Detailed Single Year Tables
Description of Proposed Provision:
E3.17: Beginning in 2024, increase the taxable maximum by twice the rate of increase in the national Average Wage Index, but never by less than 3 percent. Provide benefit credit for earnings up to the revised taxable maximum levels.
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 |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.31 | 13.04 | -1.27 | 211 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.45 | 13.08 | -1.36 | 194 | 0.00 | 0.13 | 0.13 | ||
| 2025 | 14.66 | 13.19 | -1.47 | 178 | -0.00 | 0.22 | 0.22 | ||
| 2026 | 14.88 | 13.38 | -1.50 | 162 | 0.00 | 0.30 | 0.30 | ||
| 2027 | 15.10 | 13.47 | -1.63 | 147 | 0.00 | 0.37 | 0.37 | ||
| 2028 | 15.33 | 13.58 | -1.75 | 132 | 0.00 | 0.44 | 0.44 | ||
| 2029 | 15.53 | 13.67 | -1.86 | 117 | 0.00 | 0.50 | 0.50 | ||
| 2030 | 15.73 | 13.76 | -1.97 | 103 | 0.00 | 0.56 | 0.55 | ||
| 2031 | 15.91 | 13.84 | -2.07 | 89 | 0.01 | 0.61 | 0.61 | ||
| 2032 | 16.08 | 13.91 | -2.17 | 75 | 0.01 | 0.66 | 0.66 | ||
| 2033 | 16.22 | 13.97 | -2.25 | 61 | 0.01 | 0.72 | 0.70 | ||
| 2034 | 16.34 | 14.03 | -2.31 | 48 | 0.02 | 0.76 | 0.75 | ||
| 2035 | 16.44 | 14.08 | -2.36 | 34 | 0.02 | 0.81 | 0.79 | ||
| 2036 | 16.52 | 14.13 | -2.39 | 20 | 0.03 | 0.85 | 0.83 | ||
| 2037 | 16.61 | 14.18 | -2.42 | 6 | 0.03 | 0.90 | 0.87 | ||
| 2038 | 16.68 | 14.23 | -2.45 | ---- | 0.04 | 0.94 | 0.90 | ||
| 2039 | 16.73 | 14.28 | -2.45 | ---- | 0.05 | 0.98 | 0.94 | ||
| 2040 | 16.77 | 14.33 | -2.45 | ---- | 0.05 | 1.03 | 0.97 | ||
| 2041 | 16.80 | 14.37 | -2.44 | ---- | 0.06 | 1.06 | 1.00 | ||
| 2042 | 16.84 | 14.41 | -2.43 | ---- | 0.07 | 1.11 | 1.03 | ||
| 2043 | 16.86 | 14.44 | -2.42 | ---- | 0.08 | 1.14 | 1.06 | ||
| 2044 | 16.90 | 14.48 | -2.41 | ---- | 0.09 | 1.18 | 1.09 | ||
| 2045 | 16.93 | 14.52 | -2.40 | ---- | 0.10 | 1.21 | 1.11 | ||
| 2046 | 16.96 | 14.56 | -2.40 | ---- | 0.12 | 1.25 | 1.13 | ||
| 2047 | 16.99 | 14.59 | -2.40 | ---- | 0.13 | 1.28 | 1.15 | ||
| 2048 | 17.04 | 14.63 | -2.41 | ---- | 0.15 | 1.31 | 1.17 | ||
| 2049 | 17.08 | 14.66 | -2.42 | ---- | 0.16 | 1.34 | 1.18 | ||
| 2050 | 17.13 | 14.70 | -2.43 | ---- | 0.18 | 1.38 | 1.20 | ||
| 2051 | 17.18 | 14.73 | -2.45 | ---- | 0.20 | 1.41 | 1.21 | ||
| 2052 | 17.23 | 14.76 | -2.46 | ---- | 0.22 | 1.44 | 1.22 | ||
| 2053 | 17.29 | 14.80 | -2.49 | ---- | 0.23 | 1.47 | 1.23 | ||
| 2054 | 17.35 | 14.83 | -2.52 | ---- | 0.26 | 1.50 | 1.24 | ||
| 2055 | 17.43 | 14.86 | -2.56 | ---- | 0.28 | 1.53 | 1.25 | ||
| 2056 | 17.50 | 14.89 | -2.61 | ---- | 0.30 | 1.55 | 1.25 | ||
| 2057 | 17.59 | 14.93 | -2.66 | ---- | 0.32 | 1.58 | 1.26 | ||
| 2058 | 17.67 | 14.96 | -2.71 | ---- | 0.35 | 1.61 | 1.26 | ||
| 2059 | 17.76 | 14.99 | -2.77 | ---- | 0.37 | 1.63 | 1.26 | ||
| 2060 | 17.85 | 15.02 | -2.83 | ---- | 0.40 | 1.66 | 1.26 | ||
| 2061 | 17.94 | 15.05 | -2.88 | ---- | 0.42 | 1.69 | 1.26 | ||
| 2062 | 18.02 | 15.08 | -2.94 | ---- | 0.45 | 1.71 | 1.26 | ||
| 2063 | 18.10 | 15.11 | -2.99 | ---- | 0.48 | 1.74 | 1.26 | ||
| 2064 | 18.18 | 15.14 | -3.04 | ---- | 0.50 | 1.76 | 1.26 | ||
| 2065 | 18.26 | 15.17 | -3.09 | ---- | 0.53 | 1.78 | 1.26 | ||
| 2066 | 18.34 | 15.19 | -3.15 | ---- | 0.56 | 1.81 | 1.25 | ||
| 2067 | 18.42 | 15.22 | -3.20 | ---- | 0.58 | 1.83 | 1.25 | ||
| 2068 | 18.50 | 15.25 | -3.25 | ---- | 0.61 | 1.85 | 1.24 | ||
| 2069 | 18.58 | 15.27 | -3.31 | ---- | 0.64 | 1.87 | 1.23 | ||
| 2070 | 18.67 | 15.30 | -3.37 | ---- | 0.66 | 1.89 | 1.23 | ||
| 2071 | 18.75 | 15.32 | -3.43 | ---- | 0.69 | 1.91 | 1.22 | ||
| 2072 | 18.83 | 15.34 | -3.48 | ---- | 0.72 | 1.93 | 1.21 | ||
| 2073 | 18.91 | 15.37 | -3.54 | ---- | 0.75 | 1.95 | 1.21 | ||
| 2074 | 18.98 | 15.39 | -3.59 | ---- | 0.77 | 1.97 | 1.20 | ||
| 2075 | 19.05 | 15.42 | -3.64 | ---- | 0.80 | 1.99 | 1.19 | ||
| 2076 | 19.11 | 15.44 | -3.67 | ---- | 0.82 | 2.01 | 1.19 | ||
| 2077 | 19.16 | 15.46 | -3.70 | ---- | 0.85 | 2.03 | 1.18 | ||
| 2078 | 19.19 | 15.48 | -3.71 | ---- | 0.87 | 2.05 | 1.18 | ||
| 2079 | 19.21 | 15.50 | -3.71 | ---- | 0.89 | 2.07 | 1.17 | ||
| 2080 | 19.21 | 15.51 | -3.70 | ---- | 0.91 | 2.08 | 1.17 | ||
| 2081 | 19.21 | 15.53 | -3.68 | ---- | 0.93 | 2.10 | 1.17 | ||
| 2082 | 19.20 | 15.54 | -3.65 | ---- | 0.95 | 2.12 | 1.17 | ||
| 2083 | 19.17 | 15.56 | -3.61 | ---- | 0.97 | 2.14 | 1.17 | ||
| 2084 | 19.14 | 15.57 | -3.57 | ---- | 0.98 | 2.15 | 1.17 | ||
| 2085 | 19.10 | 15.58 | -3.52 | ---- | 1.00 | 2.17 | 1.17 | ||
| 2086 | 19.06 | 15.60 | -3.46 | ---- | 1.01 | 2.18 | 1.17 | ||
| 2087 | 19.01 | 15.61 | -3.40 | ---- | 1.02 | 2.20 | 1.17 | ||
| 2088 | 18.95 | 15.62 | -3.33 | ---- | 1.04 | 2.21 | 1.17 | ||
| 2089 | 18.90 | 15.63 | -3.27 | ---- | 1.05 | 2.22 | 1.18 | ||
| 2090 | 18.85 | 15.63 | -3.21 | ---- | 1.06 | 2.24 | 1.18 | ||
| 2091 | 18.81 | 15.64 | -3.17 | ---- | 1.07 | 2.25 | 1.18 | ||
| 2092 | 18.78 | 15.66 | -3.13 | ---- | 1.08 | 2.26 | 1.18 | ||
| 2093 | 18.76 | 15.66 | -3.10 | ---- | 1.09 | 2.27 | 1.18 | ||
| 2094 | 18.75 | 15.68 | -3.08 | ---- | 1.10 | 2.29 | 1.19 | ||
| 2095 | 18.76 | 15.69 | -3.07 | ---- | 1.11 | 2.30 | 1.19 | ||
| 2096 | 18.77 | 15.70 | -3.07 | ---- | 1.13 | 2.31 | 1.19 | ||
| 2097 | 18.78 | 15.71 | -3.07 | ---- | 1.14 | 2.32 | 1.19 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2022-2096 | 17.61% | 15.19% | -2.43% | 2037 | 0.41% | 1.41% | 0.99% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.