Detailed Single Year Tables
Description of Proposed Provision:
E3.15: Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2020-2029). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2020-2029). Provide benefit credit for earnings taxed 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 |
|||
2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
2020 | 13.94 | 13.11 | -0.83 | 260 | 0.00 | 0.24 | 0.24 | ||
2021 | 14.09 | 13.38 | -0.71 | 247 | -0.00 | 0.48 | 0.48 | ||
2022 | 14.23 | 13.61 | -0.62 | 234 | -0.00 | 0.69 | 0.69 | ||
2023 | 14.40 | 13.81 | -0.59 | 223 | -0.00 | 0.87 | 0.87 | ||
2024 | 14.59 | 14.01 | -0.58 | 212 | 0.00 | 1.04 | 1.04 | ||
2025 | 14.79 | 14.18 | -0.61 | 201 | 0.00 | 1.19 | 1.19 | ||
2026 | 14.99 | 14.44 | -0.55 | 192 | 0.00 | 1.33 | 1.32 | ||
2027 | 15.20 | 14.58 | -0.62 | 183 | 0.01 | 1.45 | 1.44 | ||
2028 | 15.44 | 14.73 | -0.71 | 174 | 0.01 | 1.56 | 1.55 | ||
2029 | 15.64 | 14.85 | -0.78 | 167 | 0.01 | 1.66 | 1.65 | ||
2030 | 15.82 | 14.88 | -0.95 | 160 | 0.02 | 1.67 | 1.65 | ||
2031 | 15.99 | 14.89 | -1.10 | 152 | 0.02 | 1.67 | 1.65 | ||
2032 | 16.14 | 14.90 | -1.24 | 145 | 0.03 | 1.67 | 1.64 | ||
2033 | 16.27 | 14.91 | -1.35 | 137 | 0.04 | 1.67 | 1.64 | ||
2034 | 16.37 | 14.92 | -1.45 | 130 | 0.04 | 1.68 | 1.63 | ||
2035 | 16.45 | 14.93 | -1.52 | 122 | 0.05 | 1.68 | 1.63 | ||
2036 | 16.52 | 14.94 | -1.58 | 114 | 0.06 | 1.68 | 1.62 | ||
2037 | 16.58 | 14.94 | -1.64 | 105 | 0.07 | 1.68 | 1.61 | ||
2038 | 16.64 | 14.95 | -1.69 | 96 | 0.08 | 1.68 | 1.61 | ||
2039 | 16.69 | 14.96 | -1.73 | 87 | 0.09 | 1.69 | 1.60 | ||
2040 | 16.71 | 14.96 | -1.75 | 77 | 0.09 | 1.69 | 1.59 | ||
2041 | 16.72 | 14.96 | -1.75 | 68 | 0.10 | 1.69 | 1.59 | ||
2042 | 16.70 | 14.97 | -1.74 | 58 | 0.11 | 1.69 | 1.58 | ||
2043 | 16.68 | 14.97 | -1.71 | 49 | 0.12 | 1.69 | 1.57 | ||
2044 | 16.66 | 14.97 | -1.69 | 39 | 0.13 | 1.70 | 1.56 | ||
2045 | 16.63 | 14.97 | -1.66 | 30 | 0.14 | 1.70 | 1.55 | ||
2046 | 16.61 | 14.97 | -1.64 | 20 | 0.16 | 1.70 | 1.54 | ||
2047 | 16.59 | 14.97 | -1.62 | 11 | 0.17 | 1.70 | 1.54 | ||
2048 | 16.58 | 14.97 | -1.61 | 2 | 0.18 | 1.70 | 1.53 | ||
2049 | 16.57 | 14.97 | -1.60 | ---- | 0.19 | 1.71 | 1.52 | ||
2050 | 16.57 | 14.98 | -1.59 | ---- | 0.20 | 1.71 | 1.51 | ||
2051 | 16.57 | 14.98 | -1.59 | ---- | 0.21 | 1.71 | 1.50 | ||
2052 | 16.59 | 14.98 | -1.61 | ---- | 0.22 | 1.71 | 1.49 | ||
2053 | 16.61 | 14.99 | -1.62 | ---- | 0.24 | 1.71 | 1.48 | ||
2054 | 16.63 | 14.99 | -1.64 | ---- | 0.25 | 1.72 | 1.47 | ||
2055 | 16.67 | 14.99 | -1.68 | ---- | 0.26 | 1.72 | 1.46 | ||
2056 | 16.72 | 15.00 | -1.72 | ---- | 0.27 | 1.72 | 1.45 | ||
2057 | 16.77 | 15.01 | -1.76 | ---- | 0.29 | 1.72 | 1.43 | ||
2058 | 16.83 | 15.01 | -1.81 | ---- | 0.30 | 1.72 | 1.42 | ||
2059 | 16.89 | 15.02 | -1.87 | ---- | 0.31 | 1.73 | 1.41 | ||
2060 | 16.95 | 15.03 | -1.93 | ---- | 0.33 | 1.73 | 1.40 | ||
2061 | 17.02 | 15.03 | -1.99 | ---- | 0.34 | 1.73 | 1.39 | ||
2062 | 17.09 | 15.04 | -2.05 | ---- | 0.35 | 1.73 | 1.38 | ||
2063 | 17.15 | 15.04 | -2.11 | ---- | 0.36 | 1.74 | 1.37 | ||
2064 | 17.22 | 15.05 | -2.17 | ---- | 0.38 | 1.74 | 1.36 | ||
2065 | 17.28 | 15.06 | -2.23 | ---- | 0.39 | 1.74 | 1.35 | ||
2066 | 17.35 | 15.06 | -2.29 | ---- | 0.40 | 1.74 | 1.34 | ||
2067 | 17.42 | 15.07 | -2.35 | ---- | 0.41 | 1.74 | 1.34 | ||
2068 | 17.49 | 15.08 | -2.42 | ---- | 0.42 | 1.75 | 1.33 | ||
2069 | 17.56 | 15.08 | -2.48 | ---- | 0.43 | 1.75 | 1.32 | ||
2070 | 17.63 | 15.09 | -2.55 | ---- | 0.44 | 1.75 | 1.31 | ||
2071 | 17.70 | 15.10 | -2.61 | ---- | 0.45 | 1.75 | 1.30 | ||
2072 | 17.76 | 15.10 | -2.66 | ---- | 0.46 | 1.75 | 1.30 | ||
2073 | 17.81 | 15.11 | -2.71 | ---- | 0.47 | 1.76 | 1.29 | ||
2074 | 17.86 | 15.11 | -2.75 | ---- | 0.47 | 1.76 | 1.29 | ||
2075 | 17.91 | 15.12 | -2.79 | ---- | 0.48 | 1.76 | 1.28 | ||
2076 | 17.94 | 15.12 | -2.82 | ---- | 0.49 | 1.76 | 1.28 | ||
2077 | 17.97 | 15.12 | -2.84 | ---- | 0.49 | 1.76 | 1.27 | ||
2078 | 17.98 | 15.13 | -2.85 | ---- | 0.50 | 1.77 | 1.27 | ||
2079 | 17.98 | 15.13 | -2.85 | ---- | 0.50 | 1.77 | 1.27 | ||
2080 | 17.97 | 15.13 | -2.84 | ---- | 0.50 | 1.77 | 1.27 | ||
2081 | 17.95 | 15.13 | -2.82 | ---- | 0.50 | 1.77 | 1.27 | ||
2082 | 17.93 | 15.13 | -2.80 | ---- | 0.51 | 1.77 | 1.26 | ||
2083 | 17.91 | 15.13 | -2.78 | ---- | 0.51 | 1.77 | 1.26 | ||
2084 | 17.89 | 15.13 | -2.76 | ---- | 0.51 | 1.77 | 1.26 | ||
2085 | 17.87 | 15.13 | -2.74 | ---- | 0.51 | 1.77 | 1.26 | ||
2086 | 17.85 | 15.13 | -2.72 | ---- | 0.51 | 1.78 | 1.26 | ||
2087 | 17.84 | 15.13 | -2.71 | ---- | 0.51 | 1.78 | 1.26 | ||
2088 | 17.84 | 15.13 | -2.71 | ---- | 0.51 | 1.78 | 1.26 | ||
2089 | 17.85 | 15.13 | -2.72 | ---- | 0.52 | 1.78 | 1.26 | ||
2090 | 17.87 | 15.13 | -2.74 | ---- | 0.52 | 1.78 | 1.26 | ||
2091 | 17.91 | 15.14 | -2.77 | ---- | 0.52 | 1.78 | 1.26 | ||
2092 | 17.95 | 15.14 | -2.81 | ---- | 0.52 | 1.78 | 1.26 | ||
2093 | 18.00 | 15.15 | -2.85 | ---- | 0.52 | 1.78 | 1.26 | ||
2094 | 18.05 | 15.15 | -2.90 | ---- | 0.53 | 1.79 | 1.26 |
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 | 16.84% | 15.41% | -1.43% | 2048 | 0.24% | 1.60% | 1.36% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2019 Trustees Report.