Detailed Single Year Tables
Description of Proposed Provision:
E2.3: 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. Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the new bend point.
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 | 2.33 | ||
2024 | 14.60 | 15.30 | 0.70 | 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 | 0.42 | 249 | 0.03 | 2.32 | 2.29 | ||
2027 | 15.24 | 15.45 | 0.22 | 245 | 0.04 | 2.32 | 2.28 | ||
2028 | 15.49 | 15.49 | 0.00 | 240 | 0.06 | 2.32 | 2.26 | ||
2029 | 15.70 | 15.51 | -0.19 | 235 | 0.07 | 2.32 | 2.25 | ||
2030 | 15.89 | 15.53 | -0.37 | 231 | 0.09 | 2.32 | 2.24 | ||
2031 | 16.07 | 15.54 | -0.53 | 226 | 0.10 | 2.32 | 2.22 | ||
2032 | 16.22 | 15.55 | -0.67 | 222 | 0.11 | 2.33 | 2.21 | ||
2033 | 16.36 | 15.57 | -0.79 | 217 | 0.13 | 2.33 | 2.20 | ||
2034 | 16.47 | 15.58 | -0.89 | 213 | 0.14 | 2.33 | 2.19 | ||
2035 | 16.55 | 15.58 | -0.97 | 209 | 0.15 | 2.33 | 2.18 | ||
2036 | 16.62 | 15.59 | -1.03 | 205 | 0.16 | 2.33 | 2.17 | ||
2037 | 16.69 | 15.60 | -1.09 | 200 | 0.18 | 2.34 | 2.16 | ||
2038 | 16.75 | 15.61 | -1.14 | 195 | 0.19 | 2.34 | 2.15 | ||
2039 | 16.80 | 15.61 | -1.19 | 190 | 0.20 | 2.34 | 2.14 | ||
2040 | 16.82 | 15.62 | -1.20 | 184 | 0.21 | 2.34 | 2.14 | ||
2041 | 16.82 | 15.62 | -1.21 | 179 | 0.21 | 2.34 | 2.13 | ||
2042 | 16.81 | 15.62 | -1.19 | 174 | 0.22 | 2.35 | 2.13 | ||
2043 | 16.78 | 15.62 | -1.16 | 169 | 0.23 | 2.35 | 2.12 | ||
2044 | 16.75 | 15.62 | -1.13 | 164 | 0.23 | 2.35 | 2.12 | ||
2045 | 16.72 | 15.62 | -1.10 | 159 | 0.24 | 2.35 | 2.11 | ||
2046 | 16.69 | 15.62 | -1.07 | 154 | 0.24 | 2.35 | 2.11 | ||
2047 | 16.67 | 15.62 | -1.05 | 149 | 0.25 | 2.35 | 2.11 | ||
2048 | 16.65 | 15.62 | -1.03 | 144 | 0.25 | 2.35 | 2.11 | ||
2049 | 16.64 | 15.62 | -1.01 | 140 | 0.25 | 2.36 | 2.10 | ||
2050 | 16.62 | 15.63 | -1.00 | 135 | 0.25 | 2.36 | 2.10 | ||
2051 | 16.62 | 15.63 | -0.99 | 130 | 0.26 | 2.36 | 2.10 | ||
2052 | 16.62 | 15.63 | -0.99 | 126 | 0.26 | 2.36 | 2.10 | ||
2053 | 16.63 | 15.63 | -1.00 | 121 | 0.26 | 2.36 | 2.10 | ||
2054 | 16.65 | 15.64 | -1.01 | 116 | 0.26 | 2.36 | 2.10 | ||
2055 | 16.67 | 15.64 | -1.03 | 111 | 0.26 | 2.36 | 2.10 | ||
2056 | 16.71 | 15.64 | -1.06 | 105 | 0.26 | 2.36 | 2.10 | ||
2057 | 16.75 | 15.65 | -1.10 | 100 | 0.27 | 2.36 | 2.10 | ||
2058 | 16.79 | 15.65 | -1.14 | 94 | 0.27 | 2.36 | 2.10 | ||
2059 | 16.84 | 15.66 | -1.19 | 88 | 0.27 | 2.36 | 2.10 | ||
2060 | 16.90 | 15.66 | -1.24 | 82 | 0.27 | 2.37 | 2.10 | ||
2061 | 16.95 | 15.67 | -1.28 | 75 | 0.27 | 2.37 | 2.10 | ||
2062 | 17.01 | 15.67 | -1.33 | 68 | 0.27 | 2.37 | 2.09 | ||
2063 | 17.06 | 15.68 | -1.38 | 61 | 0.27 | 2.37 | 2.09 | ||
2064 | 17.12 | 15.68 | -1.43 | 54 | 0.27 | 2.37 | 2.09 | ||
2065 | 17.17 | 15.69 | -1.49 | 46 | 0.28 | 2.37 | 2.09 | ||
2066 | 17.23 | 15.69 | -1.54 | 38 | 0.28 | 2.37 | 2.09 | ||
2067 | 17.29 | 15.70 | -1.59 | 29 | 0.28 | 2.37 | 2.09 | ||
2068 | 17.35 | 15.70 | -1.65 | 21 | 0.28 | 2.37 | 2.09 | ||
2069 | 17.42 | 15.71 | -1.71 | 11 | 0.28 | 2.37 | 2.09 | ||
2070 | 17.48 | 15.71 | -1.76 | 2 | 0.28 | 2.38 | 2.09 | ||
2071 | 17.53 | 15.72 | -1.82 | ---- | 0.28 | 2.38 | 2.09 | ||
2072 | 17.59 | 15.72 | -1.86 | ---- | 0.28 | 2.38 | 2.09 | ||
2073 | 17.63 | 15.73 | -1.91 | ---- | 0.29 | 2.38 | 2.09 | ||
2074 | 17.68 | 15.73 | -1.95 | ---- | 0.29 | 2.38 | 2.09 | ||
2075 | 17.72 | 15.74 | -1.98 | ---- | 0.29 | 2.38 | 2.09 | ||
2076 | 17.75 | 15.74 | -2.01 | ---- | 0.29 | 2.38 | 2.09 | ||
2077 | 17.77 | 15.74 | -2.02 | ---- | 0.29 | 2.38 | 2.09 | ||
2078 | 17.77 | 15.75 | -2.03 | ---- | 0.29 | 2.38 | 2.09 | ||
2079 | 17.77 | 15.75 | -2.02 | ---- | 0.29 | 2.39 | 2.09 | ||
2080 | 17.75 | 15.75 | -2.01 | ---- | 0.29 | 2.39 | 2.10 | ||
2081 | 17.73 | 15.75 | -1.99 | ---- | 0.29 | 2.39 | 2.10 | ||
2082 | 17.71 | 15.75 | -1.97 | ---- | 0.29 | 2.39 | 2.10 | ||
2083 | 17.69 | 15.75 | -1.94 | ---- | 0.29 | 2.39 | 2.10 | ||
2084 | 17.67 | 15.75 | -1.92 | ---- | 0.29 | 2.39 | 2.10 | ||
2085 | 17.65 | 15.75 | -1.90 | ---- | 0.29 | 2.39 | 2.10 | ||
2086 | 17.63 | 15.75 | -1.88 | ---- | 0.29 | 2.39 | 2.10 | ||
2087 | 17.62 | 15.75 | -1.87 | ---- | 0.29 | 2.39 | 2.11 | ||
2088 | 17.62 | 15.75 | -1.87 | ---- | 0.29 | 2.40 | 2.11 | ||
2089 | 17.63 | 15.75 | -1.88 | ---- | 0.29 | 2.40 | 2.11 | ||
2090 | 17.65 | 15.75 | -1.90 | ---- | 0.29 | 2.40 | 2.11 | ||
2091 | 17.68 | 15.76 | -1.92 | ---- | 0.29 | 2.40 | 2.11 | ||
2092 | 17.72 | 15.76 | -1.96 | ---- | 0.29 | 2.40 | 2.11 | ||
2093 | 17.77 | 15.76 | -2.00 | ---- | 0.29 | 2.40 | 2.11 | ||
2094 | 17.82 | 15.77 | -2.05 | ---- | 0.29 | 2.40 | 2.11 |
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 | 16.81% | 16.14% | -0.67% | 2070 | 0.21% | 2.32% | 2.12% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2019 Trustees Report.