Detailed Single Year Tables
Description of Proposed Provision:
E2.6: Apply a 3 percent payroll tax on earnings above the current-law taxable maximum starting in 2021. Do not provide benefit credit for earnings above the current-law 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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 13.47 | -0.58 | 248 | 0.00 | 0.57 | 0.57 | ||
| 2022 | 14.25 | 13.52 | -0.72 | 237 | -0.00 | 0.60 | 0.60 | ||
| 2023 | 14.43 | 13.54 | -0.90 | 225 | -0.00 | 0.59 | 0.59 | ||
| 2024 | 14.64 | 13.57 | -1.08 | 212 | -0.00 | 0.59 | 0.59 | ||
| 2025 | 14.88 | 13.59 | -1.29 | 198 | -0.00 | 0.59 | 0.59 | ||
| 2026 | 15.11 | 13.72 | -1.39 | 184 | -0.00 | 0.59 | 0.59 | ||
| 2027 | 15.34 | 13.74 | -1.60 | 169 | -0.00 | 0.59 | 0.60 | ||
| 2028 | 15.58 | 13.79 | -1.80 | 155 | -0.00 | 0.60 | 0.60 | ||
| 2029 | 15.83 | 13.82 | -2.01 | 140 | -0.00 | 0.60 | 0.60 | ||
| 2030 | 16.02 | 13.84 | -2.18 | 125 | -0.00 | 0.60 | 0.60 | ||
| 2031 | 16.18 | 13.85 | -2.33 | 110 | -0.00 | 0.60 | 0.60 | ||
| 2032 | 16.33 | 13.86 | -2.47 | 95 | -0.00 | 0.60 | 0.60 | ||
| 2033 | 16.45 | 13.87 | -2.57 | 80 | -0.00 | 0.60 | 0.60 | ||
| 2034 | 16.55 | 13.88 | -2.66 | 65 | -0.00 | 0.60 | 0.60 | ||
| 2035 | 16.62 | 13.89 | -2.73 | 49 | -0.00 | 0.60 | 0.60 | ||
| 2036 | 16.68 | 13.90 | -2.78 | 33 | -0.01 | 0.60 | 0.60 | ||
| 2037 | 16.73 | 13.90 | -2.83 | 17 | -0.01 | 0.60 | 0.60 | ||
| 2038 | 16.78 | 13.91 | -2.87 | 1 | -0.01 | 0.60 | 0.60 | ||
| 2039 | 16.81 | 13.91 | -2.90 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2040 | 16.84 | 13.91 | -2.92 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2041 | 16.85 | 13.92 | -2.93 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2042 | 16.85 | 13.92 | -2.93 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2043 | 16.84 | 13.92 | -2.92 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2044 | 16.82 | 13.92 | -2.90 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2045 | 16.81 | 13.92 | -2.89 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2046 | 16.79 | 13.92 | -2.87 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2047 | 16.78 | 13.92 | -2.86 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2048 | 16.78 | 13.92 | -2.85 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2049 | 16.77 | 13.92 | -2.85 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2050 | 16.77 | 13.92 | -2.85 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2051 | 16.78 | 13.93 | -2.85 | ---- | -0.01 | 0.60 | 0.62 | ||
| 2052 | 16.79 | 13.93 | -2.87 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2053 | 16.82 | 13.93 | -2.88 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2054 | 16.84 | 13.93 | -2.91 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2055 | 16.88 | 13.94 | -2.94 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2056 | 16.91 | 13.94 | -2.97 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2057 | 16.96 | 13.95 | -3.01 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2058 | 17.01 | 13.95 | -3.06 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2059 | 17.06 | 13.95 | -3.11 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2060 | 17.12 | 13.96 | -3.16 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2061 | 17.18 | 13.96 | -3.22 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2062 | 17.24 | 13.97 | -3.27 | ---- | -0.02 | 0.60 | 0.63 | ||
| 2063 | 17.31 | 13.97 | -3.33 | ---- | -0.02 | 0.60 | 0.63 | ||
| 2064 | 17.37 | 13.98 | -3.39 | ---- | -0.02 | 0.60 | 0.63 | ||
| 2065 | 17.43 | 13.98 | -3.45 | ---- | -0.02 | 0.60 | 0.63 | ||
| 2066 | 17.50 | 13.99 | -3.51 | ---- | -0.02 | 0.60 | 0.63 | ||
| 2067 | 17.57 | 14.00 | -3.57 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2068 | 17.64 | 14.00 | -3.64 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2069 | 17.71 | 14.01 | -3.70 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2070 | 17.78 | 14.01 | -3.77 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2071 | 17.84 | 14.02 | -3.83 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2072 | 17.90 | 14.02 | -3.88 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2073 | 17.96 | 14.03 | -3.93 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2074 | 18.01 | 14.03 | -3.98 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2075 | 18.05 | 14.03 | -4.02 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2076 | 18.09 | 14.04 | -4.05 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2077 | 18.11 | 14.04 | -4.07 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2078 | 18.12 | 14.04 | -4.08 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2079 | 18.12 | 14.04 | -4.08 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2080 | 18.11 | 14.04 | -4.07 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2081 | 18.09 | 14.04 | -4.05 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2082 | 18.07 | 14.04 | -4.02 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2083 | 18.04 | 14.04 | -4.00 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2084 | 18.00 | 14.04 | -3.97 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2085 | 17.97 | 14.04 | -3.93 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2086 | 17.93 | 14.03 | -3.90 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2087 | 17.90 | 14.03 | -3.86 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2088 | 17.87 | 14.03 | -3.84 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2089 | 17.85 | 14.03 | -3.82 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2090 | 17.84 | 14.03 | -3.81 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2091 | 17.84 | 14.03 | -3.81 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2092 | 17.85 | 14.03 | -3.82 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2093 | 17.88 | 14.03 | -3.84 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2094 | 17.91 | 14.04 | -3.87 | ---- | -0.03 | 0.61 | 0.64 | ||
| 2095 | 17.95 | 14.04 | -3.91 | ---- | -0.03 | 0.61 | 0.64 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 17.04% | 14.44% | -2.60% | 2038 | -0.02% | 0.59% | 0.61% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.