Detailed Single Year Tables
Description of Proposed Provision:
E2.5: Apply 12.4 percent payroll tax rate on earnings above $250,000 starting in 2024, and tax all earnings once the current-law taxable maximum exceeds $250,000. 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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.87 | 14.46 | -0.41 | 187 | 0.00 | 1.57 | 1.57 | ||
| 2025 | 15.04 | 14.74 | -0.31 | 178 | -0.00 | 1.76 | 1.76 | ||
| 2026 | 15.23 | 14.92 | -0.31 | 170 | -0.00 | 1.84 | 1.85 | ||
| 2027 | 15.38 | 15.01 | -0.37 | 163 | -0.00 | 1.92 | 1.92 | ||
| 2028 | 15.55 | 15.12 | -0.42 | 157 | -0.01 | 1.99 | 2.00 | ||
| 2029 | 15.71 | 15.23 | -0.48 | 151 | -0.01 | 2.07 | 2.08 | ||
| 2030 | 15.86 | 15.34 | -0.52 | 144 | -0.01 | 2.15 | 2.17 | ||
| 2031 | 15.99 | 15.45 | -0.54 | 139 | -0.01 | 2.24 | 2.25 | ||
| 2032 | 16.13 | 15.56 | -0.57 | 133 | -0.02 | 2.32 | 2.34 | ||
| 2033 | 16.25 | 15.65 | -0.59 | 128 | -0.02 | 2.40 | 2.43 | ||
| 2034 | 16.35 | 15.74 | -0.61 | 124 | -0.03 | 2.48 | 2.51 | ||
| 2035 | 16.44 | 15.77 | -0.68 | 120 | -0.03 | 2.50 | 2.53 | ||
| 2036 | 16.52 | 15.78 | -0.74 | 117 | -0.04 | 2.50 | 2.54 | ||
| 2037 | 16.59 | 15.78 | -0.81 | 113 | -0.04 | 2.50 | 2.54 | ||
| 2038 | 16.65 | 15.79 | -0.86 | 109 | -0.05 | 2.50 | 2.55 | ||
| 2039 | 16.69 | 15.80 | -0.90 | 104 | -0.05 | 2.50 | 2.55 | ||
| 2040 | 16.72 | 15.80 | -0.93 | 100 | -0.06 | 2.50 | 2.56 | ||
| 2041 | 16.74 | 15.80 | -0.94 | 95 | -0.06 | 2.50 | 2.56 | ||
| 2042 | 16.75 | 15.80 | -0.95 | 91 | -0.07 | 2.50 | 2.57 | ||
| 2043 | 16.76 | 15.81 | -0.95 | 86 | -0.07 | 2.50 | 2.57 | ||
| 2044 | 16.77 | 15.81 | -0.96 | 81 | -0.07 | 2.50 | 2.58 | ||
| 2045 | 16.79 | 15.81 | -0.97 | 76 | -0.08 | 2.50 | 2.58 | ||
| 2046 | 16.80 | 15.81 | -0.99 | 71 | -0.08 | 2.50 | 2.58 | ||
| 2047 | 16.82 | 15.82 | -1.00 | 66 | -0.08 | 2.50 | 2.59 | ||
| 2048 | 16.84 | 15.82 | -1.02 | 61 | -0.08 | 2.51 | 2.59 | ||
| 2049 | 16.87 | 15.82 | -1.04 | 55 | -0.09 | 2.51 | 2.59 | ||
| 2050 | 16.90 | 15.83 | -1.07 | 50 | -0.09 | 2.51 | 2.60 | ||
| 2051 | 16.93 | 15.83 | -1.10 | 44 | -0.09 | 2.51 | 2.60 | ||
| 2052 | 16.97 | 15.84 | -1.13 | 38 | -0.09 | 2.51 | 2.60 | ||
| 2053 | 17.01 | 15.84 | -1.17 | 32 | -0.09 | 2.51 | 2.60 | ||
| 2054 | 17.07 | 15.85 | -1.22 | 25 | -0.10 | 2.51 | 2.60 | ||
| 2055 | 17.13 | 15.85 | -1.28 | 18 | -0.10 | 2.51 | 2.61 | ||
| 2056 | 17.21 | 15.86 | -1.35 | 11 | -0.10 | 2.51 | 2.61 | ||
| 2057 | 17.28 | 15.86 | -1.42 | 4 | -0.10 | 2.51 | 2.61 | ||
| 2058 | 17.36 | 15.87 | -1.49 | ---- | -0.10 | 2.51 | 2.61 | ||
| 2059 | 17.44 | 15.88 | -1.56 | ---- | -0.10 | 2.51 | 2.61 | ||
| 2060 | 17.52 | 15.89 | -1.63 | ---- | -0.10 | 2.51 | 2.61 | ||
| 2061 | 17.59 | 15.89 | -1.70 | ---- | -0.10 | 2.51 | 2.61 | ||
| 2062 | 17.66 | 15.90 | -1.77 | ---- | -0.10 | 2.51 | 2.61 | ||
| 2063 | 17.73 | 15.90 | -1.83 | ---- | -0.09 | 2.51 | 2.61 | ||
| 2064 | 17.79 | 15.91 | -1.88 | ---- | -0.09 | 2.51 | 2.61 | ||
| 2065 | 17.85 | 15.92 | -1.94 | ---- | -0.09 | 2.52 | 2.61 | ||
| 2066 | 17.91 | 15.92 | -1.99 | ---- | -0.09 | 2.52 | 2.61 | ||
| 2067 | 17.97 | 15.93 | -2.04 | ---- | -0.09 | 2.52 | 2.61 | ||
| 2068 | 18.03 | 15.93 | -2.10 | ---- | -0.09 | 2.52 | 2.61 | ||
| 2069 | 18.09 | 15.94 | -2.15 | ---- | -0.09 | 2.52 | 2.61 | ||
| 2070 | 18.14 | 15.94 | -2.20 | ---- | -0.09 | 2.52 | 2.60 | ||
| 2071 | 18.20 | 15.95 | -2.25 | ---- | -0.09 | 2.52 | 2.60 | ||
| 2072 | 18.25 | 15.95 | -2.30 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2073 | 18.30 | 15.96 | -2.34 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2074 | 18.35 | 15.96 | -2.39 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2075 | 18.38 | 15.96 | -2.42 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2076 | 18.41 | 15.97 | -2.44 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2077 | 18.42 | 15.97 | -2.45 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2078 | 18.43 | 15.97 | -2.46 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2079 | 18.41 | 15.97 | -2.44 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2080 | 18.39 | 15.97 | -2.42 | ---- | -0.08 | 2.52 | 2.60 | ||
| 2081 | 18.36 | 15.97 | -2.39 | ---- | -0.07 | 2.52 | 2.60 | ||
| 2082 | 18.32 | 15.97 | -2.35 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2083 | 18.27 | 15.97 | -2.31 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2084 | 18.22 | 15.96 | -2.25 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2085 | 18.16 | 15.96 | -2.20 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2086 | 18.09 | 15.96 | -2.13 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2087 | 18.02 | 15.95 | -2.07 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2088 | 17.95 | 15.95 | -2.00 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2089 | 17.88 | 15.95 | -1.94 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2090 | 17.83 | 15.94 | -1.88 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2091 | 17.77 | 15.94 | -1.83 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2092 | 17.73 | 15.94 | -1.80 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2093 | 17.70 | 15.94 | -1.77 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2094 | 17.69 | 15.94 | -1.75 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2095 | 17.68 | 15.94 | -1.74 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2096 | 17.68 | 15.94 | -1.74 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2097 | 17.69 | 15.94 | -1.75 | ---- | -0.07 | 2.53 | 2.60 | ||
| 2098 | 17.71 | 15.94 | -1.77 | ---- | -0.07 | 2.53 | 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 |
||
| 2023-2097 | 17.32% | 16.18% | -1.14% | 2057 | -0.07% | 2.40% | 2.47% | ||
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.