15.95 | -2.20 | ---- | 0.09 | 2.54 | 2.45 | ||
2068 | 18.21 | 15.95 | -2.26 | ---- | 0.09 | 2.54 | 2.45 | ||
2069 | 18.27 | 15.96 | -2.31 | ---- | 0.10 | 2.54 | 2.44 | ||
2070 | 18.33 | 15.96 | -2.37 | ---- | 0.10 | 2.54 | 2.44 | ||
2071 | 18.39 | 15.97 | -2.42 | ---- | 0.11 | 2.54 | 2.43 | ||
2072 | 18.45 | 15.97 | -2.47 | ---- | 0.11 | 2.54 | 2.43 | ||
2073 | 18.50 | 15.98 | -2.52 | ---- | 0.12 | 2.54 | 2.42 | ||
2074 | 18.55 | 15.98 | -2.57 | ---- | 0.12 | 2.55 | 2.42 | ||
2075 | 18.59 | 15.99 | -2.60 | ---- | 0.13 | 2.55 | 2.42 | ||
2076 | 18.62 | 15.99 | -2.63 | ---- | 0.13 | 2.55 | 2.41 | ||
2077 | 18.64 | 15.99 | -2.64 | ---- | 0.14 | 2.55 | 2.41 | ||
2078 | 18.64 | 16.00 | -2.65 | ---- | 0.14 | 2.55 | 2.41 | ||
2079 | 18.63 | 16.00 | -2.64 | ---- | 0.14 | 2.55 | 2.41 | ||
2080 | 18.61 | 16.00 | -2.61 | ---- | 0.14 | 2.55 | 2.41 | ||
2081 | 18.58 | 16.00 | -2.59 | ---- | 0.15 | 2.55 | 2.40 | ||
2082 | 18.54 | 15.99 | -2.55 | ---- | 0.15 | 2.55 | 2.40 | ||
2083 | 18.50 | 15.99 | -2.50 | ---- | 0.15 | 2.55 | 2.40 | ||
2084 | 18.44 | 15.99 | -2.45 | ---- | 0.15 | 2.55 | 2.40 | ||
2085 | 18.38 | 15.99 | -2.39 | ---- | 0.15 | 2.55 | 2.40 | ||
2086 | 18.31 | 15.98 | -2.33 | ---- | 0.15 | 2.55 | 2.40 | ||
2087 | 18.24 | 15.98 | -2.27 | ---- | 0.15 | 2.55 | 2.40 | ||
2088 | 18.17 | 15.98 | -2.20 | ---- | 0.16 | 2.55 | 2.40 | ||
2089 | 18.11 | 15.97 | -2.14 | ---- | 0.16 | 2.56 | 2.40 | ||
2090 | 18.05 | 15.97 | -2.08 | ---- | 0.16 | 2.56 | 2.40 | ||
2091 | 18.00 | 15.97 | -2.03 | ---- | 0.16 | 2.56 | 2.40 | ||
2092 | 17.96 | 15.96 | -1.99 | ---- | 0.16 | 2.56 | 2.40 | ||
2093 | 17.93 | 15.96 | -1.97 | ---- | 0.16 | 2.56 | 2.40 | ||
2094 | 17.91 | 15.96 | -1.95 | ---- | 0.16 | 2.56 | 2.40 | ||
2095 | 17.90 | 15.96 | -1.94 | ---- | 0.16 | 2.56 | 2.40 | ||
2096 | 17.90 | 15.96 | -1.94 | ---- | 0.16 | 2.56 | 2.40 | ||
2097 | 17.91 | 15.96 | -1.95 | ---- | 0.16 | 2.56 | 2.40 | ||
2098 | 17.93 | 15.97 | -1.96 | ---- | 0.16 | 2.56 | 2.40 |
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 | 17.44% | 16.11% | -1.33% | 2051 | 0.05% | 2.33% | 2.28% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.