Detailed Single Year Tables
Description of Proposed Provision:
E3.15: Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2023-2032). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2023-2032). Provide benefit credit for earnings taxed up to the revised taxable maximum.
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 | 13.33 | -0.98 | 211 | 0.00 | 0.29 | 0.29 | ||
| 2024 | 14.45 | 13.50 | -0.94 | 196 | -0.00 | 0.55 | 0.55 | ||
| 2025 | 14.66 | 13.74 | -0.91 | 183 | -0.00 | 0.78 | 0.78 | ||
| 2026 | 14.88 | 14.06 | -0.83 | 170 | -0.00 | 0.98 | 0.98 | ||
| 2027 | 15.10 | 14.26 | -0.84 | 159 | -0.00 | 1.16 | 1.16 | ||
| 2028 | 15.33 | 14.45 | -0.87 | 149 | 0.00 | 1.31 | 1.31 | ||
| 2029 | 15.53 | 14.63 | -0.90 | 139 | 0.00 | 1.45 | 1.45 | ||
| 2030 | 15.73 | 14.78 | -0.95 | 130 | 0.00 | 1.58 | 1.57 | ||
| 2031 | 15.91 | 14.92 | -1.00 | 122 | 0.01 | 1.69 | 1.68 | ||
| 2032 | 16.08 | 15.04 | -1.04 | 114 | 0.01 | 1.80 | 1.79 | ||
| 2033 | 16.22 | 15.06 | -1.16 | 107 | 0.01 | 1.80 | 1.79 | ||
| 2034 | 16.34 | 15.07 | -1.27 | 99 | 0.02 | 1.80 | 1.79 | ||
| 2035 | 16.44 | 15.08 | -1.36 | 92 | 0.02 | 1.81 | 1.78 | ||
| 2036 | 16.53 | 15.09 | -1.44 | 84 | 0.03 | 1.81 | 1.78 | ||
| 2037 | 16.61 | 15.10 | -1.51 | 76 | 0.03 | 1.81 | 1.78 | ||
| 2038 | 16.68 | 15.11 | -1.58 | 67 | 0.04 | 1.81 | 1.77 | ||
| 2039 | 16.74 | 15.11 | -1.63 | 58 | 0.05 | 1.82 | 1.77 | ||
| 2040 | 16.78 | 15.12 | -1.66 | 49 | 0.06 | 1.82 | 1.76 | ||
| 2041 | 16.81 | 15.12 | -1.69 | 40 | 0.07 | 1.82 | 1.75 | ||
| 2042 | 16.84 | 15.13 | -1.72 | 31 | 0.08 | 1.82 | 1.74 | ||
| 2043 | 16.87 | 15.13 | -1.74 | 21 | 0.09 | 1.83 | 1.74 | ||
| 2044 | 16.91 | 15.13 | -1.77 | 11 | 0.10 | 1.83 | 1.73 | ||
| 2045 | 16.94 | 15.14 | -1.80 | 1 | 0.12 | 1.83 | 1.72 | ||
| 2046 | 16.97 | 15.14 | -1.83 | ---- | 0.13 | 1.83 | 1.70 | ||
| 2047 | 17.01 | 15.15 | -1.86 | ---- | 0.15 | 1.84 | 1.69 | ||
| 2048 | 17.05 | 15.15 | -1.90 | ---- | 0.16 | 1.84 | 1.68 | ||
| 2049 | 17.09 | 15.16 | -1.93 | ---- | 0.18 | 1.84 | 1.66 | ||
| 2050 | 17.15 | 15.17 | -1.98 | ---- | 0.20 | 1.85 | 1.65 | ||
| 2051 | 17.20 | 15.17 | -2.02 | ---- | 0.21 | 1.85 | 1.63 | ||
| 2052 | 17.25 | 15.18 | -2.07 | ---- | 0.23 | 1.85 | 1.62 | ||
| 2053 | 17.31 | 15.18 | -2.12 | ---- | 0.25 | 1.86 | 1.60 | ||
| 2054 | 17.37 | 15.19 | -2.18 | ---- | 0.27 | 1.86 | 1.58 | ||
| 2055 | 17.44 | 15.20 | -2.25 | ---- | 0.30 | 1.86 | 1.57 | ||
| 2056 | 17.52 | 15.21 | -2.32 | ---- | 0.32 | 1.87 | 1.55 | ||
| 2057 | 17.60 | 15.21 | -2.39 | ---- | 0.34 | 1.87 | 1.53 | ||
| 2058 | 17.69 | 15.22 | -2.47 | ---- | 0.36 | 1.87 | 1.51 | ||
| 2059 | 17.77 | 15.23 | -2.54 | ---- | 0.39 | 1.87 | 1.49 | ||
| 2060 | 17.86 | 15.24 | -2.62 | ---- | 0.41 | 1.88 | 1.47 | ||
| 2061 | 17.95 | 15.25 | -2.70 | ---- | 0.43 | 1.88 | 1.45 | ||
| 2062 | 18.03 | 15.26 | -2.77 | ---- | 0.46 | 1.89 | 1.43 | ||
| 2063 | 18.11 | 15.26 | -2.84 | ---- | 0.48 | 1.89 | 1.41 | ||
| 2064 | 18.18 | 15.27 | -2.91 | ---- | 0.50 | 1.89 | 1.39 | ||
| 2065 | 18.26 | 15.28 | -2.98 | ---- | 0.53 | 1.90 | 1.37 | ||
| 2066 | 18.33 | 15.29 | -3.05 | ---- | 0.55 | 1.90 | 1.35 | ||
| 2067 | 18.40 | 15.29 | -3.11 | ---- | 0.57 | 1.90 | 1.33 | ||
| 2068 | 18.48 | 15.30 | -3.18 | ---- | 0.59 | 1.91 | 1.31 | ||
| 2069 | 18.56 | 15.31 | -3.25 | ---- | 0.61 | 1.91 | 1.30 | ||
| 2070 | 18.64 | 15.31 | -3.32 | ---- | 0.63 | 1.91 | 1.28 | ||
| 2071 | 18.71 | 15.32 | -3.39 | ---- | 0.65 | 1.91 | 1.26 | ||
| 2072 | 18.78 | 15.33 | -3.45 | ---- | 0.67 | 1.92 | 1.25 | ||
| 2073 | 18.85 | 15.34 | -3.52 | ---- | 0.69 | 1.92 | 1.23 | ||
| 2074 | 18.92 | 15.34 | -3.57 | ---- | 0.71 | 1.92 | 1.22 | ||
| 2075 | 18.98 | 15.35 | -3.63 | ---- | 0.72 | 1.93 | 1.20 | ||
| 2076 | 19.02 | 15.35 | -3.67 | ---- | 0.74 | 1.93 | 1.19 | ||
| 2077 | 19.06 | 15.36 | -3.70 | ---- | 0.75 | 1.93 | 1.18 | ||
| 2078 | 19.08 | 15.36 | -3.72 | ---- | 0.76 | 1.93 | 1.17 | ||
| 2079 | 19.09 | 15.36 | -3.72 | ---- | 0.77 | 1.93 | 1.16 | ||
| 2080 | 19.08 | 15.36 | -3.72 | ---- | 0.78 | 1.94 | 1.16 | ||
| 2081 | 19.06 | 15.36 | -3.70 | ---- | 0.79 | 1.94 | 1.15 | ||
| 2082 | 19.04 | 15.36 | -3.67 | ---- | 0.79 | 1.94 | 1.15 | ||
| 2083 | 19.00 | 15.36 | -3.64 | ---- | 0.80 | 1.94 | 1.14 | ||
| 2084 | 18.96 | 15.36 | -3.60 | ---- | 0.80 | 1.94 | 1.14 | ||
| 2085 | 18.91 | 15.36 | -3.55 | ---- | 0.81 | 1.94 | 1.14 | ||
| 2086 | 18.85 | 15.36 | -3.50 | ---- | 0.81 | 1.94 | 1.13 | ||
| 2087 | 18.79 | 15.35 | -3.44 | ---- | 0.81 | 1.94 | 1.13 | ||
| 2088 | 18.72 | 15.35 | -3.37 | ---- | 0.81 | 1.94 | 1.13 | ||
| 2089 | 18.66 | 15.35 | -3.31 | ---- | 0.81 | 1.94 | 1.13 | ||
| 2090 | 18.60 | 15.34 | -3.26 | ---- | 0.81 | 1.94 | 1.14 | ||
| 2091 | 18.55 | 15.34 | -3.21 | ---- | 0.81 | 1.95 | 1.14 | ||
| 2092 | 18.51 | 15.34 | -3.17 | ---- | 0.81 | 1.95 | 1.14 | ||
| 2093 | 18.48 | 15.34 | -3.15 | ---- | 0.81 | 1.95 | 1.14 | ||
| 2094 | 18.46 | 15.34 | -3.13 | ---- | 0.81 | 1.95 | 1.14 | ||
| 2095 | 18.45 | 15.34 | -3.12 | ---- | 0.81 | 1.95 | 1.14 | ||
| 2096 | 18.45 | 15.34 | -3.12 | ---- | 0.81 | 1.95 | 1.14 | ||
| 2097 | 18.46 | 15.34 | -3.12 | ---- | 0.81 | 1.95 | 1.14 | ||
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 | 17.56% | 15.52% | -2.04% | 2045 | 0.36% | 1.75% | 1.38% | ||
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.