Detailed Single Year Tables
Description of Proposed Provision:
E3.2: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in 2021-2030). Do not provide benefit credit for additional earnings taxed.
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 | 13.04 | -1.01 | 248 | 0.00 | 0.14 | 0.14 | ||
2022 | 14.25 | 13.20 | -1.05 | 234 | -0.00 | 0.28 | 0.28 | ||
2023 | 14.43 | 13.34 | -1.09 | 220 | -0.00 | 0.40 | 0.40 | ||
2024 | 14.64 | 13.48 | -1.16 | 205 | -0.00 | 0.51 | 0.51 | ||
2025 | 14.88 | 13.61 | -1.27 | 191 | -0.00 | 0.61 | 0.61 | ||
2026 | 15.11 | 13.83 | -1.28 | 177 | -0.00 | 0.70 | 0.71 | ||
2027 | 15.34 | 13.94 | -1.40 | 164 | -0.00 | 0.79 | 0.79 | ||
2028 | 15.58 | 14.07 | -1.52 | 151 | -0.00 | 0.88 | 0.88 | ||
2029 | 15.83 | 14.18 | -1.65 | 138 | -0.00 | 0.95 | 0.95 | ||
2030 | 16.02 | 14.27 | -1.75 | 125 | -0.00 | 1.02 | 1.03 | ||
2031 | 16.18 | 14.28 | -1.90 | 113 | -0.00 | 1.03 | 1.03 | ||
2032 | 16.33 | 14.29 | -2.03 | 100 | -0.00 | 1.03 | 1.03 | ||
2033 | 16.45 | 14.31 | -2.14 | 88 | -0.00 | 1.03 | 1.03 | ||
2034 | 16.55 | 14.32 | -2.23 | 75 | -0.01 | 1.03 | 1.03 | ||
2035 | 16.62 | 14.32 | -2.30 | 62 | -0.01 | 1.03 | 1.04 | ||
2036 | 16.68 | 14.33 | -2.35 | 49 | -0.01 | 1.03 | 1.04 | ||
2037 | 16.73 | 14.33 | -2.40 | 36 | -0.01 | 1.03 | 1.04 | ||
2038 | 16.78 | 14.34 | -2.44 | 22 | -0.01 | 1.03 | 1.04 | ||
2039 | 16.81 | 14.35 | -2.46 | 8 | -0.01 | 1.03 | 1.04 | ||
2040 | 16.84 | 14.35 | -2.49 | ---- | -0.01 | 1.03 | 1.04 | ||
2041 | 16.85 | 14.35 | -2.49 | ---- | -0.01 | 1.04 | 1.05 | ||
2042 | 16.85 | 14.36 | -2.49 | ---- | -0.01 | 1.04 | 1.05 | ||
2043 | 16.84 | 14.36 | -2.48 | ---- | -0.01 | 1.04 | 1.05 | ||
2044 | 16.82 | 14.36 | -2.46 | ---- | -0.01 | 1.04 | 1.05 | ||
2045 | 16.80 | 14.36 | -2.44 | ---- | -0.01 | 1.04 | 1.05 | ||
2046 | 16.79 | 14.36 | -2.43 | ---- | -0.01 | 1.04 | 1.06 | ||
2047 | 16.77 | 14.36 | -2.41 | ---- | -0.02 | 1.04 | 1.06 | ||
2048 | 16.77 | 14.36 | -2.41 | ---- | -0.02 | 1.04 | 1.06 | ||
2049 | 16.77 | 14.36 | -2.40 | ---- | -0.02 | 1.04 | 1.06 | ||
2050 | 16.77 | 14.37 | -2.40 | ---- | -0.02 | 1.04 | 1.06 | ||
2051 | 16.77 | 14.37 | -2.41 | ---- | -0.02 | 1.04 | 1.06 | ||
2052 | 16.79 | 14.37 | -2.42 | ---- | -0.02 | 1.04 | 1.06 | ||
2053 | 16.81 | 14.37 | -2.44 | ---- | -0.02 | 1.04 | 1.07 | ||
2054 | 16.83 | 14.38 | -2.46 | ---- | -0.02 | 1.04 | 1.07 | ||
2055 | 16.87 | 14.38 | -2.49 | ---- | -0.03 | 1.04 | 1.07 | ||
2056 | 16.91 | 14.38 | -2.52 | ---- | -0.03 | 1.05 | 1.07 | ||
2057 | 16.95 | 14.39 | -2.56 | ---- | -0.03 | 1.05 | 1.07 | ||
2058 | 17.00 | 14.39 | -2.61 | ---- | -0.03 | 1.05 | 1.07 | ||
2059 | 17.05 | 14.40 | -2.66 | ---- | -0.03 | 1.05 | 1.08 | ||
2060 | 17.11 | 14.40 | -2.71 | ---- | -0.03 | 1.05 | 1.08 | ||
2061 | 17.17 | 14.41 | -2.76 | ---- | -0.03 | 1.05 | 1.08 | ||
2062 | 17.23 | 14.41 | -2.82 | ---- | -0.03 | 1.05 | 1.08 | ||
2063 | 17.29 | 14.42 | -2.87 | ---- | -0.04 | 1.05 | 1.08 | ||
2064 | 17.36 | 14.43 | -2.93 | ---- | -0.04 | 1.05 | 1.09 | ||
2065 | 17.42 | 14.43 | -2.99 | ---- | -0.04 | 1.05 | 1.09 | ||
2066 | 17.49 | 14.44 | -3.05 | ---- | -0.04 | 1.05 | 1.09 | ||
2067 | 17.55 | 14.44 | -3.11 | ---- | -0.04 | 1.05 | 1.09 | ||
2068 | 17.62 | 14.45 | -3.17 | ---- | -0.04 | 1.05 | 1.09 | ||
2069 | 17.69 | 14.45 | -3.24 | ---- | -0.04 | 1.05 | 1.09 | ||
2070 | 17.76 | 14.46 | -3.30 | ---- | -0.04 | 1.05 | 1.10 | ||
2071 | 17.83 | 14.46 | -3.36 | ---- | -0.04 | 1.05 | 1.10 | ||
2072 | 17.88 | 14.47 | -3.41 | ---- | -0.04 | 1.06 | 1.10 | ||
2073 | 17.94 | 14.47 | -3.46 | ---- | -0.05 | 1.06 | 1.10 | ||
2074 | 17.99 | 14.48 | -3.51 | ---- | -0.05 | 1.06 | 1.10 | ||
2075 | 18.03 | 14.48 | -3.55 | ---- | -0.05 | 1.06 | 1.10 | ||
2076 | 18.07 | 14.49 | -3.58 | ---- | -0.05 | 1.06 | 1.11 | ||
2077 | 18.09 | 14.49 | -3.60 | ---- | -0.05 | 1.06 | 1.11 | ||
2078 | 18.10 | 14.49 | -3.61 | ---- | -0.05 | 1.06 | 1.11 | ||
2079 | 18.10 | 14.49 | -3.61 | ---- | -0.05 | 1.06 | 1.11 | ||
2080 | 18.09 | 14.49 | -3.59 | ---- | -0.05 | 1.06 | 1.11 | ||
2081 | 18.07 | 14.49 | -3.57 | ---- | -0.05 | 1.06 | 1.11 | ||
2082 | 18.04 | 14.49 | -3.55 | ---- | -0.05 | 1.06 | 1.11 | ||
2083 | 18.02 | 14.49 | -3.52 | ---- | -0.05 | 1.06 | 1.11 | ||
2084 | 17.98 | 14.49 | -3.49 | ---- | -0.05 | 1.06 | 1.11 | ||
2085 | 17.95 | 14.49 | -3.46 | ---- | -0.05 | 1.06 | 1.11 | ||
2086 | 17.91 | 14.49 | -3.42 | ---- | -0.05 | 1.07 | 1.11 | ||
2087 | 17.87 | 14.49 | -3.39 | ---- | -0.05 | 1.07 | 1.12 | ||
2088 | 17.85 | 14.49 | -3.36 | ---- | -0.05 | 1.07 | 1.12 | ||
2089 | 17.83 | 14.49 | -3.34 | ---- | -0.05 | 1.07 | 1.12 | ||
2090 | 17.82 | 14.49 | -3.33 | ---- | -0.05 | 1.07 | 1.12 | ||
2091 | 17.82 | 14.49 | -3.33 | ---- | -0.05 | 1.07 | 1.12 | ||
2092 | 17.83 | 14.49 | -3.34 | ---- | -0.05 | 1.07 | 1.12 | ||
2093 | 17.86 | 14.49 | -3.37 | ---- | -0.05 | 1.07 | 1.12 | ||
2094 | 17.89 | 14.49 | -3.40 | ---- | -0.05 | 1.07 | 1.12 | ||
2095 | 17.92 | 14.50 | -3.43 | ---- | -0.05 | 1.07 | 1.12 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2020-2094 | 17.04% | 14.82% | -2.22% | 2039 | -0.02% | 0.97% | 0.99% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2020 Trustees Report.