Detailed Single Year Tables
Description of Proposed Provision:
E2.2: Eliminate the taxable maximum in years 2020 and later, and apply full 12.4 percent payroll tax rate to all earnings. 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 | 15.11 | 1.17 | 260 | 0.00 | 2.24 | 2.24 | ||
2021 | 14.08 | 15.25 | 1.17 | 260 | -0.00 | 2.36 | 2.36 | ||
2022 | 14.23 | 15.26 | 1.03 | 260 | -0.00 | 2.34 | 2.34 | ||
2023 | 14.40 | 15.27 | 0.87 | 259 | 0.01 | 2.33 | 2.32 | ||
2024 | 14.60 | 15.30 | 0.69 | 256 | 0.01 | 2.33 | 2.31 | ||
2025 | 14.81 | 15.31 | 0.50 | 253 | 0.02 | 2.33 | 2.30 | ||
2026 | 15.02 | 15.44 | 0.41 | 249 | 0.04 | 2.32 | 2.29 | ||
2027 | 15.24 | 15.45 | 0.21 | 244 | 0.05 | 2.32 | 2.27 | ||
2028 | 15.50 | 15.49 | -0.01 | 239 | 0.07 | 2.32 | 2.25 | ||
2029 | 15.71 | 15.51 | -0.20 | 235 | 0.08 | 2.32 | 2.24 | ||
2030 | 15.91 | 15.53 | -0.38 | 230 | 0.10 | 2.32 | 2.22 | ||
2031 | 16.09 | 15.54 | -0.54 | 225 | 0.12 | 2.33 | 2.21 | ||
2032 | 16.25 | 15.56 | -0.69 | 221 | 0.14 | 2.33 | 2.19 | ||
2033 | 16.39 | 15.57 | -0.82 | 216 | 0.16 | 2.33 | 2.17 | ||
2034 | 16.51 | 15.58 | -0.93 | 212 | 0.18 | 2.34 | 2.15 | ||
2035 | 16.60 | 15.59 | -1.01 | 208 | 0.21 | 2.34 | 2.13 | ||
2036 | 16.69 | 15.60 | -1.09 | 203 | 0.23 | 2.34 | 2.11 | ||
2037 | 16.77 | 15.61 | -1.16 | 197 | 0.25 | 2.35 | 2.09 | ||
2038 | 16.84 | 15.62 | -1.22 | 192 | 0.28 | 2.35 | 2.07 | ||
2039 | 16.90 | 15.62 | -1.28 | 186 | 0.30 | 2.35 | 2.05 | ||
2040 | 16.94 | 15.63 | -1.31 | 180 | 0.32 | 2.36 | 2.03 | ||
2041 | 16.96 | 15.63 | -1.32 | 174 | 0.35 | 2.36 | 2.01 | ||
2042 | 16.96 | 15.64 | -1.32 | 168 | 0.37 | 2.36 | 1.99 | ||
2043 | 16.95 | 15.64 | -1.31 | 162 | 0.39 | 2.37 | 1.97 | ||
2044 | 16.94 | 15.64 | -1.30 | 156 | 0.42 | 2.37 | 1.95 | ||
2045 | 16.93 | 15.65 | -1.28 | 150 | 0.44 | 2.37 | 1.94 | ||
2046 | 16.91 | 15.65 | -1.27 | 144 | 0.46 | 2.38 | 1.92 | ||
2047 | 16.91 | 15.65 | -1.26 | 138 | 0.49 | 2.38 | 1.90 | ||
2048 | 16.91 | 15.65 | -1.26 | 132 | 0.51 | 2.38 | 1.88 | ||
2049 | 16.92 | 15.66 | -1.26 | 125 | 0.53 | 2.39 | 1.86 | ||
2050 | 16.92 | 15.66 | -1.26 | 119 | 0.56 | 2.39 | 1.84 | ||
2051 | 16.94 | 15.67 | -1.28 | 113 | 0.58 | 2.40 | 1.82 | ||
2052 | 16.97 | 15.67 | -1.30 | 106 | 0.60 | 2.40 | 1.80 | ||
2053 | 17.00 | 15.68 | -1.32 | 99 | 0.63 | 2.40 | 1.78 | ||
2054 | 17.03 | 15.68 | -1.35 | 92 | 0.65 | 2.41 | 1.76 | ||
2055 | 17.08 | 15.69 | -1.40 | 85 | 0.67 | 2.41 | 1.74 | ||
2056 | 17.14 | 15.69 | -1.44 | 78 | 0.70 | 2.41 | 1.72 | ||
2057 | 17.20 | 15.70 | -1.50 | 70 | 0.72 | 2.42 | 1.70 | ||
2058 | 17.27 | 15.71 | -1.56 | 62 | 0.74 | 2.42 | 1.68 | ||
2059 | 17.34 | 15.72 | -1.63 | 53 | 0.76 | 2.42 | 1.66 | ||
2060 | 17.41 | 15.72 | -1.69 | 45 | 0.79 | 2.43 | 1.64 | ||
2061 | 17.49 | 15.73 | -1.76 | 35 | 0.81 | 2.43 | 1.62 | ||
2062 | 17.56 | 15.74 | -1.82 | 26 | 0.83 | 2.43 | 1.60 | ||
2063 | 17.63 | 15.74 | -1.89 | 16 | 0.85 | 2.44 | 1.59 | ||
2064 | 17.71 | 15.75 | -1.95 | 6 | 0.86 | 2.44 | 1.57 | ||
2065 | 17.78 | 15.76 | -2.02 | ---- | 0.88 | 2.44 | 1.56 | ||
2066 | 17.85 | 15.77 | -2.09 | ---- | 0.90 | 2.44 | 1.55 | ||
2067 | 17.93 | 15.77 | -2.15 | ---- | 0.91 | 2.45 | 1.54 | ||
2068 | 18.00 | 15.78 | -2.22 | ---- | 0.93 | 2.45 | 1.52 | ||
2069 | 18.07 | 15.79 | -2.29 | ---- | 0.94 | 2.45 | 1.51 | ||
2070 | 18.15 | 15.79 | -2.35 | ---- | 0.95 | 2.45 | 1.50 | ||
2071 | 18.21 | 15.80 | -2.42 | ---- | 0.96 | 2.46 | 1.49 | ||
2072 | 18.28 | 15.80 | -2.47 | ---- | 0.97 | 2.46 | 1.48 | ||
2073 | 18.33 | 15.81 | -2.52 | ---- | 0.98 | 2.46 | 1.48 | ||
2074 | 18.38 | 15.82 | -2.57 | ---- | 0.99 | 2.46 | 1.47 | ||
2075 | 18.43 | 15.82 | -2.61 | ---- | 1.00 | 2.46 | 1.46 | ||
2076 | 18.47 | 15.83 | -2.64 | ---- | 1.01 | 2.47 | 1.46 | ||
2077 | 18.49 | 15.83 | -2.66 | ---- | 1.01 | 2.47 | 1.45 | ||
2078 | 18.50 | 15.83 | -2.67 | ---- | 1.02 | 2.47 | 1.45 | ||
2079 | 18.50 | 15.83 | -2.67 | ---- | 1.02 | 2.47 | 1.45 | ||
2080 | 18.49 | 15.83 | -2.65 | ---- | 1.02 | 2.47 | 1.45 | ||
2081 | 18.47 | 15.83 | -2.63 | ---- | 1.02 | 2.47 | 1.45 | ||
2082 | 18.45 | 15.83 | -2.61 | ---- | 1.02 | 2.48 | 1.45 | ||
2083 | 18.43 | 15.83 | -2.59 | ---- | 1.03 | 2.48 | 1.45 | ||
2084 | 18.40 | 15.83 | -2.57 | ---- | 1.02 | 2.48 | 1.45 | ||
2085 | 18.38 | 15.83 | -2.55 | ---- | 1.02 | 2.48 | 1.45 | ||
2086 | 18.36 | 15.83 | -2.53 | ---- | 1.02 | 2.48 | 1.46 | ||
2087 | 18.35 | 15.83 | -2.52 | ---- | 1.02 | 2.48 | 1.46 | ||
2088 | 18.35 | 15.83 | -2.52 | ---- | 1.02 | 2.48 | 1.46 | ||
2089 | 18.36 | 15.84 | -2.52 | ---- | 1.02 | 2.48 | 1.46 | ||
2090 | 18.38 | 15.84 | -2.54 | ---- | 1.03 | 2.48 | 1.46 | ||
2091 | 18.42 | 15.84 | -2.57 | ---- | 1.03 | 2.49 | 1.46 | ||
2092 | 18.46 | 15.85 | -2.61 | ---- | 1.03 | 2.49 | 1.46 | ||
2093 | 18.51 | 15.85 | -2.66 | ---- | 1.03 | 2.49 | 1.46 | ||
2094 | 18.56 | 15.86 | -2.71 | ---- | 1.04 | 2.49 | 1.45 |
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 | 17.17% | 16.18% | -0.99% | 2064 | 0.57% | 2.37% | 1.80% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2019 Trustees Report.