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Detailed Single Year Tables

Description of Proposed Provision:
E2.4: Eliminate the taxable maximum for years 2024 and later (phased in 2018-2024), and apply full 12.4 percent payroll tax rate to all earnings. 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 2017 that were in excess of that year's current-law taxable maximum; (2) a new bend point equal to 134 percent of the monthly current-law taxable maximum; and (3) formula factors of 3 percent and 0.25 percent below and above the new bend point, respectively.

 

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
201713.4113.03-0.38
298
0.000.000.00
201813.4913.27-0.22
287
0.000.340.34
201913.7013.63-0.06
275
0.000.690.69
202013.8513.990.14
266
0.001.031.03
202114.0114.360.34
259
0.001.371.37
202214.2514.710.46
253
0.001.691.69
202314.5415.040.50
248
0.001.992.00
202414.8215.380.56
245
0.002.302.30
202515.0915.410.32
242
0.002.312.31
202615.3715.440.08
238
0.002.312.31
202715.6115.46-0.15
233
0.002.312.31
202815.8515.48-0.37
229
0.002.312.31
202916.0615.49-0.57
224
0.002.312.31
203016.2715.51-0.76
219
0.002.312.31
203116.4515.52-0.93
213
0.002.312.31
203216.6115.53-1.08
208
0.002.312.31
203316.7415.54-1.20
203
0.002.312.31
203416.8515.55-1.30
197
0.002.322.31
203516.9315.56-1.37
190
0.002.322.31
203616.9915.56-1.43
184
0.012.322.31
203717.0315.57-1.46
177
0.012.322.31
203817.0315.57-1.46
171
0.012.322.31
203917.0115.57-1.44
164
0.012.322.31
204016.9715.57-1.40
158
0.012.322.31
204116.9215.57-1.36
152
0.012.322.31
204216.8715.57-1.30
146
0.012.322.31
204316.8215.56-1.25
140
0.012.322.31
204416.7715.56-1.21
135
0.012.322.31
204516.7315.56-1.17
129
0.012.332.31
204616.6915.56-1.13
124
0.012.332.31
204716.6615.56-1.10
119
0.012.332.31
204816.6315.56-1.07
114
0.012.332.31
204916.6015.56-1.04
109
0.012.332.31
205016.5815.56-1.02
104
0.022.332.31
205116.5715.56-1.01
99
0.022.332.32
205216.5715.56-1.01
95
0.022.332.32
205316.5915.57-1.02
90
0.022.332.32
205416.6115.57-1.04
84
0.022.332.32
205516.6415.57-1.06
79
0.022.332.32
205616.6715.58-1.10
74
0.022.342.32
205716.7215.58-1.14
68
0.022.342.32
205816.7615.58-1.18
62
0.022.342.32
205916.8015.59-1.22
56
0.022.342.32
206016.8515.59-1.26
49
0.022.342.32
206116.8915.60-1.30
42
0.022.342.32
206216.9415.60-1.34
35
0.022.342.32
206316.9915.60-1.39
28
0.022.342.32
206417.0415.61-1.43
20
0.022.342.32
206517.0915.61-1.47
12
0.022.342.32
206617.1415.62-1.52
4
0.022.352.32
206717.1915.62-1.57
----
0.022.352.33
206817.2415.63-1.62
----
0.022.352.33
206917.3015.63-1.67
----
0.022.352.33
207017.3515.64-1.71
----
0.022.352.33
207117.3915.64-1.75
----
0.022.352.33
207217.4415.64-1.79
----
0.022.352.33
207317.4715.65-1.82
----
0.022.352.33
207417.5015.65-1.85
----
0.022.362.33
207517.5315.65-1.87
----
0.022.362.33
207617.5415.66-1.89
----
0.022.362.33
207717.5515.66-1.89
----
0.022.362.34
207817.5515.66-1.89
----
0.022.362.34
207917.5415.66-1.88
----
0.022.362.34
208017.5315.66-1.87
----
0.022.362.34
208117.5315.66-1.87
----
0.022.362.34
208217.5315.66-1.87
----
0.022.372.34
208317.5415.67-1.87
----
0.022.372.34
208417.5515.67-1.89
----
0.022.372.34
208517.5815.67-1.91
----
0.032.372.34
208617.6115.67-1.93
----
0.032.372.35
208717.6415.68-1.97
----
0.032.372.35
208817.6815.68-2.00
----
0.032.372.35
208917.7315.68-2.04
----
0.032.382.35
209017.7815.69-2.09
----
0.032.382.35
209117.8215.69-2.13
----
0.032.382.35
209217.8715.70-2.17
----
0.032.382.35



 

Summarized Estimates

 
  Proposal
  Change from Current Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2017 Trustees Report.
2017-2091 16.68% 16.03% -0.65%
2066
0.01% 2.19% 2.18%
 
1 Under current law, the year of Trust Fund reserve depletion is 2034.

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Last reviewed or modified July 13, 2017