Detailed Single Year Tables
Description of Proposed Provision:
E2.8: Apply a 2 percent payroll tax on earnings above the current-law taxable maximum for years 2022-2069, and a 3 percent rate for years 2070 and later. Do not provide benefit credit for earnings above the current-law 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 |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.09 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.23 | 13.31 | -0.92 | 229 | 0.00 | 0.39 | 0.39 | ||
| 2023 | 14.40 | 13.34 | -1.05 | 216 | -0.00 | 0.40 | 0.40 | ||
| 2024 | 14.59 | 13.37 | -1.21 | 202 | -0.00 | 0.40 | 0.40 | ||
| 2025 | 14.78 | 13.39 | -1.40 | 188 | -0.00 | 0.40 | 0.40 | ||
| 2026 | 14.99 | 13.51 | -1.47 | 173 | -0.00 | 0.40 | 0.40 | ||
| 2027 | 15.19 | 13.53 | -1.66 | 159 | -0.00 | 0.40 | 0.40 | ||
| 2028 | 15.43 | 13.57 | -1.86 | 145 | -0.00 | 0.40 | 0.40 | ||
| 2029 | 15.62 | 13.59 | -2.03 | 131 | -0.00 | 0.40 | 0.40 | ||
| 2030 | 15.80 | 13.60 | -2.20 | 116 | -0.00 | 0.40 | 0.40 | ||
| 2031 | 15.96 | 13.62 | -2.35 | 102 | -0.00 | 0.40 | 0.40 | ||
| 2032 | 16.11 | 13.63 | -2.48 | 87 | -0.00 | 0.40 | 0.40 | ||
| 2033 | 16.23 | 13.64 | -2.59 | 72 | -0.00 | 0.40 | 0.40 | ||
| 2034 | 16.32 | 13.65 | -2.68 | 57 | -0.00 | 0.40 | 0.40 | ||
| 2035 | 16.40 | 13.65 | -2.74 | 41 | -0.00 | 0.40 | 0.40 | ||
| 2036 | 16.46 | 13.66 | -2.80 | 25 | -0.00 | 0.40 | 0.40 | ||
| 2037 | 16.51 | 13.66 | -2.85 | 9 | -0.00 | 0.40 | 0.40 | ||
| 2038 | 16.56 | 13.67 | -2.89 | ---- | -0.00 | 0.40 | 0.40 | ||
| 2039 | 16.60 | 13.67 | -2.93 | ---- | -0.00 | 0.40 | 0.41 | ||
| 2040 | 16.61 | 13.67 | -2.94 | ---- | -0.00 | 0.40 | 0.41 | ||
| 2041 | 16.61 | 13.68 | -2.93 | ---- | -0.00 | 0.40 | 0.41 | ||
| 2042 | 16.59 | 13.68 | -2.91 | ---- | -0.00 | 0.40 | 0.41 | ||
| 2043 | 16.55 | 13.67 | -2.88 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2044 | 16.52 | 13.67 | -2.84 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2045 | 16.48 | 13.67 | -2.81 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2046 | 16.45 | 13.67 | -2.77 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2047 | 16.42 | 13.67 | -2.75 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2048 | 16.40 | 13.67 | -2.73 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2049 | 16.38 | 13.67 | -2.70 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2050 | 16.36 | 13.67 | -2.69 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2051 | 16.35 | 13.67 | -2.68 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2052 | 16.36 | 13.67 | -2.68 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2053 | 16.36 | 13.68 | -2.69 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2054 | 16.38 | 13.68 | -2.70 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2055 | 16.40 | 13.68 | -2.72 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2056 | 16.43 | 13.68 | -2.75 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2057 | 16.47 | 13.69 | -2.78 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2058 | 16.51 | 13.69 | -2.82 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2059 | 16.56 | 13.70 | -2.87 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2060 | 16.62 | 13.70 | -2.92 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2061 | 16.67 | 13.70 | -2.96 | ---- | -0.01 | 0.40 | 0.42 | ||
| 2062 | 16.72 | 13.71 | -3.01 | ---- | -0.01 | 0.40 | 0.42 | ||
| 2063 | 16.77 | 13.71 | -3.06 | ---- | -0.01 | 0.40 | 0.42 | ||
| 2064 | 16.83 | 13.72 | -3.11 | ---- | -0.01 | 0.40 | 0.42 | ||
| 2065 | 16.88 | 13.72 | -3.16 | ---- | -0.01 | 0.40 | 0.42 | ||
| 2066 | 16.94 | 13.72 | -3.22 | ---- | -0.01 | 0.40 | 0.42 | ||
| 2067 | 17.00 | 13.73 | -3.27 | ---- | -0.02 | 0.40 | 0.42 | ||
| 2068 | 17.06 | 13.73 | -3.33 | ---- | -0.02 | 0.40 | 0.42 | ||
| 2069 | 17.12 | 13.74 | -3.38 | ---- | -0.02 | 0.40 | 0.42 | ||
| 2070 | 17.18 | 13.93 | -3.25 | ---- | -0.02 | 0.59 | 0.61 | ||
| 2071 | 17.24 | 13.94 | -3.29 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2072 | 17.28 | 13.95 | -3.34 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2073 | 17.33 | 13.95 | -3.38 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2074 | 17.37 | 13.96 | -3.42 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2075 | 17.41 | 13.96 | -3.45 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2076 | 17.44 | 13.96 | -3.48 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2077 | 17.46 | 13.96 | -3.50 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2078 | 17.47 | 13.96 | -3.50 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2079 | 17.46 | 13.96 | -3.49 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2080 | 17.44 | 13.96 | -3.48 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2081 | 17.43 | 13.96 | -3.46 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2082 | 17.41 | 13.96 | -3.44 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2083 | 17.38 | 13.96 | -3.42 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2084 | 17.36 | 13.96 | -3.40 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2085 | 17.34 | 13.96 | -3.38 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2086 | 17.32 | 13.96 | -3.36 | ---- | -0.02 | 0.61 | 0.62 | ||
| 2087 | 17.31 | 13.96 | -3.35 | ---- | -0.02 | 0.61 | 0.62 | ||
| 2088 | 17.31 | 13.96 | -3.35 | ---- | -0.02 | 0.61 | 0.62 | ||
| 2089 | 17.32 | 13.96 | -3.36 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2090 | 17.34 | 13.96 | -3.38 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2091 | 17.37 | 13.96 | -3.41 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2092 | 17.41 | 13.97 | -3.44 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2093 | 17.45 | 13.97 | -3.49 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2094 | 17.50 | 13.97 | -3.53 | ---- | -0.02 | 0.61 | 0.63 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2019-2093 | 16.59% | 14.25% | -2.34% | 2037 | -0.01% | 0.44% | 0.45% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2019 Trustees Report.