Detailed Single Year Tables
Description of Proposed Provision:
E2.12: Eliminate the taxable maximum in years 2031 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2022, 2.48 percent in 2023, and so on, up to 12.40 percent in 2031. 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 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | 0.00 | ||
2021 | 14.09 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | 0.00 | ||
2022 | 14.23 | 13.16 | -1.07 | 229 | 0.00 | 0.24 | 0.24 | ||
2023 | 14.40 | 13.43 | -0.97 | 215 | -0.00 | 0.49 | 0.49 | ||
2024 | 14.59 | 13.70 | -0.89 | 202 | -0.00 | 0.73 | 0.73 | ||
2025 | 14.79 | 13.95 | -0.83 | 190 | 0.00 | 0.97 | 0.97 | ||
2026 | 14.99 | 14.31 | -0.68 | 179 | 0.00 | 1.20 | 1.20 | ||
2027 | 15.20 | 14.56 | -0.64 | 170 | 0.00 | 1.43 | 1.42 | ||
2028 | 15.44 | 14.82 | -0.62 | 161 | 0.01 | 1.65 | 1.64 | ||
2029 | 15.64 | 15.06 | -0.58 | 154 | 0.01 | 1.87 | 1.86 | ||
2030 | 15.82 | 15.29 | -0.53 | 149 | 0.02 | 2.09 | 2.07 | ||
2031 | 15.99 | 15.52 | -0.47 | 144 | 0.03 | 2.31 | 2.28 | ||
2032 | 16.14 | 15.54 | -0.60 | 140 | 0.04 | 2.32 | 2.28 | ||
2033 | 16.28 | 15.56 | -0.72 | 137 | 0.05 | 2.32 | 2.27 | ||
2034 | 16.38 | 15.57 | -0.82 | 133 | 0.06 | 2.32 | 2.26 | ||
2035 | 16.47 | 15.57 | -0.89 | 129 | 0.07 | 2.32 | 2.25 | ||
2036 | 16.54 | 15.58 | -0.96 | 124 | 0.08 | 2.32 | 2.24 | ||
2037 | 16.61 | 15.59 | -1.02 | 120 | 0.09 | 2.33 | 2.23 | ||
2038 | 16.67 | 15.60 | -1.07 | 114 | 0.10 | 2.33 | 2.22 | ||
2039 | 16.72 | 15.60 | -1.12 | 109 | 0.12 | 2.33 | 2.21 | ||
2040 | 16.74 | 15.61 | -1.14 | 103 | 0.13 | 2.33 | 2.21 | ||
2041 | 16.75 | 15.61 | -1.14 | 98 | 0.14 | 2.34 | 2.20 | ||
2042 | 16.74 | 15.61 | -1.13 | 92 | 0.15 | 2.34 | 2.19 | ||
2043 | 16.72 | 15.61 | -1.11 | 86 | 0.16 | 2.34 | 2.18 | ||
2044 | 16.69 | 15.61 | -1.08 | 81 | 0.17 | 2.34 | 2.17 | ||
2045 | 16.67 | 15.61 | -1.06 | 75 | 0.18 | 2.34 | 2.16 | ||
2046 | 16.64 | 15.62 | -1.03 | 70 | 0.19 | 2.35 | 2.15 | ||
2047 | 16.63 | 15.62 | -1.01 | 65 | 0.20 | 2.35 | 2.15 | ||
2048 | 16.62 | 15.62 | -1.00 | 59 | 0.21 | 2.35 | 2.14 | ||
2049 | 16.60 | 15.62 | -0.98 | 54 | 0.22 | 2.35 | 2.13 | ||
2050 | 16.60 | 15.62 | -0.97 | 49 | 0.23 | 2.35 | 2.12 | ||
2051 | 16.60 | 15.62 | -0.97 | 43 | 0.24 | 2.35 | 2.12 | ||
2052 | 16.61 | 15.63 | -0.98 | 38 | 0.24 | 2.36 | 2.11 | ||
2053 | 16.62 | 15.63 | -0.99 | 33 | 0.25 | 2.36 | 2.10 | ||
2054 | 16.64 | 15.63 | -1.01 | 27 | 0.26 | 2.36 | 2.10 | ||
2055 | 16.68 | 15.64 | -1.04 | 21 | 0.27 | 2.36 | 2.09 | ||
2056 | 16.71 | 15.64 | -1.07 | 16 | 0.27 | 2.36 | 2.09 | ||
2057 | 16.76 | 15.65 | -1.11 | 10 | 0.28 | 2.36 | 2.08 | ||
2058 | 16.81 | 15.65 | -1.16 | 3 | 0.28 | 2.36 | 2.08 | ||
2059 | 16.87 | 15.66 | -1.21 | ---- | 0.29 | 2.37 | 2.08 | ||
2060 | 16.92 | 15.66 | -1.26 | ---- | 0.30 | 2.37 | 2.07 | ||
2061 | 16.98 | 15.67 | -1.31 | ---- | 0.30 | 2.37 | 2.07 | ||
2062 | 17.04 | 15.68 | -1.36 | ---- | 0.31 | 2.37 | 2.06 | ||
2063 | 17.10 | 15.68 | -1.42 | ---- | 0.31 | 2.37 | 2.06 | ||
2064 | 17.15 | 15.69 | -1.47 | ---- | 0.31 | 2.37 | 2.06 | ||
2065 | 17.21 | 15.69 | -1.52 | ---- | 0.31 | 2.37 | 2.06 | ||
2066 | 17.27 | 15.70 | -1.57 | ---- | 0.32 | 2.37 | 2.06 | ||
2067 | 17.33 | 15.70 | -1.63 | ---- | 0.32 | 2.38 | 2.06 | ||
2068 | 17.39 | 15.71 | -1.69 | ---- | 0.32 | 2.38 | 2.06 | ||
2069 | 17.45 | 15.71 | -1.74 | ---- | 0.32 | 2.38 | 2.06 | ||
2070 | 17.51 | 15.72 | -1.80 | ---- | 0.32 | 2.38 | 2.06 | ||
2071 | 17.57 | 15.72 | -1.85 | ---- | 0.32 | 2.38 | 2.06 | ||
2072 | 17.62 | 15.73 | -1.89 | ---- | 0.32 | 2.38 | 2.06 | ||
2073 | 17.67 | 15.73 | -1.93 | ---- | 0.32 | 2.38 | 2.06 | ||
2074 | 17.71 | 15.74 | -1.97 | ---- | 0.32 | 2.38 | 2.07 | ||
2075 | 17.75 | 15.74 | -2.01 | ---- | 0.32 | 2.38 | 2.07 | ||
2076 | 17.77 | 15.74 | -2.03 | ---- | 0.32 | 2.38 | 2.07 | ||
2077 | 17.79 | 15.75 | -2.04 | ---- | 0.31 | 2.39 | 2.07 | ||
2078 | 17.80 | 15.75 | -2.05 | ---- | 0.31 | 2.39 | 2.07 | ||
2079 | 17.79 | 15.75 | -2.04 | ---- | 0.31 | 2.39 | 2.08 | ||
2080 | 17.77 | 15.75 | -2.02 | ---- | 0.31 | 2.39 | 2.08 | ||
2081 | 17.75 | 15.75 | -2.00 | ---- | 0.31 | 2.39 | 2.08 | ||
2082 | 17.73 | 15.75 | -1.98 | ---- | 0.31 | 2.39 | 2.08 | ||
2083 | 17.71 | 15.75 | -1.96 | ---- | 0.30 | 2.39 | 2.09 | ||
2084 | 17.68 | 15.75 | -1.93 | ---- | 0.30 | 2.39 | 2.09 | ||
2085 | 17.66 | 15.75 | -1.91 | ---- | 0.30 | 2.39 | 2.09 | ||
2086 | 17.64 | 15.75 | -1.89 | ---- | 0.30 | 2.39 | 2.10 | ||
2087 | 17.63 | 15.75 | -1.88 | ---- | 0.30 | 2.40 | 2.10 | ||
2088 | 17.62 | 15.75 | -1.88 | ---- | 0.30 | 2.40 | 2.10 | ||
2089 | 17.63 | 15.75 | -1.88 | ---- | 0.30 | 2.40 | 2.10 | ||
2090 | 17.65 | 15.75 | -1.90 | ---- | 0.30 | 2.40 | 2.10 | ||
2091 | 17.68 | 15.76 | -1.93 | ---- | 0.30 | 2.40 | 2.10 | ||
2092 | 17.72 | 15.76 | -1.96 | ---- | 0.30 | 2.40 | 2.11 | ||
2093 | 17.77 | 15.76 | -2.01 | ---- | 0.30 | 2.40 | 2.11 | ||
2094 | 17.82 | 15.77 | -2.05 | ---- | 0.30 | 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 | 16.79% | 15.91% | -0.88% | 2058 | 0.19% | 2.09% | 1.90% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2019 Trustees Report.