Detailed Single Year Tables
Description of Proposed Provision:
E2.16: Apply OASDI 12.4 percent payroll tax rate on earnings above $250,000 starting in 2024, and tax all earnings once the current-law taxable maximum exceeds $250,000. Increase the computed level of the SSA average wage index for years after 2023 by amounts ranging from 0.6 percent for 2024 to 0.9 percent for 2034 and later. 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 2023 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 | 14.46 | -0.41 | 187 | 0.00 | 1.57 | 1.57 | ||
2025 | 15.04 | 14.74 | -0.31 | 178 | -0.00 | 1.76 | 1.76 | ||
2026 | 15.23 | 14.92 | -0.31 | 170 | -0.00 | 1.84 | 1.84 | ||
2027 | 15.38 | 15.01 | -0.37 | 163 | -0.00 | 1.92 | 1.92 | ||
2028 | 15.55 | 15.13 | -0.43 | 157 | -0.00 | 1.99 | 2.00 | ||
2029 | 15.72 | 15.24 | -0.48 | 150 | 0.00 | 2.07 | 2.07 | ||
2030 | 15.87 | 15.34 | -0.53 | 144 | 0.00 | 2.15 | 2.15 | ||
2031 | 16.01 | 15.45 | -0.55 | 138 | 0.00 | 2.24 | 2.24 | ||
2032 | 16.15 | 15.56 | -0.59 | 133 | 0.01 | 2.33 | 2.32 | ||
2033 | 16.28 | 15.65 | -0.62 | 128 | 0.01 | 2.40 | 2.40 | ||
2034 | 16.39 | 15.74 | -0.65 | 123 | 0.01 | 2.48 | 2.47 | ||
2035 | 16.49 | 15.77 | -0.72 | 119 | 0.01 | 2.50 | 2.49 | ||
2036 | 16.57 | 15.78 | -0.79 | 115 | 0.01 | 2.50 | 2.49 | ||
2037 | 16.65 | 15.79 | -0.86 | 111 | 0.02 | 2.51 | 2.49 | ||
2038 | 16.72 | 15.79 | -0.92 | 107 | 0.02 | 2.51 | 2.49 | ||
2039 | 16.77 | 15.80 | -0.97 | 102 | 0.02 | 2.51 | 2.48 | ||
2040 | 16.81 | 15.80 | -1.00 | 97 | 0.03 | 2.51 | 2.48 | ||
2041 | 16.83 | 15.81 | -1.03 | 92 | 0.03 | 2.51 | 2.48 | ||
2042 | 16.85 | 15.81 | -1.04 | 87 | 0.03 | 2.51 | 2.48 | ||
2043 | 16.87 | 15.81 | -1.05 | 81 | 0.04 | 2.51 | 2.47 | ||
2044 | 16.89 | 15.82 | -1.07 | 76 | 0.04 | 2.51 | 2.47 | ||
2045 | 16.91 | 15.82 | -1.09 | 71 | 0.04 | 2.51 | 2.47 | ||
2046 | 16.93 | 15.82 | -1.10 | 65 | 0.05 | 2.51 | 2.47 | ||
2047 | 16.95 | 15.83 | -1.13 | 59 | 0.05 | 2.52 | 2.46 | ||
2048 | 16.98 | 15.83 | -1.15 | 53 | 0.06 | 2.52 | 2.46 | ||
2049 | 17.02 | 15.84 | -1.18 | 47 | 0.06 | 2.52 | 2.46 | ||
2050 | 17.05 | 15.84 | -1.21 | 40 | 0.06 | 2.52 | 2.45 | ||
2051 | 17.09 | 15.84 | -1.24 | 34 | 0.07 | 2.52 | 2.45 | ||
2052 | 17.13 | 15.85 | -1.28 | 27 | 0.07 | 2.52 | 2.45 | ||
2053 | 17.18 | 15.85 | -1.33 | 20 | 0.08 | 2.52 | 2.45 | ||
2054 | 17.24 | 15.86 | -1.39 | 12 | 0.08 | 2.52 | 2.44 | ||
2055 | 17.32 | 15.87 | -1.45 | 5 | 0.08 | 2.52 | 2.44 | ||
2056 | 17.39 | 15.87 | -1.52 | ---- | 0.09 | 2.53 | 2.44 | ||
2057 | 17.47 | 15.88 | -1.59 | ---- | 0.09 | 2.53 | 2.43 | ||
2058 | 17.55 | 15.89 | -1.67 | ---- | 0.10 | 2.53 | 2.43 | ||
2059 | 17.64 | 15.90 | -1.74 | ---- | 0.10 | 2.53 | 2.43 | ||
2060 | 17.72 | 15.90 | -1.82 | ---- | 0.10 | 2.53 | 2.43 | ||
2061 | 17.80 | 15.91 | -1.89 | ---- | 0.11 | 2.53 | 2.42 | ||
2062 | 17.87 | 15.92 | -1.95 | ---- | 0.11 | 2.53 | 2.42 | ||
2063 | 17.94 | 15.92 | -2.02 | ---- | 0.12 | 2.53 | 2.42 | ||
2064 | 18.00 | 15.93 | -2.07 | ---- | 0.12 | 2.53 | 2.41 | ||
2065 | 18.07 | 15.94 | -2.13 | ---- | 0.12 | 2.53 | 2.41 | ||
2066 | 18.13 | 15.94 | -2.19 | ---- | 0.13 | 2.54 | 2.41 | ||
2067 | 18.19 | 15.95 | -2.24 | ---- | 0.13 | 2.54 | 2.41 | ||
2068 | 18.25 | 15.95 | -2.30 | ---- | 0.13 | 2.54 | 2.41 | ||
2069 | 18.31 | 15.96 | -2.35 | ---- | 0.13 | 2.54 | 2.40 | ||
2070 | 18.37 | 15.96 | -2.40 | ---- | 0.14 | 2.54 | 2.40 | ||
2071 | 18.42 | 15.97 | -2.46 | ---- | 0.14 | 2.54 | 2.40 | ||
2072 | 18.47 | 15.97 | -2.50 | ---- | 0.14 | 2.54 | 2.40 | ||
2073 | 18.53 | 15.98 | -2.55 | ---- | 0.14 | 2.54 | 2.40 | ||
2074 | 18.57 | 15.98 | -2.59 | ---- | 0.15 | 2.54 | 2.40 | ||
2075 | 18.61 | 15.99 | -2.63 | ---- | 0.15 | 2.54 | 2.40 | ||
2076 | 18.64 | 15.99 | -2.65 | ---- | 0.15 | 2.54 | 2.40 | ||
2077 | 18.65 | 15.99 | -2.66 | ---- | 0.15 | 2.54 | 2.39 | ||
2078 | 18.65 | 15.99 | -2.66 | ---- | 0.15 | 2.55 | 2.39 | ||
2079 | 18.64 | 15.99 | -2.65 | ---- | 0.15 | 2.55 | 2.39 | ||
2080 | 18.62 | 15.99 | -2.63 | ---- | 0.15 | 2.55 | 2.39 | ||
2081 | 18.59 | 15.99 | -2.60 | ---- | 0.15 | 2.55 | 2.39 | ||
2082 | 18.55 | 15.99 | -2.56 | ---- | 0.15 | 2.55 | 2.39 | ||
2083 | 18.50 | 15.99 | -2.51 | ---- | 0.15 | 2.55 | 2.39 | ||
2084 | 18.44 | 15.99 | -2.46 | ---- | 0.15 | 2.55 | 2.39 | ||
2085 | 18.38 | 15.98 | -2.40 | ---- | 0.15 | 2.55 | 2.39 | ||
2086 | 18.31 | 15.98 | -2.34 | ---- | 0.15 | 2.55 | 2.40 | ||
2087 | 18.24 | 15.98 | -2.27 | ---- | 0.15 | 2.55 | 2.40 | ||
2088 | 18.17 | 15.97 | -2.20 | ---- | 0.15 | 2.55 | 2.40 | ||
2089 | 18.11 | 15.97 | -2.14 | ---- | 0.15 | 2.55 | 2.40 | ||
2090 | 18.05 | 15.96 | -2.08 | ---- | 0.15 | 2.55 | 2.40 | ||
2091 | 17.99 | 15.96 | -2.03 | ---- | 0.15 | 2.55 | 2.40 | ||
2092 | 17.95 | 15.96 | -1.99 | ---- | 0.15 | 2.55 | 2.40 | ||
2093 | 17.92 | 15.96 | -1.97 | ---- | 0.15 | 2.55 | 2.40 | ||
2094 | 17.90 | 15.96 | -1.95 | ---- | 0.15 | 2.55 | 2.40 | ||
2095 | 17.90 | 15.96 | -1.94 | ---- | 0.15 | 2.55 | 2.40 | ||
2096 | 17.90 | 15.96 | -1.94 | ---- | 0.15 | 2.55 | 2.40 | ||
2097 | 17.90 | 15.96 | -1.95 | ---- | 0.15 | 2.55 | 2.40 | ||
2098 | 17.92 | 15.96 | -1.96 | ---- | 0.15 | 2.55 | 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 | 17.47% | 16.19% | -1.27% | 2055 | 0.08% | 2.42% | 2.33% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.