Detailed Single Year Tables
Description of Proposed Provision:
E2.17: Apply 12.4 percent payroll tax rate on earnings above $400,000 starting in 2025 and tax all earnings once the current-law taxable maximum exceeds $400,000. Do not provide benefit credit for additional earnings taxed.
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 |
|||
| 2024 | 14.71 | 13.03 | -1.68 | 188 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 15.00 | 14.15 | -0.85 | 171 | 0.00 | 1.26 | 1.26 | ||
| 2026 | 15.20 | 14.41 | -0.79 | 160 | -0.00 | 1.34 | 1.34 | ||
| 2027 | 15.36 | 14.49 | -0.87 | 151 | -0.00 | 1.38 | 1.39 | ||
| 2028 | 15.41 | 14.57 | -0.85 | 142 | -0.00 | 1.43 | 1.44 | ||
| 2029 | 15.46 | 14.64 | -0.82 | 134 | -0.00 | 1.48 | 1.48 | ||
| 2030 | 15.52 | 14.70 | -0.82 | 126 | -0.01 | 1.52 | 1.53 | ||
| 2031 | 15.57 | 14.77 | -0.80 | 119 | -0.01 | 1.57 | 1.58 | ||
| 2032 | 15.59 | 14.84 | -0.76 | 112 | -0.01 | 1.62 | 1.63 | ||
| 2033 | 15.65 | 14.93 | -0.72 | 107 | -0.01 | 1.66 | 1.68 | ||
| 2034 | 15.76 | 14.99 | -0.76 | 101 | -0.02 | 1.72 | 1.73 | ||
| 2035 | 15.86 | 15.06 | -0.80 | 96 | -0.02 | 1.77 | 1.79 | ||
| 2036 | 15.97 | 15.12 | -0.85 | 91 | -0.02 | 1.82 | 1.84 | ||
| 2037 | 16.06 | 15.18 | -0.89 | 86 | -0.03 | 1.87 | 1.90 | ||
| 2038 | 16.15 | 15.24 | -0.91 | 81 | -0.03 | 1.93 | 1.96 | ||
| 2039 | 16.22 | 15.30 | -0.91 | 75 | -0.03 | 1.99 | 2.02 | ||
| 2040 | 16.28 | 15.37 | -0.91 | 70 | -0.04 | 2.04 | 2.08 | ||
| 2041 | 16.34 | 15.44 | -0.90 | 65 | -0.04 | 2.11 | 2.15 | ||
| 2042 | 16.39 | 15.51 | -0.88 | 60 | -0.04 | 2.17 | 2.22 | ||
| 2043 | 16.43 | 15.57 | -0.86 | 55 | -0.05 | 2.24 | 2.28 | ||
| 2044 | 16.47 | 15.65 | -0.82 | 50 | -0.05 | 2.31 | 2.36 | ||
| 2045 | 16.50 | 15.72 | -0.78 | 46 | -0.05 | 2.38 | 2.43 | ||
| 2046 | 16.53 | 15.80 | -0.73 | 41 | -0.06 | 2.45 | 2.51 | ||
| 2047 | 16.56 | 15.86 | -0.71 | 37 | -0.06 | 2.51 | 2.57 | ||
| 2048 | 16.60 | 15.86 | -0.74 | 33 | -0.06 | 2.51 | 2.57 | ||
| 2049 | 16.64 | 15.87 | -0.77 | 29 | -0.07 | 2.51 | 2.57 | ||
| 2050 | 16.69 | 15.87 | -0.82 | 25 | -0.07 | 2.51 | 2.58 | ||
| 2051 | 16.74 | 15.88 | -0.86 | 20 | -0.07 | 2.51 | 2.58 | ||
| 2052 | 16.80 | 15.88 | -0.91 | 16 | -0.07 | 2.51 | 2.58 | ||
| 2053 | 16.86 | 15.89 | -0.97 | 10 | -0.08 | 2.51 | 2.59 | ||
| 2054 | 16.92 | 15.90 | -1.03 | 5 | -0.08 | 2.51 | 2.59 | ||
| 2055 | 17.00 | 15.90 | -1.10 | — | -0.08 | 2.51 | 2.59 | ||
| 2056 | 17.08 | 15.91 | -1.17 | — | -0.08 | 2.51 | 2.59 | ||
| 2057 | 17.16 | 15.92 | -1.24 | — | -0.08 | 2.51 | 2.60 | ||
| 2058 | 17.25 | 15.92 | -1.32 | — | -0.08 | 2.51 | 2.60 | ||
| 2059 | 17.33 | 15.93 | -1.40 | — | -0.09 | 2.51 | 2.60 | ||
| 2060 | 17.42 | 15.94 | -1.48 | — | -0.09 | 2.51 | 2.60 | ||
| 2061 | 17.50 | 15.95 | -1.55 | — | -0.09 | 2.52 | 2.60 | ||
| 2062 | 17.57 | 15.95 | -1.62 | — | -0.09 | 2.52 | 2.60 | ||
| 2063 | 17.64 | 15.96 | -1.68 | — | -0.09 | 2.52 | 2.60 | ||
| 2064 | 17.70 | 15.96 | -1.74 | — | -0.09 | 2.52 | 2.60 | ||
| 2065 | 17.77 | 15.97 | -1.80 | — | -0.09 | 2.52 | 2.60 | ||
| 2066 | 17.83 | 15.98 | -1.85 | — | -0.09 | 2.52 | 2.60 | ||
| 2067 | 17.90 | 15.98 | -1.91 | — | -0.09 | 2.52 | 2.60 | ||
| 2068 | 17.96 | 15.99 | -1.97 | — | -0.08 | 2.52 | 2.60 | ||
| 2069 | 18.03 | 15.99 | -2.04 | — | -0.08 | 2.52 | 2.60 | ||
| 2070 | 18.10 | 16.00 | -2.10 | — | -0.08 | 2.52 | 2.60 | ||
| 2071 | 18.17 | 16.01 | -2.16 | — | -0.08 | 2.52 | 2.60 | ||
| 2072 | 18.23 | 16.01 | -2.22 | — | -0.08 | 2.52 | 2.60 | ||
| 2073 | 18.29 | 16.02 | -2.28 | — | -0.08 | 2.52 | 2.60 | ||
| 2074 | 18.35 | 16.02 | -2.33 | — | -0.08 | 2.52 | 2.60 | ||
| 2075 | 18.40 | 16.03 | -2.38 | — | -0.08 | 2.52 | 2.60 | ||
| 2076 | 18.45 | 16.03 | -2.42 | — | -0.08 | 2.52 | 2.60 | ||
| 2077 | 18.48 | 16.04 | -2.45 | — | -0.08 | 2.52 | 2.60 | ||
| 2078 | 18.51 | 16.04 | -2.47 | — | -0.08 | 2.53 | 2.60 | ||
| 2079 | 18.52 | 16.04 | -2.48 | — | -0.08 | 2.53 | 2.60 | ||
| 2080 | 18.52 | 16.04 | -2.48 | — | -0.08 | 2.53 | 2.60 | ||
| 2081 | 18.51 | 16.04 | -2.47 | — | -0.08 | 2.53 | 2.60 | ||
| 2082 | 18.50 | 16.04 | -2.45 | — | -0.07 | 2.53 | 2.60 | ||
| 2083 | 18.47 | 16.04 | -2.43 | — | -0.07 | 2.53 | 2.60 | ||
| 2084 | 18.44 | 16.04 | -2.40 | — | -0.07 | 2.53 | 2.60 | ||
| 2085 | 18.40 | 16.04 | -2.36 | — | -0.07 | 2.53 | 2.60 | ||
| 2086 | 18.35 | 16.04 | -2.31 | — | -0.07 | 2.53 | 2.60 | ||
| 2087 | 18.29 | 16.03 | -2.26 | — | -0.07 | 2.53 | 2.60 | ||
| 2088 | 18.23 | 16.03 | -2.20 | — | -0.07 | 2.53 | 2.60 | ||
| 2089 | 18.18 | 16.03 | -2.15 | — | -0.07 | 2.53 | 2.60 | ||
| 2090 | 18.12 | 16.02 | -2.10 | — | -0.07 | 2.53 | 2.60 | ||
| 2091 | 18.07 | 16.02 | -2.05 | — | -0.07 | 2.53 | 2.60 | ||
| 2092 | 18.04 | 16.02 | -2.02 | — | -0.07 | 2.53 | 2.60 | ||
| 2093 | 18.01 | 16.02 | -1.99 | — | -0.07 | 2.53 | 2.60 | ||
| 2094 | 18.00 | 16.02 | -1.98 | — | -0.07 | 2.53 | 2.60 | ||
| 2095 | 18.00 | 16.02 | -1.98 | — | -0.07 | 2.53 | 2.60 | ||
| 2096 | 18.01 | 16.02 | -1.99 | — | -0.07 | 2.54 | 2.60 | ||
| 2097 | 18.03 | 16.02 | -2.01 | — | -0.07 | 2.54 | 2.60 | ||
| 2098 | 18.06 | 16.02 | -2.03 | — | -0.07 | 2.54 | 2.60 | ||
| 2099 | 18.09 | 16.03 | -2.06 | — | -0.07 | 2.54 | 2.60 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2024-2098 | 17.24% | 16.04% | -1.20% | 2054 | -0.06% | 2.24% | 2.30% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2024 Trustees Report.