Detailed Single Year Tables

Description of Proposed Provision:
E2.12: Eliminate the taxable maximum in years 2033 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2024, 2.48 percent in 2025, and so on, up to 12.40 percent in 2033. Provide benefit credit for earnings above the current-law taxable maximum. Create a new bend point at the current-law taxable maximum with a 3 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
202114.1112.31-1.81
253
0.000.000.00
202214.3012.93-1.38
231
0.000.000.00
202314.4312.91-1.52
214
0.000.000.00
202414.6413.19-1.45
196
0.000.250.25
202514.8613.46-1.40
179
-0.000.500.50
202615.1013.82-1.28
164
-0.000.740.74
202715.3614.08-1.28
150
0.000.980.98
202815.6214.35-1.28
138
0.001.211.21
202915.8714.60-1.27
126
0.001.431.43
203016.1114.84-1.27
115
0.001.651.65
203116.2915.08-1.21
105
0.001.871.87
203216.4415.31-1.13
96
0.002.092.09
203316.5615.54-1.03
89
0.002.312.30
203416.6615.56-1.11
82
0.012.322.31
203516.7415.56-1.18
76
0.002.322.32
203616.8015.57-1.23
69
0.002.322.32
203716.8615.58-1.28
62
0.002.322.32
203816.9115.59-1.33
55
0.002.332.33
203916.9515.59-1.36
48
-0.002.332.33
204016.9715.60-1.37
41
-0.002.332.33
204117.0115.60-1.41
33
-0.012.332.34
204217.0315.61-1.42
25
-0.012.332.34
204317.0315.61-1.42
17
-0.012.332.34
204417.0315.61-1.42
10
-0.012.342.35
204517.0315.62-1.42
2
-0.012.342.35
204617.0415.62-1.42
----
-0.022.342.35
204717.0615.62-1.44
----
-0.022.342.36
204817.0815.63-1.45
----
-0.022.342.36
204917.1015.63-1.47
----
-0.022.342.36
205017.1215.64-1.48
----
-0.022.352.36
205117.1415.64-1.50
----
-0.022.352.36
205217.1715.64-1.53
----
-0.022.352.36
205317.2015.65-1.56
----
-0.022.352.37
205417.2415.65-1.59
----
-0.012.352.37
205517.2815.66-1.62
----
-0.012.352.37
205617.3315.66-1.66
----
-0.012.352.37
205717.3815.67-1.71
----
-0.012.362.36
205817.4315.68-1.75
----
-0.012.362.36
205917.4915.68-1.80
----
-0.002.362.36
206017.5515.69-1.86
----
0.002.362.36
206117.6015.70-1.91
----
0.002.362.36
206217.6615.70-1.96
----
0.012.362.36
206317.7115.71-2.01
----
0.012.372.35
206417.7715.71-2.05
----
0.022.372.35
206517.8215.72-2.10
----
0.022.372.35
206617.8815.72-2.15
----
0.022.372.35
206717.9315.73-2.20
----
0.022.372.35
206817.9815.74-2.25
----
0.032.372.35
206918.0415.74-2.30
----
0.032.382.35
207018.1015.75-2.35
----
0.032.382.35
207118.1515.75-2.40
----
0.032.382.35
207218.2115.76-2.45
----
0.032.382.35
207318.2615.76-2.50
----
0.032.382.35
207418.3115.77-2.54
----
0.032.382.35
207518.3515.77-2.58
----
0.032.382.35
207618.3815.78-2.61
----
0.032.382.35
207718.4015.78-2.62
----
0.032.382.35
207818.4115.78-2.63
----
0.032.392.35
207918.4015.78-2.62
----
0.032.392.35
208018.3915.78-2.60
----
0.032.392.35
208118.3615.78-2.58
----
0.032.392.36
208218.3315.78-2.54
----
0.032.392.36
208318.2815.78-2.50
----
0.032.392.36
208418.2315.78-2.45
----
0.032.392.36
208518.1715.78-2.39
----
0.032.392.36
208618.1115.77-2.33
----
0.032.392.36
208718.0415.77-2.27
----
0.032.402.36
208817.9715.77-2.20
----
0.032.402.37
208917.9015.76-2.13
----
0.032.402.37
209017.8415.76-2.08
----
0.032.402.37
209117.7915.76-2.03
----
0.032.402.37
209217.7615.76-2.00
----
0.032.402.37
209317.7415.76-1.98
----
0.032.402.37
209417.7315.76-1.97
----
0.032.402.37
209517.7315.76-1.97
----
0.032.402.38
209617.7315.76-1.97
----
0.032.402.38

Summarized Estimates

Proposal Change from Current Law
Years Cost
rate		 Income
rate		 Actuarial
balance		 Year of reserve
depletion1		 Cost
rate		 Income
rate		 Actuarial
balance
2021-2095 17.32% 15.88% -1.44% 2045 0.01% 2.10% 2.09%

1 Under current law, the year of Trust Fund reserve depletion is 2034.
Based on Intermediate Assumptions of the 2021 Trustees Report.