Detailed Single Year Tables
Description of Proposed Provision:
E2.11: Eliminate the taxable maximum in years 2025 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2021, 4.96 percent in 2022, and so on, up to 12.40 percent in 2025. Provide benefit credit for earnings above the current-law taxable maximum that are subject to the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2020 that were in excess of that year's current-law taxable maximum; and (2) a formula factor of 5 percent on this newly computed "AIME+".
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 | 13.38 | -0.71 | 245 | 0.00 | 0.48 | 0.48 | ||
2022 | 14.23 | 13.88 | -0.34 | 233 | -0.00 | 0.97 | 0.97 | ||
2023 | 14.40 | 14.36 | -0.03 | 223 | -0.00 | 1.43 | 1.43 | ||
2024 | 14.59 | 14.84 | 0.26 | 216 | -0.00 | 1.87 | 1.87 | ||
2025 | 14.78 | 15.29 | 0.51 | 211 | -0.00 | 2.30 | 2.31 | ||
2026 | 14.99 | 15.43 | 0.44 | 208 | -0.00 | 2.32 | 2.32 | ||
2027 | 15.19 | 15.45 | 0.26 | 205 | 0.00 | 2.32 | 2.31 | ||
2028 | 15.44 | 15.48 | 0.05 | 202 | 0.00 | 2.31 | 2.31 | ||
2029 | 15.63 | 15.50 | -0.13 | 198 | 0.01 | 2.31 | 2.30 | ||
2030 | 15.82 | 15.52 | -0.30 | 195 | 0.01 | 2.31 | 2.30 | ||
2031 | 15.98 | 15.53 | -0.45 | 191 | 0.02 | 2.31 | 2.30 | ||
2032 | 16.13 | 15.54 | -0.59 | 187 | 0.02 | 2.31 | 2.29 | ||
2033 | 16.26 | 15.55 | -0.70 | 184 | 0.03 | 2.32 | 2.29 | ||
2034 | 16.36 | 15.56 | -0.79 | 180 | 0.03 | 2.32 | 2.29 | ||
2035 | 16.43 | 15.57 | -0.86 | 176 | 0.04 | 2.32 | 2.28 | ||
2036 | 16.50 | 15.58 | -0.92 | 172 | 0.04 | 2.32 | 2.28 | ||
2037 | 16.56 | 15.58 | -0.98 | 168 | 0.05 | 2.32 | 2.27 | ||
2038 | 16.62 | 15.59 | -1.03 | 164 | 0.05 | 2.32 | 2.27 | ||
2039 | 16.66 | 15.60 | -1.07 | 159 | 0.06 | 2.32 | 2.26 | ||
2040 | 16.68 | 15.60 | -1.08 | 154 | 0.07 | 2.33 | 2.26 | ||
2041 | 16.68 | 15.60 | -1.08 | 149 | 0.07 | 2.33 | 2.26 | ||
2042 | 16.67 | 15.60 | -1.07 | 144 | 0.08 | 2.33 | 2.25 | ||
2043 | 16.64 | 15.60 | -1.04 | 139 | 0.08 | 2.33 | 2.25 | ||
2044 | 16.61 | 15.60 | -1.01 | 135 | 0.09 | 2.33 | 2.24 | ||
2045 | 16.58 | 15.60 | -0.98 | 130 | 0.10 | 2.33 | 2.24 | ||
2046 | 16.56 | 15.61 | -0.95 | 126 | 0.10 | 2.34 | 2.23 | ||
2047 | 16.54 | 15.61 | -0.93 | 121 | 0.11 | 2.34 | 2.23 | ||
2048 | 16.52 | 15.61 | -0.91 | 117 | 0.12 | 2.34 | 2.22 | ||
2049 | 16.51 | 15.61 | -0.90 | 113 | 0.12 | 2.34 | 2.22 | ||
2050 | 16.50 | 15.61 | -0.89 | 108 | 0.13 | 2.34 | 2.21 | ||
2051 | 16.50 | 15.61 | -0.88 | 104 | 0.14 | 2.34 | 2.21 | ||
2052 | 16.51 | 15.62 | -0.89 | 100 | 0.14 | 2.34 | 2.20 | ||
2053 | 16.52 | 15.62 | -0.90 | 95 | 0.15 | 2.35 | 2.20 | ||
2054 | 16.54 | 15.62 | -0.92 | 91 | 0.16 | 2.35 | 2.19 | ||
2055 | 16.57 | 15.63 | -0.94 | 86 | 0.16 | 2.35 | 2.19 | ||
2056 | 16.61 | 15.63 | -0.98 | 81 | 0.17 | 2.35 | 2.18 | ||
2057 | 16.66 | 15.64 | -1.02 | 76 | 0.17 | 2.35 | 2.18 | ||
2058 | 16.71 | 15.64 | -1.07 | 70 | 0.18 | 2.35 | 2.17 | ||
2059 | 16.76 | 15.65 | -1.12 | 64 | 0.19 | 2.35 | 2.17 | ||
2060 | 16.82 | 15.65 | -1.17 | 58 | 0.19 | 2.36 | 2.16 | ||
2061 | 16.88 | 15.66 | -1.22 | 52 | 0.20 | 2.36 | 2.16 | ||
2062 | 16.94 | 15.66 | -1.27 | 45 | 0.21 | 2.36 | 2.15 | ||
2063 | 17.00 | 15.67 | -1.33 | 38 | 0.21 | 2.36 | 2.15 | ||
2064 | 17.06 | 15.68 | -1.38 | 31 | 0.22 | 2.36 | 2.15 | ||
2065 | 17.12 | 15.68 | -1.44 | 23 | 0.22 | 2.36 | 2.14 | ||
2066 | 17.18 | 15.69 | -1.49 | 15 | 0.23 | 2.36 | 2.14 | ||
2067 | 17.24 | 15.69 | -1.55 | 7 | 0.23 | 2.37 | 2.14 | ||
2068 | 17.31 | 15.70 | -1.61 | ---- | 0.24 | 2.37 | 2.13 | ||
2069 | 17.37 | 15.70 | -1.67 | ---- | 0.24 | 2.37 | 2.13 | ||
2070 | 17.44 | 15.71 | -1.73 | ---- | 0.24 | 2.37 | 2.13 | ||
2071 | 17.50 | 15.71 | -1.78 | ---- | 0.25 | 2.37 | 2.12 | ||
2072 | 17.55 | 15.72 | -1.83 | ---- | 0.25 | 2.37 | 2.12 | ||
2073 | 17.60 | 15.72 | -1.88 | ---- | 0.25 | 2.37 | 2.12 | ||
2074 | 17.65 | 15.73 | -1.92 | ---- | 0.26 | 2.38 | 2.12 | ||
2075 | 17.69 | 15.73 | -1.96 | ---- | 0.26 | 2.38 | 2.12 | ||
2076 | 17.72 | 15.74 | -1.98 | ---- | 0.26 | 2.38 | 2.12 | ||
2077 | 17.74 | 15.74 | -2.00 | ---- | 0.26 | 2.38 | 2.12 | ||
2078 | 17.75 | 15.74 | -2.01 | ---- | 0.27 | 2.38 | 2.12 | ||
2079 | 17.74 | 15.74 | -2.00 | ---- | 0.27 | 2.38 | 2.12 | ||
2080 | 17.73 | 15.74 | -1.99 | ---- | 0.27 | 2.38 | 2.12 | ||
2081 | 17.71 | 15.74 | -1.97 | ---- | 0.27 | 2.39 | 2.12 | ||
2082 | 17.69 | 15.75 | -1.95 | ---- | 0.27 | 2.39 | 2.12 | ||
2083 | 17.67 | 15.75 | -1.93 | ---- | 0.27 | 2.39 | 2.12 | ||
2084 | 17.65 | 15.74 | -1.90 | ---- | 0.27 | 2.39 | 2.12 | ||
2085 | 17.63 | 15.74 | -1.88 | ---- | 0.27 | 2.39 | 2.12 | ||
2086 | 17.61 | 15.74 | -1.86 | ---- | 0.27 | 2.39 | 2.12 | ||
2087 | 17.60 | 15.74 | -1.85 | ---- | 0.27 | 2.39 | 2.12 | ||
2088 | 17.60 | 15.75 | -1.85 | ---- | 0.27 | 2.39 | 2.12 | ||
2089 | 17.61 | 15.75 | -1.86 | ---- | 0.27 | 2.39 | 2.12 | ||
2090 | 17.63 | 15.75 | -1.88 | ---- | 0.27 | 2.40 | 2.12 | ||
2091 | 17.66 | 15.75 | -1.91 | ---- | 0.27 | 2.40 | 2.12 | ||
2092 | 17.70 | 15.76 | -1.95 | ---- | 0.27 | 2.40 | 2.12 | ||
2093 | 17.75 | 15.76 | -1.99 | ---- | 0.28 | 2.40 | 2.12 | ||
2094 | 17.80 | 15.77 | -2.03 | ---- | 0.28 | 2.40 | 2.12 |
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 | 16.74% | 16.03% | -0.71% | 2067 | 0.14% | 2.21% | 2.08% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2019 Trustees Report.