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 2022-2031). 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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 13.07 | -1.23 | 231 | 0.00 | 0.14 | 0.14 | ||
| 2023 | 14.43 | 13.19 | -1.24 | 215 | -0.00 | 0.28 | 0.28 | ||
| 2024 | 14.64 | 13.34 | -1.30 | 199 | -0.00 | 0.40 | 0.40 | ||
| 2025 | 14.85 | 13.47 | -1.39 | 183 | -0.00 | 0.51 | 0.51 | ||
| 2026 | 15.10 | 13.69 | -1.41 | 168 | -0.00 | 0.61 | 0.61 | ||
| 2027 | 15.36 | 13.81 | -1.55 | 153 | -0.00 | 0.71 | 0.71 | ||
| 2028 | 15.62 | 13.93 | -1.69 | 138 | -0.00 | 0.79 | 0.80 | ||
| 2029 | 15.87 | 14.04 | -1.82 | 124 | -0.01 | 0.87 | 0.88 | ||
| 2030 | 16.10 | 14.14 | -1.96 | 110 | -0.01 | 0.95 | 0.96 | ||
| 2031 | 16.27 | 14.23 | -2.05 | 96 | -0.01 | 1.02 | 1.03 | ||
| 2032 | 16.42 | 14.24 | -2.18 | 83 | -0.01 | 1.02 | 1.04 | ||
| 2033 | 16.54 | 14.25 | -2.29 | 69 | -0.02 | 1.02 | 1.04 | ||
| 2034 | 16.63 | 14.26 | -2.37 | 55 | -0.02 | 1.02 | 1.05 | ||
| 2035 | 16.71 | 14.27 | -2.44 | 41 | -0.03 | 1.02 | 1.05 | ||
| 2036 | 16.77 | 14.27 | -2.49 | 27 | -0.03 | 1.02 | 1.06 | ||
| 2037 | 16.82 | 14.28 | -2.54 | 13 | -0.04 | 1.02 | 1.06 | ||
| 2038 | 16.87 | 14.29 | -2.58 | ---- | -0.04 | 1.02 | 1.07 | ||
| 2039 | 16.90 | 14.29 | -2.61 | ---- | -0.05 | 1.02 | 1.07 | ||
| 2040 | 16.92 | 14.30 | -2.63 | ---- | -0.05 | 1.03 | 1.08 | ||
| 2041 | 16.96 | 14.30 | -2.66 | ---- | -0.06 | 1.03 | 1.09 | ||
| 2042 | 16.97 | 14.30 | -2.67 | ---- | -0.07 | 1.03 | 1.09 | ||
| 2043 | 16.97 | 14.31 | -2.67 | ---- | -0.07 | 1.03 | 1.10 | ||
| 2044 | 16.97 | 14.31 | -2.66 | ---- | -0.07 | 1.03 | 1.10 | ||
| 2045 | 16.97 | 14.31 | -2.66 | ---- | -0.08 | 1.03 | 1.11 | ||
| 2046 | 16.97 | 14.31 | -2.66 | ---- | -0.08 | 1.03 | 1.11 | ||
| 2047 | 16.99 | 14.31 | -2.67 | ---- | -0.09 | 1.03 | 1.12 | ||
| 2048 | 17.01 | 14.32 | -2.69 | ---- | -0.09 | 1.03 | 1.12 | ||
| 2049 | 17.02 | 14.32 | -2.70 | ---- | -0.10 | 1.03 | 1.13 | ||
| 2050 | 17.04 | 14.32 | -2.72 | ---- | -0.10 | 1.03 | 1.13 | ||
| 2051 | 17.06 | 14.33 | -2.73 | ---- | -0.10 | 1.03 | 1.14 | ||
| 2052 | 17.08 | 14.33 | -2.75 | ---- | -0.11 | 1.03 | 1.14 | ||
| 2053 | 17.11 | 14.33 | -2.78 | ---- | -0.11 | 1.03 | 1.14 | ||
| 2054 | 17.14 | 14.34 | -2.80 | ---- | -0.11 | 1.03 | 1.15 | ||
| 2055 | 17.18 | 14.34 | -2.84 | ---- | -0.12 | 1.03 | 1.15 | ||
| 2056 | 17.22 | 14.34 | -2.87 | ---- | -0.12 | 1.03 | 1.15 | ||
| 2057 | 17.26 | 14.35 | -2.92 | ---- | -0.12 | 1.03 | 1.15 | ||
| 2058 | 17.31 | 14.35 | -2.96 | ---- | -0.12 | 1.03 | 1.16 | ||
| 2059 | 17.37 | 14.36 | -3.01 | ---- | -0.12 | 1.04 | 1.16 | ||
| 2060 | 17.42 | 14.36 | -3.06 | ---- | -0.13 | 1.04 | 1.16 | ||
| 2061 | 17.47 | 14.37 | -3.11 | ---- | -0.13 | 1.04 | 1.16 | ||
| 2062 | 17.52 | 14.37 | -3.15 | ---- | -0.13 | 1.04 | 1.16 | ||
| 2063 | 17.57 | 14.38 | -3.20 | ---- | -0.13 | 1.04 | 1.17 | ||
| 2064 | 17.62 | 14.38 | -3.24 | ---- | -0.13 | 1.04 | 1.17 | ||
| 2065 | 17.67 | 14.39 | -3.29 | ---- | -0.13 | 1.04 | 1.17 | ||
| 2066 | 17.72 | 14.39 | -3.33 | ---- | -0.13 | 1.04 | 1.17 | ||
| 2067 | 17.77 | 14.40 | -3.38 | ---- | -0.13 | 1.04 | 1.17 | ||
| 2068 | 17.82 | 14.40 | -3.42 | ---- | -0.13 | 1.04 | 1.17 | ||
| 2069 | 17.88 | 14.41 | -3.47 | ---- | -0.13 | 1.04 | 1.17 | ||
| 2070 | 17.93 | 14.41 | -3.52 | ---- | -0.13 | 1.04 | 1.17 | ||
| 2071 | 17.99 | 14.42 | -3.57 | ---- | -0.13 | 1.04 | 1.17 | ||
| 2072 | 18.04 | 14.42 | -3.62 | ---- | -0.13 | 1.04 | 1.18 | ||
| 2073 | 18.09 | 14.42 | -3.67 | ---- | -0.13 | 1.04 | 1.18 | ||
| 2074 | 18.14 | 14.43 | -3.71 | ---- | -0.13 | 1.04 | 1.18 | ||
| 2075 | 18.18 | 14.43 | -3.75 | ---- | -0.13 | 1.04 | 1.18 | ||
| 2076 | 18.21 | 14.44 | -3.78 | ---- | -0.13 | 1.04 | 1.18 | ||
| 2077 | 18.23 | 14.44 | -3.80 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2078 | 18.24 | 14.44 | -3.80 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2079 | 18.24 | 14.44 | -3.79 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2080 | 18.22 | 14.44 | -3.78 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2081 | 18.19 | 14.44 | -3.75 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2082 | 18.16 | 14.44 | -3.72 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2083 | 18.12 | 14.44 | -3.68 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2084 | 18.07 | 14.44 | -3.63 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2085 | 18.01 | 14.44 | -3.57 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2086 | 17.95 | 14.43 | -3.51 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2087 | 17.88 | 14.43 | -3.45 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2088 | 17.81 | 14.42 | -3.38 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2089 | 17.74 | 14.42 | -3.32 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2090 | 17.69 | 14.42 | -3.27 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2091 | 17.64 | 14.42 | -3.22 | ---- | -0.13 | 1.05 | 1.18 | ||
| 2092 | 17.61 | 14.41 | -3.19 | ---- | -0.13 | 1.06 | 1.18 | ||
| 2093 | 17.59 | 14.41 | -3.17 | ---- | -0.13 | 1.06 | 1.18 | ||
| 2094 | 17.58 | 14.41 | -3.16 | ---- | -0.13 | 1.06 | 1.18 | ||
| 2095 | 17.58 | 14.41 | -3.16 | ---- | -0.13 | 1.06 | 1.18 | ||
| 2096 | 17.58 | 14.42 | -3.16 | ---- | -0.13 | 1.06 | 1.18 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 17.23% | 14.74% | -2.49% | 2037 | -0.09% | 0.96% | 1.05% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
|||||||||
Based on Intermediate Assumptions of the 2021 Trustees Report.