Detailed Single Year Tables
Description of Proposed Provision:
E3.7: Increase the taxable maximum by an additional 2 percent per year beginning in 2025 until taxable earnings equal 90 percent of covered earnings. Provide benefit credit for earnings up to the revised taxable maximum. Create a new bend point equal to the current-law taxable maximum with a 5 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 | 13.02 | -2.03 | 168 | 0.00 | 0.04 | 0.04 | ||
2026 | 15.23 | 13.17 | -2.07 | 149 | -0.00 | 0.08 | 0.08 | ||
2027 | 15.38 | 13.22 | -2.16 | 132 | 0.00 | 0.13 | 0.13 | ||
2028 | 15.55 | 13.30 | -2.25 | 115 | 0.00 | 0.17 | 0.17 | ||
2029 | 15.72 | 13.37 | -2.35 | 98 | 0.00 | 0.21 | 0.21 | ||
2030 | 15.87 | 13.43 | -2.44 | 82 | 0.00 | 0.25 | 0.25 | ||
2031 | 16.01 | 13.50 | -2.50 | 66 | 0.00 | 0.29 | 0.29 | ||
2032 | 16.15 | 13.57 | -2.58 | 50 | 0.00 | 0.33 | 0.33 | ||
2033 | 16.27 | 13.61 | -2.66 | 34 | 0.00 | 0.37 | 0.36 | ||
2034 | 16.39 | 13.66 | -2.73 | 18 | 0.01 | 0.40 | 0.40 | ||
2035 | 16.49 | 13.70 | -2.78 | 1 | 0.01 | 0.44 | 0.43 | ||
2036 | 16.57 | 13.75 | -2.82 | ---- | 0.01 | 0.47 | 0.46 | ||
2037 | 16.65 | 13.79 | -2.86 | ---- | 0.01 | 0.51 | 0.49 | ||
2038 | 16.71 | 13.83 | -2.88 | ---- | 0.02 | 0.54 | 0.52 | ||
2039 | 16.76 | 13.87 | -2.90 | ---- | 0.02 | 0.57 | 0.55 | ||
2040 | 16.80 | 13.90 | -2.90 | ---- | 0.02 | 0.61 | 0.58 | ||
2041 | 16.83 | 13.94 | -2.89 | ---- | 0.03 | 0.64 | 0.61 | ||
2042 | 16.85 | 13.97 | -2.88 | ---- | 0.03 | 0.67 | 0.64 | ||
2043 | 16.87 | 14.00 | -2.86 | ---- | 0.04 | 0.70 | 0.66 | ||
2044 | 16.89 | 14.03 | -2.85 | ---- | 0.04 | 0.73 | 0.69 | ||
2045 | 16.91 | 14.07 | -2.84 | ---- | 0.05 | 0.76 | 0.71 | ||
2046 | 16.93 | 14.10 | -2.84 | ---- | 0.05 | 0.79 | 0.73 | ||
2047 | 16.96 | 14.13 | -2.84 | ---- | 0.06 | 0.81 | 0.75 | ||
2048 | 16.99 | 14.16 | -2.84 | ---- | 0.07 | 0.84 | 0.77 | ||
2049 | 17.03 | 14.19 | -2.84 | ---- | 0.08 | 0.87 | 0.79 | ||
2050 | 17.07 | 14.22 | -2.86 | ---- | 0.08 | 0.89 | 0.81 | ||
2051 | 17.11 | 14.25 | -2.87 | ---- | 0.09 | 0.92 | 0.83 | ||
2052 | 17.16 | 14.27 | -2.89 | ---- | 0.10 | 0.95 | 0.84 | ||
2053 | 17.22 | 14.30 | -2.92 | ---- | 0.11 | 0.97 | 0.86 | ||
2054 | 17.29 | 14.33 | -2.95 | ---- | 0.12 | 1.00 | 0.87 | ||
2055 | 17.36 | 14.36 | -3.00 | ---- | 0.13 | 1.02 | 0.89 | ||
2056 | 17.45 | 14.39 | -3.05 | ---- | 0.14 | 1.05 | 0.90 | ||
2057 | 17.54 | 14.42 | -3.11 | ---- | 0.16 | 1.07 | 0.91 | ||
2058 | 17.63 | 14.45 | -3.17 | ---- | 0.17 | 1.09 | 0.92 | ||
2059 | 17.72 | 14.48 | -3.24 | ---- | 0.18 | 1.12 | 0.94 | ||
2060 | 17.81 | 14.51 | -3.30 | ---- | 0.19 | 1.14 | 0.95 | ||
2061 | 17.90 | 14.53 | -3.36 | ---- | 0.21 | 1.15 | 0.95 | ||
2062 | 17.98 | 14.54 | -3.44 | ---- | 0.22 | 1.16 | 0.94 | ||
2063 | 18.06 | 14.55 | -3.51 | ---- | 0.23 | 1.16 | 0.93 | ||
2064 | 18.13 | 14.56 | -3.57 | ---- | 0.25 | 1.16 | 0.92 | ||
2065 | 18.20 | 14.56 | -3.64 | ---- | 0.26 | 1.16 | 0.90 | ||
2066 | 18.28 | 14.57 | -3.70 | ---- | 0.27 | 1.17 | 0.89 | ||
2067 | 18.35 | 14.58 | -3.77 | ---- | 0.29 | 1.17 | 0.88 | ||
2068 | 18.41 | 14.59 | -3.83 | ---- | 0.30 | 1.17 | 0.87 | ||
2069 | 18.48 | 14.59 | -3.89 | ---- | 0.31 | 1.17 | 0.86 | ||
2070 | 18.55 | 14.60 | -3.95 | ---- | 0.32 | 1.18 | 0.85 | ||
2071 | 18.62 | 14.61 | -4.01 | ---- | 0.33 | 1.18 | 0.84 | ||
2072 | 18.68 | 14.61 | -4.07 | ---- | 0.35 | 1.18 | 0.83 | ||
2073 | 18.74 | 14.62 | -4.12 | ---- | 0.36 | 1.18 | 0.82 | ||
2074 | 18.80 | 14.62 | -4.17 | ---- | 0.37 | 1.18 | 0.82 | ||
2075 | 18.84 | 14.63 | -4.21 | ---- | 0.38 | 1.19 | 0.81 | ||
2076 | 18.88 | 14.63 | -4.24 | ---- | 0.39 | 1.19 | 0.80 | ||
2077 | 18.90 | 14.64 | -4.26 | ---- | 0.40 | 1.19 | 0.79 | ||
2078 | 18.91 | 14.64 | -4.27 | ---- | 0.40 | 1.19 | 0.79 | ||
2079 | 18.90 | 14.64 | -4.26 | ---- | 0.41 | 1.19 | 0.78 | ||
2080 | 18.88 | 14.64 | -4.24 | ---- | 0.42 | 1.19 | 0.78 | ||
2081 | 18.86 | 14.64 | -4.22 | ---- | 0.42 | 1.19 | 0.77 | ||
2082 | 18.82 | 14.64 | -4.18 | ---- | 0.43 | 1.20 | 0.77 | ||
2083 | 18.78 | 14.64 | -4.14 | ---- | 0.43 | 1.20 | 0.77 | ||
2084 | 18.72 | 14.64 | -4.09 | ---- | 0.43 | 1.20 | 0.76 | ||
2085 | 18.66 | 14.63 | -4.03 | ---- | 0.44 | 1.20 | 0.76 | ||
2086 | 18.60 | 14.63 | -3.97 | ---- | 0.44 | 1.20 | 0.76 | ||
2087 | 18.53 | 14.63 | -3.90 | ---- | 0.44 | 1.20 | 0.76 | ||
2088 | 18.46 | 14.62 | -3.84 | ---- | 0.44 | 1.20 | 0.76 | ||
2089 | 18.39 | 14.62 | -3.77 | ---- | 0.44 | 1.20 | 0.76 | ||
2090 | 18.33 | 14.62 | -3.72 | ---- | 0.44 | 1.20 | 0.76 | ||
2091 | 18.28 | 14.61 | -3.67 | ---- | 0.44 | 1.20 | 0.76 | ||
2092 | 18.24 | 14.61 | -3.63 | ---- | 0.44 | 1.20 | 0.76 | ||
2093 | 18.21 | 14.61 | -3.60 | ---- | 0.44 | 1.20 | 0.76 | ||
2094 | 18.20 | 14.61 | -3.59 | ---- | 0.44 | 1.21 | 0.76 | ||
2095 | 18.19 | 14.61 | -3.58 | ---- | 0.44 | 1.21 | 0.76 | ||
2096 | 18.19 | 14.61 | -3.58 | ---- | 0.44 | 1.21 | 0.76 | ||
2097 | 18.20 | 14.61 | -3.58 | ---- | 0.44 | 1.21 | 0.76 | ||
2098 | 18.22 | 14.61 | -3.60 | ---- | 0.44 | 1.21 | 0.76 |
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 | 17.57% | 14.63% | -2.95% | 2035 | 0.19% | 0.85% | 0.66% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.