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Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum in years 2021 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2017, 4.96 percent in 2018, and so on, up to 12.40 percent in 2021. 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 2016 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
201514.1312.82-1.31
308
0.000.000.00
201613.8812.88-1.00
298
0.000.000.00
201713.8913.41-0.48
280
0.000.500.50
201813.9713.94-0.03
267
0.001.001.00
201914.0914.430.35
259
0.001.481.48
202014.2214.900.67
253
0.001.931.93
202114.3415.351.00
251
0.002.362.36
202214.5215.380.86
251
0.002.372.37
202314.7215.370.65
251
0.002.342.34
202414.9615.380.42
249
0.002.312.31
202515.1715.400.23
247
0.012.312.31
202615.3715.410.04
245
0.012.322.31
202715.5715.43-0.14
243
0.012.322.30
202815.7715.45-0.32
241
0.022.322.30
202915.9515.46-0.49
239
0.022.322.30
203016.1215.48-0.65
236
0.032.322.29
203116.2715.49-0.79
233
0.032.322.29
203216.4115.50-0.91
230
0.042.322.29
203316.5215.51-1.01
226
0.042.322.28
203416.6015.52-1.08
222
0.052.332.28
203516.6715.53-1.15
218
0.052.332.27
203616.7415.53-1.20
213
0.062.332.27
203716.7815.54-1.24
208
0.062.332.27
203816.8015.54-1.26
203
0.072.332.26
203916.8015.55-1.26
198
0.082.332.26
204016.7915.55-1.24
193
0.082.332.25
204116.7715.55-1.22
189
0.092.342.25
204216.7615.55-1.20
184
0.092.342.24
204316.7415.55-1.18
179
0.102.342.24
204416.7215.56-1.16
175
0.102.342.24
204516.7115.56-1.15
170
0.112.342.23
204616.6915.56-1.13
166
0.112.342.23
204716.6815.56-1.12
161
0.122.342.22
204816.6715.56-1.11
157
0.132.342.22
204916.6715.56-1.11
152
0.132.352.22
205016.6815.57-1.11
148
0.142.352.21
205116.6915.57-1.12
143
0.142.352.21
205216.7215.57-1.15
138
0.152.352.20
205316.7615.58-1.18
133
0.152.352.20
205416.8015.58-1.22
127
0.162.352.20
205516.8515.59-1.26
122
0.162.352.19
205616.9115.59-1.31
116
0.172.362.19
205716.9715.60-1.37
109
0.172.362.18
205817.0215.60-1.42
102
0.182.362.18
205917.0815.61-1.47
95
0.182.362.18
206017.1415.61-1.53
88
0.192.362.17
206117.2015.62-1.58
80
0.192.362.17
206217.2515.62-1.63
72
0.202.362.17
206317.3115.63-1.68
64
0.202.372.17
206417.3715.63-1.73
55
0.202.372.16
206517.4215.64-1.78
46
0.212.372.16
206617.4815.64-1.84
36
0.212.372.16
206717.5415.65-1.89
26
0.212.372.16
206817.6115.66-1.95
16
0.222.372.16
206917.6715.66-2.01
6
0.222.382.16
207017.7215.67-2.06
----
0.222.382.15
207117.7815.67-2.11
----
0.222.382.15
207217.8215.67-2.15
----
0.232.382.15
207317.8615.68-2.18
----
0.232.382.15
207417.8915.68-2.21
----
0.232.382.15
207517.9215.69-2.23
----
0.232.382.15
207617.9315.69-2.24
----
0.232.392.15
207717.9415.69-2.25
----
0.232.392.15
207817.9415.69-2.25
----
0.242.392.15
207917.9415.69-2.25
----
0.242.392.15
208017.9515.69-2.25
----
0.242.392.15
208117.9515.70-2.26
----
0.242.392.15
208217.9715.70-2.27
----
0.242.392.16
208317.9915.70-2.29
----
0.242.402.16
208418.0215.70-2.31
----
0.242.402.16
208518.0515.71-2.34
----
0.242.402.16
208618.0915.71-2.38
----
0.242.402.16
208718.1315.71-2.42
----
0.242.402.16
208818.1715.72-2.46
----
0.242.402.16
208918.2215.72-2.50
----
0.252.402.16
209018.2615.73-2.54
----
0.252.402.16



 

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 2015 Trustees Report.
2015-2089 16.66% 16.07% -0.59%
2069
0.11% 2.21% 2.09%
 
1 Under present law, the year of Trust Fund reserve depletion is 2034.

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Last reviewed or modified September 1, 2015