Detailed Single Year Tables
Description of Proposed Provision:
E3.13: Beginning in 2028, apply 2 percent payroll tax rate on earnings over the wage-indexed equivalent of $400,000 in 2017 (about $584,700 in 2028), with the threshold wage-indexed after 2028. 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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.94 | -1.49 | 217 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.64 | 12.98 | -1.67 | 200 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.88 | 13.00 | -1.88 | 183 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.11 | 13.12 | -1.99 | 165 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.35 | 13.15 | -2.20 | 148 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.58 | 13.35 | -2.24 | 130 | 0.00 | 0.16 | 0.16 | ||
| 2029 | 15.83 | 13.39 | -2.44 | 113 | -0.00 | 0.16 | 0.16 | ||
| 2030 | 16.02 | 13.41 | -2.62 | 96 | -0.00 | 0.16 | 0.16 | ||
| 2031 | 16.19 | 13.42 | -2.77 | 79 | -0.00 | 0.16 | 0.16 | ||
| 2032 | 16.33 | 13.43 | -2.90 | 61 | -0.00 | 0.16 | 0.16 | ||
| 2033 | 16.45 | 13.44 | -3.01 | 44 | -0.00 | 0.16 | 0.16 | ||
| 2034 | 16.55 | 13.45 | -3.10 | 26 | -0.00 | 0.16 | 0.16 | ||
| 2035 | 16.63 | 13.46 | -3.17 | 8 | -0.00 | 0.16 | 0.16 | ||
| 2036 | 16.69 | 13.46 | -3.22 | ---- | -0.00 | 0.16 | 0.16 | ||
| 2037 | 16.74 | 13.47 | -3.27 | ---- | -0.00 | 0.16 | 0.17 | ||
| 2038 | 16.78 | 13.47 | -3.31 | ---- | -0.00 | 0.16 | 0.17 | ||
| 2039 | 16.82 | 13.48 | -3.34 | ---- | -0.00 | 0.16 | 0.17 | ||
| 2040 | 16.85 | 13.48 | -3.36 | ---- | -0.00 | 0.16 | 0.17 | ||
| 2041 | 16.86 | 13.48 | -3.37 | ---- | -0.00 | 0.16 | 0.17 | ||
| 2042 | 16.86 | 13.48 | -3.37 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2043 | 16.85 | 13.48 | -3.36 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2044 | 16.83 | 13.48 | -3.35 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2045 | 16.82 | 13.48 | -3.33 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2046 | 16.80 | 13.48 | -3.31 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2047 | 16.79 | 13.49 | -3.30 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2048 | 16.79 | 13.49 | -3.30 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2049 | 16.78 | 13.49 | -3.29 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2050 | 16.78 | 13.49 | -3.30 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2051 | 16.79 | 13.49 | -3.30 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2052 | 16.81 | 13.49 | -3.31 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2053 | 16.83 | 13.50 | -3.33 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2054 | 16.86 | 13.50 | -3.36 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2055 | 16.89 | 13.50 | -3.39 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2056 | 16.93 | 13.51 | -3.42 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2057 | 16.97 | 13.51 | -3.46 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2058 | 17.03 | 13.51 | -3.51 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2059 | 17.08 | 13.52 | -3.56 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2060 | 17.14 | 13.52 | -3.62 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2061 | 17.20 | 13.53 | -3.67 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2062 | 17.26 | 13.53 | -3.73 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2063 | 17.32 | 13.54 | -3.79 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2064 | 17.39 | 13.54 | -3.84 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2065 | 17.45 | 13.55 | -3.90 | ---- | -0.00 | 0.17 | 0.17 | ||
| 2066 | 17.52 | 13.55 | -3.97 | ---- | -0.01 | 0.17 | 0.17 | ||
| 2067 | 17.59 | 13.56 | -4.03 | ---- | -0.01 | 0.17 | 0.17 | ||
| 2068 | 17.66 | 13.56 | -4.09 | ---- | -0.01 | 0.17 | 0.17 | ||
| 2069 | 17.73 | 13.57 | -4.16 | ---- | -0.01 | 0.17 | 0.17 | ||
| 2070 | 17.80 | 13.57 | -4.22 | ---- | -0.01 | 0.17 | 0.17 | ||
| 2071 | 17.86 | 13.58 | -4.29 | ---- | -0.01 | 0.17 | 0.17 | ||
| 2072 | 17.92 | 13.58 | -4.34 | ---- | -0.01 | 0.17 | 0.17 | ||
| 2073 | 17.98 | 13.59 | -4.39 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2074 | 18.03 | 13.59 | -4.44 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2075 | 18.07 | 13.60 | -4.48 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2076 | 18.11 | 13.60 | -4.51 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2077 | 18.13 | 13.60 | -4.53 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2078 | 18.15 | 13.60 | -4.54 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2079 | 18.14 | 13.60 | -4.54 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2080 | 18.13 | 13.60 | -4.53 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2081 | 18.11 | 13.60 | -4.51 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2082 | 18.09 | 13.60 | -4.49 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2083 | 18.06 | 13.60 | -4.46 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2084 | 18.03 | 13.60 | -4.43 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2085 | 17.99 | 13.60 | -4.39 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2086 | 17.95 | 13.59 | -4.36 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2087 | 17.92 | 13.59 | -4.32 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2088 | 17.89 | 13.59 | -4.30 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2089 | 17.87 | 13.59 | -4.28 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2090 | 17.86 | 13.59 | -4.27 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2091 | 17.86 | 13.59 | -4.27 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2092 | 17.87 | 13.59 | -4.28 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2093 | 17.90 | 13.59 | -4.31 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2094 | 17.93 | 13.59 | -4.34 | ---- | -0.01 | 0.17 | 0.18 | ||
| 2095 | 17.97 | 13.60 | -4.37 | ---- | -0.01 | 0.17 | 0.18 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 17.06% | 13.99% | -3.06% | 2035 | -0.00% | 0.15% | 0.15% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.