Detailed Single Year Tables
Description of Proposed Provision:
E3.11: Beginning in 2029, apply 2 percent payroll tax rate on earnings over the wage-indexed equivalent of $300,000 in 2017 (about $458,400 in 2029), with the threshold wage-indexed after 2029. 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 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.91 | -1.52 | 214 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.64 | 12.94 | -1.69 | 196 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.86 | 12.96 | -1.90 | 178 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.10 | 13.08 | -2.03 | 159 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.36 | 13.10 | -2.26 | 141 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.62 | 13.14 | -2.49 | 122 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.87 | 13.37 | -2.51 | 104 | 0.00 | 0.20 | 0.20 | ||
| 2030 | 16.11 | 13.40 | -2.71 | 86 | -0.00 | 0.20 | 0.20 | ||
| 2031 | 16.28 | 13.41 | -2.87 | 68 | -0.00 | 0.20 | 0.20 | ||
| 2032 | 16.43 | 13.42 | -3.01 | 50 | -0.00 | 0.20 | 0.20 | ||
| 2033 | 16.56 | 13.43 | -3.12 | 32 | -0.00 | 0.20 | 0.21 | ||
| 2034 | 16.66 | 13.44 | -3.21 | 13 | -0.00 | 0.20 | 0.21 | ||
| 2035 | 16.73 | 13.45 | -3.28 | ---- | -0.00 | 0.20 | 0.21 | ||
| 2036 | 16.80 | 13.45 | -3.34 | ---- | -0.00 | 0.20 | 0.21 | ||
| 2037 | 16.86 | 13.46 | -3.39 | ---- | -0.01 | 0.20 | 0.21 | ||
| 2038 | 16.91 | 13.47 | -3.44 | ---- | -0.01 | 0.20 | 0.21 | ||
| 2039 | 16.94 | 13.47 | -3.47 | ---- | -0.01 | 0.20 | 0.21 | ||
| 2040 | 16.97 | 13.47 | -3.49 | ---- | -0.01 | 0.20 | 0.22 | ||
| 2041 | 17.01 | 13.48 | -3.53 | ---- | -0.01 | 0.20 | 0.22 | ||
| 2042 | 17.02 | 13.48 | -3.54 | ---- | -0.01 | 0.20 | 0.22 | ||
| 2043 | 17.02 | 13.48 | -3.54 | ---- | -0.02 | 0.20 | 0.22 | ||
| 2044 | 17.03 | 13.48 | -3.54 | ---- | -0.02 | 0.20 | 0.22 | ||
| 2045 | 17.03 | 13.48 | -3.55 | ---- | -0.02 | 0.20 | 0.22 | ||
| 2046 | 17.04 | 13.49 | -3.55 | ---- | -0.02 | 0.20 | 0.23 | ||
| 2047 | 17.05 | 13.49 | -3.57 | ---- | -0.02 | 0.20 | 0.23 | ||
| 2048 | 17.07 | 13.49 | -3.58 | ---- | -0.02 | 0.20 | 0.23 | ||
| 2049 | 17.09 | 13.49 | -3.60 | ---- | -0.03 | 0.20 | 0.23 | ||
| 2050 | 17.11 | 13.50 | -3.62 | ---- | -0.03 | 0.20 | 0.23 | ||
| 2051 | 17.13 | 13.50 | -3.63 | ---- | -0.03 | 0.20 | 0.23 | ||
| 2052 | 17.16 | 13.50 | -3.66 | ---- | -0.03 | 0.21 | 0.23 | ||
| 2053 | 17.19 | 13.50 | -3.69 | ---- | -0.03 | 0.21 | 0.23 | ||
| 2054 | 17.22 | 13.51 | -3.71 | ---- | -0.03 | 0.21 | 0.24 | ||
| 2055 | 17.26 | 13.51 | -3.75 | ---- | -0.03 | 0.21 | 0.24 | ||
| 2056 | 17.30 | 13.51 | -3.79 | ---- | -0.03 | 0.21 | 0.24 | ||
| 2057 | 17.35 | 13.52 | -3.83 | ---- | -0.03 | 0.21 | 0.24 | ||
| 2058 | 17.40 | 13.52 | -3.88 | ---- | -0.03 | 0.21 | 0.24 | ||
| 2059 | 17.46 | 13.53 | -3.93 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2060 | 17.51 | 13.53 | -3.98 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2061 | 17.56 | 13.54 | -4.03 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2062 | 17.62 | 13.54 | -4.07 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2063 | 17.67 | 13.55 | -4.12 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2064 | 17.71 | 13.55 | -4.16 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2065 | 17.76 | 13.56 | -4.21 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2066 | 17.82 | 13.56 | -4.26 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2067 | 17.87 | 13.56 | -4.30 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2068 | 17.92 | 13.57 | -4.35 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2069 | 17.97 | 13.57 | -4.40 | ---- | -0.04 | 0.21 | 0.24 | ||
| 2070 | 18.03 | 13.58 | -4.45 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2071 | 18.08 | 13.58 | -4.50 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2072 | 18.14 | 13.58 | -4.55 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2073 | 18.19 | 13.59 | -4.60 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2074 | 18.23 | 13.59 | -4.64 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2075 | 18.28 | 13.60 | -4.68 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2076 | 18.31 | 13.60 | -4.71 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2077 | 18.33 | 13.60 | -4.73 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2078 | 18.34 | 13.60 | -4.73 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2079 | 18.33 | 13.60 | -4.73 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2080 | 18.31 | 13.60 | -4.71 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2081 | 18.29 | 13.60 | -4.69 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2082 | 18.26 | 13.60 | -4.65 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2083 | 18.21 | 13.60 | -4.61 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2084 | 18.16 | 13.60 | -4.56 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2085 | 18.10 | 13.59 | -4.51 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2086 | 18.04 | 13.59 | -4.45 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2087 | 17.97 | 13.59 | -4.38 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2088 | 17.90 | 13.58 | -4.32 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2089 | 17.83 | 13.58 | -4.26 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2090 | 17.78 | 13.57 | -4.20 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2091 | 17.73 | 13.57 | -4.16 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2092 | 17.70 | 13.57 | -4.13 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2093 | 17.68 | 13.57 | -4.11 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2094 | 17.67 | 13.57 | -4.10 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2095 | 17.66 | 13.57 | -4.10 | ---- | -0.04 | 0.21 | 0.25 | ||
| 2096 | 17.67 | 13.57 | -4.10 | ---- | -0.04 | 0.21 | 0.25 | ||
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 | 17.29% | 13.96% | -3.33% | 2034 | -0.02% | 0.18% | 0.21% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.