Long Range Solvency Provisions

Description of Proposed Provision:
E2.1: Eliminate the taxable maximum in years 2018 and later, and apply full 12.4 percent payroll tax rate to all earnings. Do not provide benefit credit for earnings above the current-law taxable maximum.

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	Trust fund ratio as of January 1	Cost rate	Income rate	Annual balance
2017	13.41	13.03	-0.38	298	0.00	0.00	0.00
2018	13.49	15.12	1.63	287	0.00	2.19	2.19
2019	13.69	15.27	1.58	288	-0.01	2.32	2.33
2020	13.85	15.29	1.44	290	-0.01	2.33	2.33
2021	14.01	15.32	1.31	291	-0.01	2.33	2.34
2022	14.25	15.35	1.10	291	-0.01	2.33	2.33
2023	14.54	15.36	0.82	290	-0.01	2.31	2.32
2024	14.82	15.39	0.58	287	-0.01	2.31	2.32
2025	15.09	15.41	0.32	283	-0.01	2.31	2.32
2026	15.36	15.44	0.08	278	-0.01	2.31	2.32
2027	15.61	15.46	-0.15	273	-0.01	2.31	2.32
2028	15.84	15.48	-0.36	268	-0.01	2.31	2.32
2029	16.05	15.49	-0.56	262	-0.01	2.31	2.32
2030	16.25	15.51	-0.74	257	-0.01	2.31	2.33
2031	16.43	15.52	-0.91	252	-0.02	2.31	2.33
2032	16.59	15.53	-1.06	247	-0.02	2.31	2.33
2033	16.72	15.54	-1.18	241	-0.02	2.31	2.33
2034	16.83	15.55	-1.28	236	-0.02	2.31	2.33
2035	16.90	15.55	-1.35	230	-0.02	2.31	2.34
2036	16.96	15.56	-1.40	224	-0.02	2.31	2.34
2037	16.99	15.56	-1.43	218	-0.03	2.31	2.34
2038	16.99	15.56	-1.43	212	-0.03	2.32	2.34
2039	16.97	15.56	-1.40	206	-0.03	2.32	2.35
2040	16.93	15.56	-1.36	200	-0.03	2.32	2.35
2041	16.88	15.56	-1.32	195	-0.03	2.32	2.35
2042	16.82	15.56	-1.26	190	-0.04	2.32	2.35
2043	16.77	15.56	-1.21	185	-0.04	2.32	2.36
2044	16.72	15.56	-1.16	180	-0.04	2.32	2.36
2045	16.68	15.56	-1.12	176	-0.04	2.32	2.36
2046	16.63	15.56	-1.08	171	-0.04	2.32	2.37
2047	16.60	15.56	-1.04	167	-0.05	2.32	2.37
2048	16.57	15.55	-1.01	163	-0.05	2.32	2.37
2049	16.54	15.55	-0.98	159	-0.05	2.32	2.37
2050	16.51	15.55	-0.96	155	-0.05	2.32	2.38
2051	16.50	15.55	-0.94	151	-0.06	2.32	2.38
2052	16.50	15.56	-0.94	147	-0.06	2.32	2.38
2053	16.51	15.56	-0.95	143	-0.06	2.32	2.39
2054	16.53	15.56	-0.97	139	-0.06	2.32	2.39
2055	16.55	15.56	-0.99	134	-0.07	2.33	2.39
2056	16.59	15.57	-1.02	130	-0.07	2.33	2.39
2057	16.63	15.57	-1.06	125	-0.07	2.33	2.40
2058	16.67	15.57	-1.09	120	-0.07	2.33	2.40
2059	16.71	15.58	-1.13	114	-0.08	2.33	2.40
2060	16.75	15.58	-1.17	109	-0.08	2.33	2.41
2061	16.79	15.59	-1.21	103	-0.08	2.33	2.41
2062	16.84	15.59	-1.25	97	-0.08	2.33	2.41
2063	16.89	15.59	-1.29	90	-0.08	2.33	2.41
2064	16.93	15.60	-1.33	84	-0.09	2.33	2.42
2065	16.98	15.60	-1.38	77	-0.09	2.33	2.42
2066	17.03	15.61	-1.42	70	-0.09	2.33	2.42
2067	17.08	15.61	-1.47	62	-0.09	2.33	2.42
2068	17.13	15.61	-1.52	54	-0.09	2.34	2.43
2069	17.18	15.62	-1.56	46	-0.09	2.34	2.43
2070	17.23	15.62	-1.61	38	-0.09	2.34	2.43
2071	17.28	15.63	-1.65	29	-0.09	2.34	2.43
2072	17.32	15.63	-1.69	20	-0.10	2.34	2.44
2073	17.35	15.63	-1.72	10	-0.10	2.34	2.44
2074	17.38	15.64	-1.75	1	-0.10	2.34	2.44
2075	17.41	15.64	-1.77	----	-0.10	2.34	2.44
2076	17.42	15.64	-1.78	----	-0.10	2.34	2.44
2077	17.43	15.64	-1.78	----	-0.10	2.35	2.44
2078	17.43	15.65	-1.78	----	-0.10	2.35	2.45
2079	17.42	15.65	-1.77	----	-0.10	2.35	2.45
2080	17.41	15.65	-1.76	----	-0.10	2.35	2.45
2081	17.41	15.65	-1.76	----	-0.10	2.35	2.45
2082	17.41	15.65	-1.76	----	-0.10	2.35	2.45
2083	17.41	15.65	-1.76	----	-0.10	2.35	2.45
2084	17.43	15.65	-1.78	----	-0.10	2.35	2.45
2085	17.45	15.66	-1.80	----	-0.10	2.36	2.45
2086	17.48	15.66	-1.82	----	-0.10	2.36	2.46
2087	17.52	15.66	-1.86	----	-0.10	2.36	2.46
2088	17.56	15.67	-1.89	----	-0.10	2.36	2.46
2089	17.60	15.67	-1.93	----	-0.10	2.36	2.46
2090	17.65	15.67	-1.98	----	-0.10	2.36	2.46
2091	17.70	15.68	-2.02	----	-0.10	2.36	2.46
2092	17.74	15.68	-2.06	----	-0.10	2.37	2.46

Summarized Estimates

	Proposal				Change from Current Law
Years	Cost rate	Income rate	Actuarial balance	Year of reserve depletion¹	Cost rate	Income rate	Actuarial balance
2017-2091	16.61%	16.13%	-0.48%	2074	-0.05%	2.29%	2.35%
¹ Under current law, the year of Trust Fund reserve depletion is 2034.

Based on Intermediate Assumptions of the 2017 Trustees Report.

Detailed Single Year Tables

Description of Proposed Provision: E2.1: Eliminate the taxable maximum in years 2018 and later, and apply full 12.4 percent payroll tax rate to all earnings. Do not provide benefit credit for earnings above the current-law taxable maximum.

Financial Estimates for the OASDI Trust Fund Program

Summarized Estimates

Description of Proposed Provision:
E2.1: Eliminate the taxable maximum in years 2018 and later, and apply full 12.4 percent payroll tax rate to all earnings. Do not provide benefit credit for earnings above the current-law taxable maximum.