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Detailed Single Year Tables

Description of Proposed Provision:
E2.11: Eliminate the taxable maximum in years 2022 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2018, 4.96 percent in 2019, and so on, up to 12.40 percent in 2022. Provide benefit credit for earnings above the current-law taxable maximum that are subject to the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2017 that were in excess of that year's current-law taxable maximum; and (2) a formula factor of 5 percent on this newly computed "AIME+".

 

Financial Estimates for the OASDI Trust Fund Program

 
  Proposal
  Change from Present Law
  Expressed as a percentage of
present-law taxable payroll

Trust fund
ratio as of
January 1
Expressed as a percentage of
present-law taxable payroll
Calendar
year
Cost
rate
Income
rate
Annual
balance

Cost
rate
Income
rate
Annual
balance
201614.0512.94-1.10
303
0.000.000.00
201713.7212.92-0.80
293
0.000.000.00
201813.8613.45-0.40
277
0.000.500.50
201913.9913.96-0.02
265
0.001.001.00
202014.1314.450.32
256
0.001.471.47
202114.2714.930.66
251
0.001.921.93
202214.4915.390.90
248
0.002.362.36
202314.7615.410.66
246
0.002.352.36
202415.0215.430.40
243
0.002.342.34
202515.2915.420.14
239
0.002.312.31
202615.4815.44-0.04
236
0.012.312.31
202715.6615.46-0.20
232
0.012.312.31
202815.8315.47-0.35
229
0.012.322.30
202915.9815.49-0.50
226
0.022.322.30
203016.1215.50-0.63
222
0.022.322.30
203116.2515.51-0.74
219
0.032.322.29
203216.3615.52-0.84
216
0.032.322.29
203316.4415.53-0.92
212
0.042.322.28
203416.5115.53-0.97
208
0.042.322.28
203516.5415.54-1.00
204
0.052.322.28
203616.6115.55-1.06
200
0.052.332.27
203716.6615.55-1.10
195
0.062.332.27
203816.6815.56-1.12
190
0.062.332.26
203916.6815.56-1.12
186
0.072.332.26
204016.6715.56-1.10
181
0.072.332.26
204116.6415.56-1.08
177
0.082.332.25
204216.6215.57-1.05
172
0.092.332.25
204316.5915.57-1.03
168
0.092.332.24
204416.5615.57-1.00
164
0.102.342.24
204516.5515.57-0.98
160
0.102.342.23
204616.5315.57-0.96
156
0.112.342.23
204716.5215.57-0.95
152
0.112.342.23
204816.5015.57-0.93
148
0.122.342.22
204916.4915.57-0.92
144
0.122.342.22
205016.4915.58-0.91
140
0.132.342.21
205116.4915.58-0.92
136
0.142.352.21
205216.5115.58-0.93
132
0.142.352.21
205316.5415.59-0.95
127
0.152.352.20
205416.5815.59-0.99
123
0.152.352.20
205516.6215.59-1.03
118
0.162.352.19
205616.6715.60-1.07
113
0.162.352.19
205716.7215.60-1.12
108
0.172.352.19
205816.7815.61-1.17
102
0.172.362.18
205916.8315.61-1.22
96
0.182.362.18
206016.8915.62-1.27
90
0.182.362.18
206116.9415.63-1.32
83
0.192.362.17
206217.0015.63-1.37
76
0.192.362.17
206317.0515.63-1.42
69
0.202.362.17
206417.1015.64-1.46
61
0.202.362.16
206517.1615.64-1.51
54
0.202.372.16
206617.2115.65-1.56
46
0.212.372.16
206717.2715.65-1.61
37
0.212.372.16
206817.3315.66-1.67
28
0.212.372.16
206917.3815.66-1.72
19
0.222.372.16
207017.4415.67-1.77
10
0.222.372.15
207117.4815.67-1.81
----
0.222.372.15
207217.5315.68-1.85
----
0.222.382.15
207317.5715.68-1.88
----
0.232.382.15
207417.6015.69-1.91
----
0.232.382.15
207517.6215.69-1.93
----
0.232.382.15
207617.6315.69-1.94
----
0.232.382.15
207717.6415.69-1.95
----
0.232.382.15
207817.6415.69-1.95
----
0.232.382.15
207917.6415.70-1.94
----
0.232.382.15
208017.6315.70-1.94
----
0.232.392.15
208117.6315.70-1.94
----
0.232.392.15
208217.6415.70-1.94
----
0.232.392.15
208317.6515.70-1.95
----
0.242.392.15
208417.6815.70-1.97
----
0.242.392.15
208517.7115.71-2.00
----
0.242.392.15
208617.7415.71-2.03
----
0.242.392.16
208717.7815.71-2.07
----
0.242.392.16
208817.8315.72-2.11
----
0.242.402.16
208917.8715.72-2.15
----
0.242.402.16
209017.9215.73-2.19
----
0.242.402.16
209117.9715.73-2.23
----
0.242.402.16



 

Summarized Estimates

 
  Proposal
  Change from Present Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2016 Trustees Report.
2016-2090 16.62% 16.06% -0.56%
2070
0.12% 2.21% 2.10%
 
1 Under present law, the year of Trust Fund reserve depletion is 2034.

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Last reviewed or modified August 30, 2016