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 2023, 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 2022 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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 14.29 | -0.14 | 214 | 0.00 | 1.38 | 1.38 | ||
| 2024 | 14.63 | 14.41 | -0.23 | 205 | -0.00 | 1.47 | 1.47 | ||
| 2025 | 14.85 | 14.45 | -0.40 | 196 | -0.00 | 1.49 | 1.49 | ||
| 2026 | 15.10 | 14.59 | -0.51 | 187 | -0.01 | 1.51 | 1.52 | ||
| 2027 | 15.35 | 14.64 | -0.71 | 177 | -0.01 | 1.54 | 1.55 | ||
| 2028 | 15.61 | 14.71 | -0.90 | 167 | -0.01 | 1.57 | 1.59 | ||
| 2029 | 15.85 | 14.78 | -1.08 | 157 | -0.02 | 1.61 | 1.63 | ||
| 2030 | 16.08 | 14.83 | -1.25 | 146 | -0.03 | 1.64 | 1.67 | ||
| 2031 | 16.25 | 14.89 | -1.35 | 136 | -0.04 | 1.69 | 1.73 | ||
| 2032 | 16.39 | 14.95 | -1.43 | 126 | -0.05 | 1.74 | 1.79 | ||
| 2033 | 16.50 | 15.02 | -1.48 | 117 | -0.06 | 1.79 | 1.85 | ||
| 2034 | 16.59 | 15.08 | -1.50 | 107 | -0.07 | 1.84 | 1.92 | ||
| 2035 | 16.65 | 15.15 | -1.51 | 98 | -0.08 | 1.90 | 1.98 | ||
| 2036 | 16.71 | 15.21 | -1.50 | 90 | -0.09 | 1.96 | 2.05 | ||
| 2037 | 16.76 | 15.28 | -1.48 | 82 | -0.10 | 2.02 | 2.13 | ||
| 2038 | 16.80 | 15.35 | -1.45 | 74 | -0.11 | 2.09 | 2.20 | ||
| 2039 | 16.83 | 15.42 | -1.41 | 66 | -0.12 | 2.16 | 2.28 | ||
| 2040 | 16.84 | 15.50 | -1.35 | 58 | -0.13 | 2.23 | 2.36 | ||
| 2041 | 16.88 | 15.57 | -1.30 | 51 | -0.14 | 2.30 | 2.44 | ||
| 2042 | 16.89 | 15.59 | -1.30 | 44 | -0.15 | 2.32 | 2.47 | ||
| 2043 | 16.88 | 15.60 | -1.29 | 37 | -0.16 | 2.32 | 2.48 | ||
| 2044 | 16.88 | 15.60 | -1.28 | 30 | -0.17 | 2.32 | 2.49 | ||
| 2045 | 16.87 | 15.60 | -1.28 | 23 | -0.17 | 2.32 | 2.49 | ||
| 2046 | 16.88 | 15.60 | -1.27 | 16 | -0.18 | 2.32 | 2.50 | ||
| 2047 | 16.89 | 15.61 | -1.28 | 8 | -0.19 | 2.32 | 2.51 | ||
| 2048 | 16.90 | 15.61 | -1.30 | 1 | -0.19 | 2.32 | 2.52 | ||
| 2049 | 16.92 | 15.61 | -1.31 | ---- | -0.20 | 2.32 | 2.52 | ||
| 2050 | 16.93 | 15.62 | -1.32 | ---- | -0.20 | 2.32 | 2.53 | ||
| 2051 | 16.95 | 15.62 | -1.33 | ---- | -0.21 | 2.33 | 2.53 | ||
| 2052 | 16.98 | 15.62 | -1.35 | ---- | -0.21 | 2.33 | 2.54 | ||
| 2053 | 17.00 | 15.63 | -1.38 | ---- | -0.21 | 2.33 | 2.54 | ||
| 2054 | 17.04 | 15.63 | -1.41 | ---- | -0.22 | 2.33 | 2.55 | ||
| 2055 | 17.07 | 15.64 | -1.44 | ---- | -0.22 | 2.33 | 2.55 | ||
| 2056 | 17.12 | 15.64 | -1.48 | ---- | -0.22 | 2.33 | 2.55 | ||
| 2057 | 17.17 | 15.65 | -1.52 | ---- | -0.22 | 2.33 | 2.55 | ||
| 2058 | 17.22 | 15.65 | -1.57 | ---- | -0.22 | 2.33 | 2.55 | ||
| 2059 | 17.27 | 15.66 | -1.61 | ---- | -0.22 | 2.33 | 2.55 | ||
| 2060 | 17.33 | 15.66 | -1.67 | ---- | -0.22 | 2.34 | 2.55 | ||
| 2061 | 17.39 | 15.67 | -1.72 | ---- | -0.22 | 2.34 | 2.55 | ||
| 2062 | 17.44 | 15.68 | -1.76 | ---- | -0.21 | 2.34 | 2.55 | ||
| 2063 | 17.49 | 15.68 | -1.81 | ---- | -0.21 | 2.34 | 2.55 | ||
| 2064 | 17.54 | 15.69 | -1.86 | ---- | -0.21 | 2.34 | 2.55 | ||
| 2065 | 17.60 | 15.69 | -1.90 | ---- | -0.21 | 2.34 | 2.55 | ||
| 2066 | 17.65 | 15.70 | -1.95 | ---- | -0.20 | 2.34 | 2.55 | ||
| 2067 | 17.70 | 15.70 | -2.00 | ---- | -0.20 | 2.35 | 2.55 | ||
| 2068 | 17.76 | 15.71 | -2.05 | ---- | -0.20 | 2.35 | 2.55 | ||
| 2069 | 17.81 | 15.71 | -2.10 | ---- | -0.20 | 2.35 | 2.54 | ||
| 2070 | 17.87 | 15.72 | -2.15 | ---- | -0.19 | 2.35 | 2.54 | ||
| 2071 | 17.93 | 15.73 | -2.21 | ---- | -0.19 | 2.35 | 2.54 | ||
| 2072 | 17.99 | 15.73 | -2.25 | ---- | -0.19 | 2.35 | 2.54 | ||
| 2073 | 18.04 | 15.74 | -2.30 | ---- | -0.19 | 2.35 | 2.54 | ||
| 2074 | 18.09 | 15.74 | -2.35 | ---- | -0.18 | 2.36 | 2.54 | ||
| 2075 | 18.13 | 15.75 | -2.39 | ---- | -0.18 | 2.36 | 2.54 | ||
| 2076 | 18.17 | 15.75 | -2.42 | ---- | -0.18 | 2.36 | 2.54 | ||
| 2077 | 18.19 | 15.75 | -2.44 | ---- | -0.18 | 2.36 | 2.54 | ||
| 2078 | 18.20 | 15.76 | -2.45 | ---- | -0.17 | 2.36 | 2.54 | ||
| 2079 | 18.20 | 15.76 | -2.44 | ---- | -0.17 | 2.36 | 2.53 | ||
| 2080 | 18.18 | 15.76 | -2.42 | ---- | -0.17 | 2.36 | 2.53 | ||
| 2081 | 18.16 | 15.76 | -2.40 | ---- | -0.17 | 2.37 | 2.53 | ||
| 2082 | 18.13 | 15.76 | -2.37 | ---- | -0.16 | 2.37 | 2.53 | ||
| 2083 | 18.09 | 15.76 | -2.33 | ---- | -0.16 | 2.37 | 2.53 | ||
| 2084 | 18.04 | 15.76 | -2.28 | ---- | -0.16 | 2.37 | 2.53 | ||
| 2085 | 17.98 | 15.76 | -2.23 | ---- | -0.16 | 2.37 | 2.53 | ||
| 2086 | 17.92 | 15.75 | -2.17 | ---- | -0.16 | 2.37 | 2.53 | ||
| 2087 | 17.85 | 15.75 | -2.10 | ---- | -0.15 | 2.37 | 2.53 | ||
| 2088 | 17.78 | 15.75 | -2.04 | ---- | -0.15 | 2.37 | 2.53 | ||
| 2089 | 17.72 | 15.74 | -1.98 | ---- | -0.15 | 2.38 | 2.53 | ||
| 2090 | 17.66 | 15.74 | -1.92 | ---- | -0.15 | 2.38 | 2.53 | ||
| 2091 | 17.62 | 15.74 | -1.88 | ---- | -0.15 | 2.38 | 2.53 | ||
| 2092 | 17.59 | 15.74 | -1.85 | ---- | -0.15 | 2.38 | 2.53 | ||
| 2093 | 17.57 | 15.74 | -1.83 | ---- | -0.15 | 2.38 | 2.53 | ||
| 2094 | 17.56 | 15.74 | -1.82 | ---- | -0.14 | 2.38 | 2.53 | ||
| 2095 | 17.56 | 15.74 | -1.82 | ---- | -0.14 | 2.38 | 2.53 | ||
| 2096 | 17.56 | 15.74 | -1.82 | ---- | -0.14 | 2.38 | 2.53 | ||
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 | 17.17% | 15.89% | -1.28% | 2048 | -0.14% | 2.12% | 2.26% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.