Detailed Single Year Tables
Description of Proposed Provision:
E3.7: Increase the taxable maximum by an additional 2 percent per year beginning in 2021 until taxable earnings equal 90 percent of covered earnings. Provide benefit credit for earnings up to the revised taxable maximum. Create a new bend point equal to the current-law taxable maximum with a 5 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 | 12.93 | -1.15 | 245 | 0.00 | 0.04 | 0.04 | ||
2022 | 14.23 | 13.00 | -1.23 | 230 | -0.00 | 0.08 | 0.08 | ||
2023 | 14.40 | 13.06 | -1.34 | 214 | -0.00 | 0.12 | 0.12 | ||
2024 | 14.59 | 13.13 | -1.46 | 198 | 0.00 | 0.16 | 0.16 | ||
2025 | 14.79 | 13.18 | -1.60 | 183 | 0.00 | 0.20 | 0.20 | ||
2026 | 14.99 | 13.35 | -1.64 | 167 | 0.00 | 0.24 | 0.23 | ||
2027 | 15.19 | 13.40 | -1.79 | 152 | 0.00 | 0.27 | 0.27 | ||
2028 | 15.43 | 13.48 | -1.95 | 137 | 0.00 | 0.31 | 0.30 | ||
2029 | 15.63 | 13.53 | -2.10 | 122 | 0.00 | 0.34 | 0.34 | ||
2030 | 15.81 | 13.58 | -2.23 | 108 | 0.00 | 0.37 | 0.37 | ||
2031 | 15.97 | 13.62 | -2.35 | 93 | 0.01 | 0.41 | 0.40 | ||
2032 | 16.12 | 13.67 | -2.45 | 78 | 0.01 | 0.44 | 0.43 | ||
2033 | 16.24 | 13.71 | -2.53 | 63 | 0.01 | 0.47 | 0.46 | ||
2034 | 16.34 | 13.75 | -2.59 | 49 | 0.01 | 0.50 | 0.49 | ||
2035 | 16.41 | 13.79 | -2.63 | 33 | 0.02 | 0.53 | 0.52 | ||
2036 | 16.48 | 13.82 | -2.66 | 18 | 0.02 | 0.56 | 0.54 | ||
2037 | 16.54 | 13.86 | -2.69 | 2 | 0.02 | 0.59 | 0.57 | ||
2038 | 16.59 | 13.89 | -2.70 | ---- | 0.03 | 0.62 | 0.59 | ||
2039 | 16.63 | 13.92 | -2.71 | ---- | 0.03 | 0.65 | 0.62 | ||
2040 | 16.65 | 13.95 | -2.70 | ---- | 0.04 | 0.68 | 0.64 | ||
2041 | 16.65 | 13.98 | -2.67 | ---- | 0.04 | 0.70 | 0.66 | ||
2042 | 16.64 | 14.00 | -2.63 | ---- | 0.04 | 0.73 | 0.68 | ||
2043 | 16.61 | 14.03 | -2.58 | ---- | 0.05 | 0.76 | 0.71 | ||
2044 | 16.58 | 14.05 | -2.52 | ---- | 0.06 | 0.78 | 0.73 | ||
2045 | 16.55 | 14.08 | -2.47 | ---- | 0.06 | 0.81 | 0.74 | ||
2046 | 16.52 | 14.10 | -2.42 | ---- | 0.07 | 0.83 | 0.76 | ||
2047 | 16.50 | 14.12 | -2.38 | ---- | 0.07 | 0.85 | 0.78 | ||
2048 | 16.49 | 14.15 | -2.34 | ---- | 0.08 | 0.88 | 0.80 | ||
2049 | 16.47 | 14.17 | -2.30 | ---- | 0.09 | 0.90 | 0.81 | ||
2050 | 16.46 | 14.19 | -2.27 | ---- | 0.10 | 0.92 | 0.83 | ||
2051 | 16.46 | 14.22 | -2.25 | ---- | 0.10 | 0.95 | 0.84 | ||
2052 | 16.48 | 14.24 | -2.24 | ---- | 0.11 | 0.97 | 0.86 | ||
2053 | 16.49 | 14.26 | -2.23 | ---- | 0.12 | 0.99 | 0.87 | ||
2054 | 16.51 | 14.29 | -2.23 | ---- | 0.13 | 1.01 | 0.88 | ||
2055 | 16.55 | 14.31 | -2.24 | ---- | 0.14 | 1.03 | 0.90 | ||
2056 | 16.59 | 14.34 | -2.25 | ---- | 0.15 | 1.05 | 0.91 | ||
2057 | 16.64 | 14.34 | -2.29 | ---- | 0.16 | 1.06 | 0.90 | ||
2058 | 16.69 | 14.35 | -2.34 | ---- | 0.16 | 1.06 | 0.89 | ||
2059 | 16.75 | 14.35 | -2.40 | ---- | 0.17 | 1.06 | 0.89 | ||
2060 | 16.81 | 14.36 | -2.45 | ---- | 0.18 | 1.06 | 0.88 | ||
2061 | 16.87 | 14.36 | -2.51 | ---- | 0.19 | 1.06 | 0.87 | ||
2062 | 16.94 | 14.37 | -2.57 | ---- | 0.20 | 1.06 | 0.86 | ||
2063 | 17.00 | 14.38 | -2.63 | ---- | 0.21 | 1.07 | 0.85 | ||
2064 | 17.07 | 14.38 | -2.68 | ---- | 0.22 | 1.07 | 0.84 | ||
2065 | 17.13 | 14.39 | -2.74 | ---- | 0.23 | 1.07 | 0.84 | ||
2066 | 17.20 | 14.39 | -2.81 | ---- | 0.24 | 1.07 | 0.83 | ||
2067 | 17.27 | 14.40 | -2.87 | ---- | 0.25 | 1.07 | 0.82 | ||
2068 | 17.34 | 14.41 | -2.93 | ---- | 0.26 | 1.08 | 0.81 | ||
2069 | 17.41 | 14.41 | -3.00 | ---- | 0.27 | 1.08 | 0.80 | ||
2070 | 17.48 | 14.42 | -3.06 | ---- | 0.28 | 1.08 | 0.80 | ||
2071 | 17.54 | 14.42 | -3.12 | ---- | 0.29 | 1.08 | 0.79 | ||
2072 | 17.60 | 14.43 | -3.17 | ---- | 0.30 | 1.08 | 0.78 | ||
2073 | 17.65 | 14.43 | -3.22 | ---- | 0.31 | 1.08 | 0.78 | ||
2074 | 17.71 | 14.44 | -3.27 | ---- | 0.31 | 1.08 | 0.77 | ||
2075 | 17.75 | 14.44 | -3.31 | ---- | 0.32 | 1.09 | 0.76 | ||
2076 | 17.79 | 14.45 | -3.34 | ---- | 0.33 | 1.09 | 0.76 | ||
2077 | 17.81 | 14.45 | -3.36 | ---- | 0.34 | 1.09 | 0.75 | ||
2078 | 17.82 | 14.45 | -3.37 | ---- | 0.34 | 1.09 | 0.75 | ||
2079 | 17.82 | 14.45 | -3.37 | ---- | 0.35 | 1.09 | 0.75 | ||
2080 | 17.81 | 14.45 | -3.36 | ---- | 0.35 | 1.09 | 0.74 | ||
2081 | 17.80 | 14.45 | -3.35 | ---- | 0.36 | 1.09 | 0.74 | ||
2082 | 17.78 | 14.45 | -3.33 | ---- | 0.36 | 1.10 | 0.74 | ||
2083 | 17.76 | 14.45 | -3.31 | ---- | 0.36 | 1.10 | 0.73 | ||
2084 | 17.74 | 14.45 | -3.29 | ---- | 0.37 | 1.10 | 0.73 | ||
2085 | 17.72 | 14.45 | -3.27 | ---- | 0.37 | 1.10 | 0.73 | ||
2086 | 17.71 | 14.45 | -3.26 | ---- | 0.37 | 1.10 | 0.73 | ||
2087 | 17.70 | 14.45 | -3.25 | ---- | 0.37 | 1.10 | 0.73 | ||
2088 | 17.70 | 14.45 | -3.25 | ---- | 0.38 | 1.10 | 0.72 | ||
2089 | 17.72 | 14.45 | -3.26 | ---- | 0.38 | 1.10 | 0.72 | ||
2090 | 17.74 | 14.46 | -3.28 | ---- | 0.38 | 1.10 | 0.72 | ||
2091 | 17.77 | 14.46 | -3.31 | ---- | 0.39 | 1.10 | 0.72 | ||
2092 | 17.82 | 14.46 | -3.35 | ---- | 0.39 | 1.11 | 0.72 | ||
2093 | 17.87 | 14.47 | -3.40 | ---- | 0.39 | 1.11 | 0.71 | ||
2094 | 17.92 | 14.47 | -3.45 | ---- | 0.39 | 1.11 | 0.71 |
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 | 16.75% | 14.59% | -2.15% | 2037 | 0.15% | 0.78% | 0.63% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2019 Trustees Report.