Detailed Single Year Tables
Description of Proposed Provision:
E3.6: Increase the taxable maximum each year by an additional 2 percent beginning in 2023 until taxable earnings equal 90 percent of covered earnings. 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 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.98 | -1.45 | 217 | 0.00 | 0.04 | 0.04 | ||
| 2024 | 14.64 | 13.06 | -1.59 | 200 | -0.00 | 0.08 | 0.08 | ||
| 2025 | 14.88 | 13.12 | -1.76 | 184 | -0.00 | 0.12 | 0.12 | ||
| 2026 | 15.11 | 13.28 | -1.83 | 167 | -0.00 | 0.16 | 0.16 | ||
| 2027 | 15.35 | 13.34 | -2.00 | 150 | -0.00 | 0.20 | 0.20 | ||
| 2028 | 15.58 | 13.42 | -2.16 | 134 | -0.00 | 0.23 | 0.23 | ||
| 2029 | 15.83 | 13.50 | -2.34 | 117 | -0.00 | 0.27 | 0.27 | ||
| 2030 | 16.02 | 13.55 | -2.47 | 100 | -0.00 | 0.31 | 0.31 | ||
| 2031 | 16.19 | 13.59 | -2.59 | 84 | -0.00 | 0.34 | 0.34 | ||
| 2032 | 16.33 | 13.64 | -2.69 | 68 | -0.00 | 0.37 | 0.37 | ||
| 2033 | 16.45 | 13.68 | -2.77 | 52 | -0.00 | 0.41 | 0.41 | ||
| 2034 | 16.55 | 13.72 | -2.83 | 35 | -0.00 | 0.44 | 0.44 | ||
| 2035 | 16.62 | 13.76 | -2.86 | 19 | -0.00 | 0.47 | 0.47 | ||
| 2036 | 16.68 | 13.80 | -2.89 | 2 | -0.00 | 0.50 | 0.50 | ||
| 2037 | 16.74 | 13.83 | -2.90 | ---- | -0.00 | 0.53 | 0.53 | ||
| 2038 | 16.78 | 13.87 | -2.91 | ---- | -0.00 | 0.56 | 0.56 | ||
| 2039 | 16.81 | 13.90 | -2.91 | ---- | -0.00 | 0.59 | 0.59 | ||
| 2040 | 16.84 | 13.93 | -2.91 | ---- | -0.00 | 0.62 | 0.62 | ||
| 2041 | 16.85 | 13.96 | -2.89 | ---- | -0.00 | 0.64 | 0.65 | ||
| 2042 | 16.86 | 13.99 | -2.87 | ---- | -0.00 | 0.67 | 0.67 | ||
| 2043 | 16.84 | 14.01 | -2.83 | ---- | -0.00 | 0.70 | 0.70 | ||
| 2044 | 16.83 | 14.04 | -2.79 | ---- | -0.00 | 0.72 | 0.73 | ||
| 2045 | 16.81 | 14.07 | -2.75 | ---- | -0.01 | 0.75 | 0.75 | ||
| 2046 | 16.79 | 14.09 | -2.70 | ---- | -0.01 | 0.77 | 0.78 | ||
| 2047 | 16.78 | 14.11 | -2.67 | ---- | -0.01 | 0.80 | 0.80 | ||
| 2048 | 16.78 | 14.14 | -2.64 | ---- | -0.01 | 0.82 | 0.83 | ||
| 2049 | 16.78 | 14.16 | -2.61 | ---- | -0.01 | 0.84 | 0.85 | ||
| 2050 | 16.78 | 14.19 | -2.59 | ---- | -0.01 | 0.86 | 0.87 | ||
| 2051 | 16.78 | 14.21 | -2.57 | ---- | -0.01 | 0.89 | 0.90 | ||
| 2052 | 16.80 | 14.23 | -2.56 | ---- | -0.01 | 0.91 | 0.92 | ||
| 2053 | 16.82 | 14.26 | -2.56 | ---- | -0.01 | 0.93 | 0.94 | ||
| 2054 | 16.85 | 14.28 | -2.56 | ---- | -0.01 | 0.95 | 0.96 | ||
| 2055 | 16.88 | 14.31 | -2.57 | ---- | -0.01 | 0.97 | 0.98 | ||
| 2056 | 16.92 | 14.33 | -2.59 | ---- | -0.01 | 0.99 | 1.01 | ||
| 2057 | 16.96 | 14.36 | -2.61 | ---- | -0.01 | 1.01 | 1.03 | ||
| 2058 | 17.01 | 14.38 | -2.63 | ---- | -0.01 | 1.03 | 1.05 | ||
| 2059 | 17.07 | 14.40 | -2.67 | ---- | -0.02 | 1.05 | 1.06 | ||
| 2060 | 17.13 | 14.40 | -2.72 | ---- | -0.02 | 1.05 | 1.06 | ||
| 2061 | 17.19 | 14.41 | -2.78 | ---- | -0.02 | 1.05 | 1.07 | ||
| 2062 | 17.25 | 14.42 | -2.83 | ---- | -0.02 | 1.05 | 1.07 | ||
| 2063 | 17.31 | 14.42 | -2.89 | ---- | -0.02 | 1.05 | 1.07 | ||
| 2064 | 17.37 | 14.43 | -2.95 | ---- | -0.02 | 1.05 | 1.07 | ||
| 2065 | 17.44 | 14.43 | -3.00 | ---- | -0.02 | 1.05 | 1.07 | ||
| 2066 | 17.50 | 14.44 | -3.06 | ---- | -0.02 | 1.05 | 1.08 | ||
| 2067 | 17.57 | 14.44 | -3.13 | ---- | -0.02 | 1.05 | 1.08 | ||
| 2068 | 17.64 | 14.45 | -3.19 | ---- | -0.03 | 1.05 | 1.08 | ||
| 2069 | 17.71 | 14.45 | -3.25 | ---- | -0.03 | 1.05 | 1.08 | ||
| 2070 | 17.78 | 14.46 | -3.32 | ---- | -0.03 | 1.05 | 1.08 | ||
| 2071 | 17.84 | 14.47 | -3.38 | ---- | -0.03 | 1.06 | 1.08 | ||
| 2072 | 17.90 | 14.47 | -3.43 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2073 | 17.95 | 14.48 | -3.48 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2074 | 18.00 | 14.48 | -3.52 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2075 | 18.05 | 14.48 | -3.56 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2076 | 18.08 | 14.49 | -3.59 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2077 | 18.10 | 14.49 | -3.61 | ---- | -0.03 | 1.06 | 1.09 | ||
| 2078 | 18.12 | 14.49 | -3.62 | ---- | -0.04 | 1.06 | 1.10 | ||
| 2079 | 18.11 | 14.49 | -3.62 | ---- | -0.04 | 1.06 | 1.10 | ||
| 2080 | 18.10 | 14.50 | -3.61 | ---- | -0.04 | 1.06 | 1.10 | ||
| 2081 | 18.08 | 14.50 | -3.59 | ---- | -0.04 | 1.06 | 1.10 | ||
| 2082 | 18.06 | 14.49 | -3.56 | ---- | -0.04 | 1.06 | 1.10 | ||
| 2083 | 18.03 | 14.49 | -3.53 | ---- | -0.04 | 1.06 | 1.10 | ||
| 2084 | 17.99 | 14.49 | -3.50 | ---- | -0.04 | 1.06 | 1.10 | ||
| 2085 | 17.96 | 14.49 | -3.46 | ---- | -0.04 | 1.07 | 1.11 | ||
| 2086 | 17.92 | 14.49 | -3.43 | ---- | -0.04 | 1.07 | 1.11 | ||
| 2087 | 17.88 | 14.49 | -3.39 | ---- | -0.04 | 1.07 | 1.11 | ||
| 2088 | 17.85 | 14.49 | -3.37 | ---- | -0.04 | 1.07 | 1.11 | ||
| 2089 | 17.83 | 14.49 | -3.35 | ---- | -0.04 | 1.07 | 1.11 | ||
| 2090 | 17.82 | 14.49 | -3.34 | ---- | -0.04 | 1.07 | 1.11 | ||
| 2091 | 17.82 | 14.49 | -3.34 | ---- | -0.04 | 1.07 | 1.11 | ||
| 2092 | 17.84 | 14.49 | -3.35 | ---- | -0.04 | 1.07 | 1.11 | ||
| 2093 | 17.86 | 14.49 | -3.37 | ---- | -0.04 | 1.07 | 1.11 | ||
| 2094 | 17.89 | 14.49 | -3.40 | ---- | -0.04 | 1.07 | 1.12 | ||
| 2095 | 17.93 | 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% | 14.60% | -2.44% | 2036 | -0.02% | 0.75% | 0.77% | ||
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.