Description of Proposed Provision:
E3.1: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in 2019-2028). 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
201813.8112.64-1.17
288
0.000.000.00
201913.9513.01-0.95
272
0.000.130.13
202014.1213.17-0.96
257
-0.000.270.27
202114.2713.32-0.95
242
-0.000.400.40
202214.4413.46-0.98
228
-0.000.510.51
202314.6213.58-1.04
214
0.000.620.61
202414.8113.70-1.10
201
0.000.710.71
202514.9913.81-1.18
188
0.000.800.79
202615.1614.01-1.15
175
0.010.880.87
202715.3714.10-1.27
163
0.010.950.94
202815.5914.19-1.40
152
0.011.021.01
202915.8114.22-1.59
141
0.011.031.01
203016.0014.23-1.77
129
0.021.031.01
203116.1814.25-1.94
118
0.021.031.01
203216.3514.26-2.09
106
0.031.031.00
203316.4914.27-2.22
94
0.041.031.00
203416.6114.28-2.33
81
0.041.030.99
203516.7014.29-2.41
68
0.051.030.99
203616.7814.30-2.48
54
0.061.040.98
203716.8514.30-2.54
40
0.061.040.97
203816.8914.31-2.58
26
0.071.040.97
203916.9114.31-2.60
11
0.081.040.96
204016.9214.32-2.60
----
0.091.040.95
204116.9114.32-2.59
----
0.101.040.95
204216.8814.32-2.56
----
0.101.050.94
204316.8514.32-2.53
----
0.111.050.93
204416.8214.32-2.50
----
0.121.050.93
204516.7914.32-2.47
----
0.131.050.92
204616.7714.32-2.45
----
0.141.050.91
204716.7514.32-2.43
----
0.151.050.90
204816.7314.32-2.41
----
0.161.050.90
204916.7214.32-2.40
----
0.171.060.89
205016.7214.32-2.40
----
0.181.060.88
205116.7214.33-2.39
----
0.191.060.87
205216.7314.33-2.40
----
0.201.060.86
205316.7514.33-2.42
----
0.211.060.85
205416.7814.34-2.44
----
0.221.060.85
205516.8214.34-2.48
----
0.231.070.84
205616.8614.35-2.52
----
0.241.070.83
205716.9114.35-2.56
----
0.251.070.82
205816.9714.36-2.61
----
0.261.070.81
205917.0314.36-2.67
----
0.271.070.80
206017.0914.37-2.72
----
0.281.070.79
206117.1514.37-2.78
----
0.291.080.78
206217.2114.38-2.83
----
0.301.080.78
206317.2714.39-2.89
----
0.311.080.77
206417.3414.39-2.94
----
0.321.080.76
206517.4014.40-3.00
----
0.331.080.75
206617.4614.40-3.06
----
0.341.090.75
206717.5314.41-3.12
----
0.351.090.74
206817.6014.42-3.18
----
0.361.090.73
206917.6714.42-3.25
----
0.361.090.73
207017.7414.43-3.31
----
0.371.090.72
207117.8014.43-3.37
----
0.381.090.71
207217.8514.44-3.42
----
0.391.090.71
207317.9014.44-3.46
----
0.391.100.70
207417.9514.45-3.50
----
0.401.100.70
207517.9914.45-3.54
----
0.401.100.70
207618.0214.45-3.56
----
0.411.100.69
207718.0314.46-3.58
----
0.411.100.69
207818.0414.46-3.58
----
0.411.100.69
207918.0414.46-3.58
----
0.421.100.69
208018.0214.46-3.56
----
0.421.100.69
208118.0114.46-3.55
----
0.421.110.69
208217.9914.46-3.53
----
0.421.110.68
208317.9814.46-3.52
----
0.421.110.68
208417.9614.46-3.50
----
0.421.110.68
208517.9614.46-3.50
----
0.431.110.68
208617.9514.46-3.49
----
0.431.110.68
208717.9614.46-3.50
----
0.431.110.68
208817.9714.46-3.51
----
0.431.110.68
208918.0014.46-3.53
----
0.431.110.68
209018.0314.47-3.56
----
0.431.110.68
209118.0714.47-3.60
----
0.431.110.68
209218.1114.47-3.64
----
0.431.110.68
209318.1614.48-3.68
----
0.441.120.68


Summarized Estimates

  Proposal   Change from Current Law
Years Cost
rate		 Income
rate		 Actuarial
balance
Year of reserve
depletion1
Cost
rate		 Income
rate		 Actuarial
balance
2018-2092 16.88% 14.83% -2.06%
2039
0.20% 0.98% 0.79%

1 Under current law, the year of Trust Fund reserve depletion is 2034.
Based on Intermediate Assumptions of the 2018 Trustees Report.