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Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum in years 2020 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2016, 4.96 percent in 2017, and so on, up to 12.40 percent in 2020. Provide benefit credit for earnings above the current-law taxable maximum that are subject to the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2014 that were in excess of that year's current-law taxable maximum; and (2) a formula factor of 5 percent on this newly computed "AIME+".

 

Financial Estimates for the OASDI Trust Fund Program

 
  Proposal
  Change from Present Law
  Expressed as a percentage of
present-law taxable payroll

Trust fund
ratio as of
January 1
Expressed as a percentage of
present-law taxable payroll
Calendar
year
Cost
rate
Income
rate
Annual
balance

Cost
rate
Income
rate
Annual
balance
201413.9512.67-1.29
320
0.000.000.00
201513.9712.92-1.05
306
0.000.000.00
201613.9713.38-0.59
292
0.000.490.49
201713.9713.89-0.08
281
0.000.980.99
201814.0214.390.38
273
0.001.461.46
201914.1414.850.71
268
0.001.911.91
202014.3315.290.97
265
0.002.342.34
202114.5015.320.82
266
0.002.342.34
202214.7415.340.61
265
0.002.332.33
202315.0115.340.34
263
0.002.312.31
202415.2815.370.08
260
0.012.312.31
202515.5515.39-0.17
256
0.012.312.31
202615.8015.40-0.40
252
0.012.322.30
202716.0415.42-0.62
248
0.022.322.30
202816.2715.44-0.83
244
0.022.322.30
202916.4615.45-1.01
239
0.032.322.29
203016.6415.47-1.17
234
0.032.322.29
203116.7815.48-1.31
228
0.042.322.28
203216.9115.49-1.42
222
0.042.322.28
203317.0015.50-1.50
215
0.052.322.28
203417.0915.51-1.58
208
0.052.332.27
203517.1515.51-1.64
201
0.062.332.27
203617.1915.52-1.67
194
0.072.332.26
203717.2115.52-1.69
187
0.072.332.26
203817.2215.53-1.69
179
0.082.332.25
203917.2015.53-1.67
172
0.082.332.25
204017.1715.53-1.64
165
0.092.332.25
204117.1415.53-1.61
158
0.092.342.24
204217.1115.53-1.58
151
0.102.342.24
204317.0815.54-1.55
144
0.102.342.23
204417.0715.54-1.53
137
0.112.342.23
204517.0615.54-1.52
130
0.122.342.23
204617.0515.54-1.51
123
0.122.342.22
204717.0415.54-1.50
116
0.132.352.22
204817.0415.55-1.49
109
0.132.352.21
204917.0315.55-1.48
102
0.142.352.21
205017.0315.55-1.48
95
0.142.352.21
205117.0415.56-1.49
87
0.152.352.20
205217.0715.56-1.51
80
0.152.352.20
205317.1015.56-1.53
72
0.162.362.20
205417.1415.57-1.57
64
0.162.362.19
205517.1815.57-1.61
56
0.172.362.19
205617.2415.58-1.66
48
0.172.362.19
205717.2915.58-1.71
39
0.182.362.18
205817.3515.59-1.76
30
0.182.362.18
205917.4015.59-1.80
20
0.192.372.18
206017.4515.60-1.85
10
0.192.372.17
206117.5015.60-1.90
0
0.202.372.17
206217.5615.61-1.95
----
0.202.372.17
206317.6115.61-1.99
----
0.212.372.17
206417.6615.62-2.04
----
0.212.382.17
206517.7115.62-2.09
----
0.212.382.16
206617.7615.63-2.13
----
0.222.382.16
206717.8115.63-2.18
----
0.222.382.16
206817.8715.64-2.23
----
0.222.382.16
206917.9215.64-2.27
----
0.222.382.16
207017.9715.65-2.32
----
0.232.392.16
207118.0115.65-2.36
----
0.232.392.16
207218.0515.65-2.39
----
0.232.392.16
207318.0815.66-2.42
----
0.232.392.16
207418.1015.66-2.44
----
0.232.392.16
207518.1215.66-2.45
----
0.242.392.16
207618.1315.67-2.46
----
0.242.392.16
207718.1315.67-2.46
----
0.242.402.16
207818.1315.67-2.46
----
0.242.402.16
207918.1315.67-2.46
----
0.242.402.16
208018.1415.67-2.47
----
0.242.402.16
208118.1515.67-2.48
----
0.242.402.16
208218.1815.68-2.50
----
0.242.402.16
208318.2115.68-2.53
----
0.242.402.16
208418.2415.68-2.56
----
0.242.412.16
208518.2915.69-2.60
----
0.242.412.16
208618.3315.69-2.64
----
0.252.412.16
208718.3915.70-2.69
----
0.252.412.16
208818.4415.70-2.74
----
0.252.412.16
208918.4915.70-2.79
----
0.252.412.16



 

Summarized Estimates

 
  Proposal
  Change from Present Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2014 Trustees Report.
2014-2088 16.89% 16.09% -0.79%
2061
0.11% 2.20% 2.09%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified September 18, 2014