Detailed Single Year Tables
Description of Proposed Provision:
E3.19: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in linearly from 2025-2030). Provide benefit credit for additional earnings taxed, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from additional annual earnings taxed over the current-law taxable maximum; and (2) a formula factor of 2.5 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 |
|||
| 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 | 13.20 | -1.84 | 168 | 0.00 | 0.23 | 0.23 | ||
| 2026 | 15.23 | 13.53 | -1.71 | 151 | -0.00 | 0.45 | 0.45 | ||
| 2027 | 15.38 | 13.73 | -1.66 | 136 | -0.00 | 0.63 | 0.63 | ||
| 2028 | 15.55 | 13.93 | -1.63 | 122 | -0.00 | 0.80 | 0.80 | ||
| 2029 | 15.72 | 14.10 | -1.62 | 109 | -0.00 | 0.94 | 0.94 | ||
| 2030 | 15.87 | 14.26 | -1.61 | 97 | -0.00 | 1.07 | 1.07 | ||
| 2031 | 16.00 | 14.30 | -1.70 | 85 | -0.00 | 1.09 | 1.09 | ||
| 2032 | 16.14 | 14.33 | -1.81 | 73 | -0.00 | 1.10 | 1.10 | ||
| 2033 | 16.27 | 14.35 | -1.92 | 62 | -0.00 | 1.10 | 1.10 | ||
| 2034 | 16.38 | 14.36 | -2.02 | 50 | -0.00 | 1.10 | 1.11 | ||
| 2035 | 16.47 | 14.37 | -2.10 | 38 | -0.00 | 1.10 | 1.11 | ||
| 2036 | 16.55 | 14.38 | -2.17 | 26 | -0.00 | 1.11 | 1.11 | ||
| 2037 | 16.63 | 14.39 | -2.24 | 13 | -0.00 | 1.11 | 1.11 | ||
| 2038 | 16.69 | 14.40 | -2.30 | ---- | -0.01 | 1.11 | 1.11 | ||
| 2039 | 16.74 | 14.40 | -2.34 | ---- | -0.01 | 1.11 | 1.11 | ||
| 2040 | 16.78 | 14.41 | -2.37 | ---- | -0.01 | 1.11 | 1.11 | ||
| 2041 | 16.80 | 14.41 | -2.39 | ---- | -0.01 | 1.11 | 1.12 | ||
| 2042 | 16.81 | 14.41 | -2.40 | ---- | -0.01 | 1.11 | 1.12 | ||
| 2043 | 16.83 | 14.42 | -2.41 | ---- | -0.00 | 1.11 | 1.12 | ||
| 2044 | 16.84 | 14.42 | -2.42 | ---- | -0.00 | 1.11 | 1.12 | ||
| 2045 | 16.86 | 14.42 | -2.44 | ---- | -0.00 | 1.12 | 1.12 | ||
| 2046 | 16.88 | 14.43 | -2.45 | ---- | -0.00 | 1.12 | 1.12 | ||
| 2047 | 16.90 | 14.43 | -2.47 | ---- | 0.00 | 1.12 | 1.12 | ||
| 2048 | 16.93 | 14.44 | -2.49 | ---- | 0.00 | 1.12 | 1.12 | ||
| 2049 | 16.96 | 14.44 | -2.52 | ---- | 0.00 | 1.12 | 1.12 | ||
| 2050 | 16.99 | 14.44 | -2.55 | ---- | 0.01 | 1.12 | 1.12 | ||
| 2051 | 17.03 | 14.45 | -2.58 | ---- | 0.01 | 1.12 | 1.12 | ||
| 2052 | 17.07 | 14.45 | -2.62 | ---- | 0.01 | 1.13 | 1.11 | ||
| 2053 | 17.12 | 14.46 | -2.66 | ---- | 0.01 | 1.13 | 1.11 | ||
| 2054 | 17.18 | 14.46 | -2.72 | ---- | 0.02 | 1.13 | 1.11 | ||
| 2055 | 17.25 | 14.47 | -2.78 | ---- | 0.02 | 1.13 | 1.11 | ||
| 2056 | 17.33 | 14.48 | -2.85 | ---- | 0.02 | 1.13 | 1.11 | ||
| 2057 | 17.40 | 14.49 | -2.92 | ---- | 0.03 | 1.13 | 1.11 | ||
| 2058 | 17.49 | 14.49 | -2.99 | ---- | 0.03 | 1.13 | 1.10 | ||
| 2059 | 17.57 | 14.50 | -3.07 | ---- | 0.03 | 1.13 | 1.10 | ||
| 2060 | 17.66 | 14.51 | -3.15 | ---- | 0.04 | 1.14 | 1.10 | ||
| 2061 | 17.73 | 14.52 | -3.22 | ---- | 0.04 | 1.14 | 1.09 | ||
| 2062 | 17.81 | 14.52 | -3.28 | ---- | 0.05 | 1.14 | 1.09 | ||
| 2063 | 17.87 | 14.53 | -3.35 | ---- | 0.05 | 1.14 | 1.09 | ||
| 2064 | 17.94 | 14.54 | -3.40 | ---- | 0.05 | 1.14 | 1.09 | ||
| 2065 | 18.00 | 14.54 | -3.46 | ---- | 0.06 | 1.14 | 1.08 | ||
| 2066 | 18.07 | 14.55 | -3.52 | ---- | 0.06 | 1.14 | 1.08 | ||
| 2067 | 18.13 | 14.55 | -3.57 | ---- | 0.07 | 1.14 | 1.08 | ||
| 2068 | 18.19 | 14.56 | -3.63 | ---- | 0.07 | 1.14 | 1.07 | ||
| 2069 | 18.25 | 14.57 | -3.68 | ---- | 0.08 | 1.15 | 1.07 | ||
| 2070 | 18.31 | 14.57 | -3.74 | ---- | 0.08 | 1.15 | 1.07 | ||
| 2071 | 18.37 | 14.58 | -3.79 | ---- | 0.08 | 1.15 | 1.07 | ||
| 2072 | 18.42 | 14.58 | -3.84 | ---- | 0.09 | 1.15 | 1.06 | ||
| 2073 | 18.47 | 14.59 | -3.89 | ---- | 0.09 | 1.15 | 1.06 | ||
| 2074 | 18.52 | 14.59 | -3.93 | ---- | 0.09 | 1.15 | 1.06 | ||
| 2075 | 18.56 | 14.60 | -3.96 | ---- | 0.10 | 1.15 | 1.06 | ||
| 2076 | 18.59 | 14.60 | -3.99 | ---- | 0.10 | 1.15 | 1.06 | ||
| 2077 | 18.60 | 14.60 | -4.00 | ---- | 0.10 | 1.15 | 1.05 | ||
| 2078 | 18.61 | 14.60 | -4.00 | ---- | 0.10 | 1.16 | 1.05 | ||
| 2079 | 18.60 | 14.60 | -3.99 | ---- | 0.10 | 1.16 | 1.05 | ||
| 2080 | 18.57 | 14.60 | -3.97 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2081 | 18.54 | 14.60 | -3.94 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2082 | 18.50 | 14.60 | -3.90 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2083 | 18.46 | 14.60 | -3.86 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2084 | 18.40 | 14.60 | -3.80 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2085 | 18.34 | 14.59 | -3.74 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2086 | 18.27 | 14.59 | -3.68 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2087 | 18.20 | 14.59 | -3.62 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2088 | 18.13 | 14.58 | -3.55 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2089 | 18.07 | 14.58 | -3.49 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2090 | 18.01 | 14.58 | -3.43 | ---- | 0.11 | 1.16 | 1.05 | ||
| 2091 | 17.95 | 14.57 | -3.38 | ---- | 0.11 | 1.17 | 1.05 | ||
| 2092 | 17.91 | 14.57 | -3.34 | ---- | 0.11 | 1.17 | 1.05 | ||
| 2093 | 17.89 | 14.57 | -3.31 | ---- | 0.11 | 1.17 | 1.05 | ||
| 2094 | 17.87 | 14.57 | -3.30 | ---- | 0.11 | 1.17 | 1.05 | ||
| 2095 | 17.86 | 14.57 | -3.29 | ---- | 0.11 | 1.17 | 1.05 | ||
| 2096 | 17.86 | 14.57 | -3.29 | ---- | 0.11 | 1.17 | 1.05 | ||
| 2097 | 17.87 | 14.57 | -3.29 | ---- | 0.11 | 1.17 | 1.05 | ||
| 2098 | 17.89 | 14.58 | -3.31 | ---- | 0.11 | 1.17 | 1.05 | ||
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 | 17.43% | 14.84% | -2.59% | 2037 | 0.04% | 1.06% | 1.02% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2023 Trustees Report.