Description of Proposed Provision:
E3.4: Increase the taxable maximum from $106,800 to $115,200 (in 2009 AWI-indexed dollars), or from $142,200 to $153,300 in 2020, phased in 2018-2020. Provide benefit credit for earnings 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 |
|||
2017 | 13.41 | 13.03 | -0.38 | 298 | 0.00 | 0.00 | 0.00 | ||
2018 | 13.49 | 12.98 | -0.51 | 287 | 0.00 | 0.05 | 0.05 | ||
2019 | 13.70 | 13.05 | -0.65 | 273 | -0.00 | 0.10 | 0.10 | ||
2020 | 13.85 | 13.11 | -0.74 | 260 | -0.00 | 0.15 | 0.15 | ||
2021 | 14.02 | 13.15 | -0.87 | 247 | -0.00 | 0.16 | 0.16 | ||
2022 | 14.26 | 13.18 | -1.08 | 233 | 0.00 | 0.16 | 0.16 | ||
2023 | 14.54 | 13.20 | -1.34 | 219 | 0.00 | 0.15 | 0.15 | ||
2024 | 14.83 | 13.24 | -1.59 | 204 | 0.00 | 0.15 | 0.15 | ||
2025 | 15.10 | 13.26 | -1.84 | 188 | 0.00 | 0.15 | 0.15 | ||
2026 | 15.37 | 13.29 | -2.08 | 172 | 0.00 | 0.16 | 0.15 | ||
2027 | 15.62 | 13.31 | -2.31 | 155 | 0.00 | 0.16 | 0.15 | ||
2028 | 15.86 | 13.32 | -2.54 | 138 | 0.00 | 0.15 | 0.15 | ||
2029 | 16.07 | 13.34 | -2.74 | 121 | 0.01 | 0.15 | 0.15 | ||
2030 | 16.27 | 13.35 | -2.92 | 104 | 0.01 | 0.15 | 0.15 | ||
2031 | 16.46 | 13.36 | -3.09 | 86 | 0.01 | 0.15 | 0.15 | ||
2032 | 16.62 | 13.37 | -3.24 | 68 | 0.01 | 0.16 | 0.15 | ||
2033 | 16.75 | 13.38 | -3.37 | 49 | 0.01 | 0.15 | 0.14 | ||
2034 | 16.86 | 13.39 | -3.47 | 30 | 0.01 | 0.15 | 0.14 | ||
2035 | 16.94 | 13.40 | -3.55 | 10 | 0.01 | 0.16 | 0.14 | ||
2036 | 17.00 | 13.40 | -3.60 | ---- | 0.02 | 0.16 | 0.14 | ||
2037 | 17.04 | 13.40 | -3.63 | ---- | 0.02 | 0.16 | 0.14 | ||
2038 | 17.04 | 13.40 | -3.64 | ---- | 0.02 | 0.15 | 0.14 | ||
2039 | 17.02 | 13.41 | -3.61 | ---- | 0.02 | 0.16 | 0.14 | ||
2040 | 16.98 | 13.40 | -3.58 | ---- | 0.02 | 0.16 | 0.13 | ||
2041 | 16.94 | 13.40 | -3.54 | ---- | 0.02 | 0.16 | 0.13 | ||
2042 | 16.89 | 13.40 | -3.49 | ---- | 0.02 | 0.16 | 0.13 | ||
2043 | 16.83 | 13.40 | -3.44 | ---- | 0.03 | 0.16 | 0.13 | ||
2044 | 16.79 | 13.39 | -3.39 | ---- | 0.03 | 0.16 | 0.13 | ||
2045 | 16.75 | 13.39 | -3.35 | ---- | 0.03 | 0.16 | 0.13 | ||
2046 | 16.71 | 13.39 | -3.32 | ---- | 0.03 | 0.16 | 0.12 | ||
2047 | 16.68 | 13.39 | -3.29 | ---- | 0.03 | 0.16 | 0.12 | ||
2048 | 16.65 | 13.39 | -3.26 | ---- | 0.04 | 0.16 | 0.12 | ||
2049 | 16.63 | 13.39 | -3.24 | ---- | 0.04 | 0.16 | 0.12 | ||
2050 | 16.61 | 13.39 | -3.22 | ---- | 0.04 | 0.16 | 0.12 | ||
2051 | 16.60 | 13.39 | -3.21 | ---- | 0.04 | 0.16 | 0.12 | ||
2052 | 16.60 | 13.39 | -3.21 | ---- | 0.04 | 0.16 | 0.12 | ||
2053 | 16.61 | 13.39 | -3.22 | ---- | 0.04 | 0.16 | 0.11 | ||
2054 | 16.64 | 13.39 | -3.24 | ---- | 0.05 | 0.16 | 0.11 | ||
2055 | 16.67 | 13.40 | -3.27 | ---- | 0.05 | 0.16 | 0.11 | ||
2056 | 16.71 | 13.40 | -3.31 | ---- | 0.05 | 0.16 | 0.11 | ||
2057 | 16.75 | 13.40 | -3.35 | ---- | 0.05 | 0.16 | 0.11 | ||
2058 | 16.79 | 13.41 | -3.39 | ---- | 0.05 | 0.16 | 0.11 | ||
2059 | 16.84 | 13.41 | -3.43 | ---- | 0.06 | 0.16 | 0.10 | ||
2060 | 16.89 | 13.41 | -3.47 | ---- | 0.06 | 0.16 | 0.10 | ||
2061 | 16.94 | 13.42 | -3.52 | ---- | 0.06 | 0.16 | 0.10 | ||
2062 | 16.98 | 13.42 | -3.56 | ---- | 0.06 | 0.16 | 0.10 | ||
2063 | 17.03 | 13.42 | -3.61 | ---- | 0.06 | 0.16 | 0.10 | ||
2064 | 17.08 | 13.43 | -3.66 | ---- | 0.07 | 0.16 | 0.10 | ||
2065 | 17.13 | 13.43 | -3.70 | ---- | 0.07 | 0.16 | 0.10 | ||
2066 | 17.19 | 13.43 | -3.75 | ---- | 0.07 | 0.16 | 0.09 | ||
2067 | 17.24 | 13.44 | -3.80 | ---- | 0.07 | 0.16 | 0.09 | ||
2068 | 17.29 | 13.44 | -3.85 | ---- | 0.07 | 0.16 | 0.09 | ||
2069 | 17.35 | 13.45 | -3.90 | ---- | 0.07 | 0.16 | 0.09 | ||
2070 | 17.40 | 13.45 | -3.95 | ---- | 0.07 | 0.16 | 0.09 | ||
2071 | 17.45 | 13.45 | -4.00 | ---- | 0.07 | 0.16 | 0.09 | ||
2072 | 17.49 | 13.45 | -4.03 | ---- | 0.08 | 0.16 | 0.09 | ||
2073 | 17.52 | 13.46 | -4.07 | ---- | 0.08 | 0.16 | 0.09 | ||
2074 | 17.56 | 13.46 | -4.10 | ---- | 0.08 | 0.16 | 0.09 | ||
2075 | 17.58 | 13.46 | -4.12 | ---- | 0.08 | 0.16 | 0.09 | ||
2076 | 17.60 | 13.46 | -4.14 | ---- | 0.08 | 0.16 | 0.09 | ||
2077 | 17.60 | 13.46 | -4.14 | ---- | 0.08 | 0.16 | 0.09 | ||
2078 | 17.60 | 13.46 | -4.14 | ---- | 0.08 | 0.16 | 0.09 | ||
2079 | 17.60 | 13.46 | -4.13 | ---- | 0.08 | 0.16 | 0.08 | ||
2080 | 17.59 | 13.46 | -4.13 | ---- | 0.08 | 0.16 | 0.09 | ||
2081 | 17.59 | 13.46 | -4.12 | ---- | 0.08 | 0.16 | 0.08 | ||
2082 | 17.59 | 13.46 | -4.12 | ---- | 0.08 | 0.16 | 0.08 | ||
2083 | 17.59 | 13.46 | -4.13 | ---- | 0.08 | 0.16 | 0.08 | ||
2084 | 17.61 | 13.46 | -4.14 | ---- | 0.08 | 0.17 | 0.08 | ||
2085 | 17.63 | 13.46 | -4.17 | ---- | 0.08 | 0.16 | 0.08 | ||
2086 | 17.66 | 13.47 | -4.20 | ---- | 0.08 | 0.17 | 0.08 | ||
2087 | 17.70 | 13.47 | -4.23 | ---- | 0.08 | 0.16 | 0.08 | ||
2088 | 17.74 | 13.47 | -4.27 | ---- | 0.08 | 0.17 | 0.08 | ||
2089 | 17.78 | 13.47 | -4.31 | ---- | 0.08 | 0.17 | 0.08 | ||
2090 | 17.83 | 13.48 | -4.35 | ---- | 0.08 | 0.17 | 0.08 | ||
2091 | 17.88 | 13.48 | -4.40 | ---- | 0.08 | 0.17 | 0.08 | ||
2092 | 17.92 | 13.48 | -4.44 | ---- | 0.08 | 0.17 | 0.08 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2017-2091 | 16.70% | 13.99% | -2.71% | 2035 | 0.04% | 0.15% | 0.11% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2017 Trustees Report.