Detailed Single Year Tables

Description of Proposed Provision:
E2.11: Eliminate the taxable maximum in years 2025 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2021, 4.96 percent in 2022, and so on, up to 12.40 percent in 2025. 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 2020 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 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
201913.9112.85-1.06
273
0.000.000.00
202013.9412.87-1.07
260
0.000.000.00
202114.0913.38-0.71
245
0.000.480.48
202214.2313.88-0.34
233
-0.000.970.97
202314.4014.36-0.03
223
-0.001.431.43
202414.5914.840.26
216
-0.001.871.87
202514.7815.290.51
211
-0.002.302.31
202614.9915.430.44
208
-0.002.322.32
202715.1915.450.26
205
0.002.322.31
202815.4415.480.05
202
0.002.312.31
202915.6315.50-0.13
198
0.012.312.30
203015.8215.52-0.30
195
0.012.312.30
203115.9815.53-0.45
191
0.022.312.30
203216.1315.54-0.59
187
0.022.312.29
203316.2615.55-0.70
184
0.032.322.29
203416.3615.56-0.79
180
0.032.322.29
203516.4315.57-0.86
176
0.042.322.28
203616.5015.58-0.92
172
0.042.322.28
203716.5615.58-0.98
168
0.052.322.27
203816.6215.59-1.03
164
0.052.322.27
203916.6615.60-1.07
159
0.062.322.26
204016.6815.60-1.08
154
0.072.332.26
204116.6815.60-1.08
149
0.072.332.26
204216.6715.60-1.07
144
0.082.332.25
204316.6415.60-1.04
139
0.082.332.25
204416.6115.60-1.01
135
0.092.332.24
204516.5815.60-0.98
130
0.102.332.24
204616.5615.61-0.95
126
0.102.342.23
204716.5415.61-0.93
121
0.112.342.23
204816.5215.61-0.91
117
0.122.342.22
204916.5115.61-0.90
113
0.122.342.22
205016.5015.61-0.89
108
0.132.342.21
205116.5015.61-0.88
104
0.142.342.21
205216.5115.62-0.89
100
0.142.342.20
205316.5215.62-0.90
95
0.152.352.20
205416.5415.62-0.92
91
0.162.352.19
205516.5715.63-0.94
86
0.162.352.19
205616.6115.63-0.98
81
0.172.352.18
205716.6615.64-1.02
76
0.172.352.18
205816.7115.64-1.07
70
0.182.352.17
205916.7615.65-1.12
64
0.192.352.17
206016.8215.65-1.17
58
0.192.362.16
206116.8815.66-1.22
52
0.202.362.16
206216.9415.66-1.27
45
0.212.362.15
206317.0015.67-1.33
38
0.212.362.15
206417.0615.68-1.38
31
0.222.362.15
206517.1215.68-1.44
23
0.222.362.14
206617.1815.69-1.49
15
0.232.362.14
206717.2415.69-1.55
7
0.232.372.14
206817.3115.70-1.61
----
0.242.372.13
206917.3715.70-1.67
----
0.242.372.13
207017.4415.71-1.73
----
0.242.372.13
207117.5015.71-1.78
----
0.252.372.12
207217.5515.72-1.83
----
0.252.372.12
207317.6015.72-1.88
----
0.252.372.12
207417.6515.73-1.92
----
0.262.382.12
207517.6915.73-1.96
----
0.262.382.12
207617.7215.74-1.98
----
0.262.382.12
207717.7415.74-2.00
----
0.262.382.12
207817.7515.74-2.01
----
0.272.382.12
207917.7415.74-2.00
----
0.272.382.12
208017.7315.74-1.99
----
0.272.382.12
208117.7115.74-1.97
----
0.272.392.12
208217.6915.75-1.95
----
0.272.392.12
208317.6715.75-1.93
----
0.272.392.12
208417.6515.74-1.90
----
0.272.392.12
208517.6315.74-1.88
----
0.272.392.12
208617.6115.74-1.86
----
0.272.392.12
208717.6015.74-1.85
----
0.272.392.12
208817.6015.75-1.85
----
0.272.392.12
208917.6115.75-1.86
----
0.272.392.12
209017.6315.75-1.88
----
0.272.402.12
209117.6615.75-1.91
----
0.272.402.12
209217.7015.76-1.95
----
0.272.402.12
209317.7515.76-1.99
----
0.282.402.12
209417.8015.77-2.03
----
0.282.402.12

Summarized Estimates

Proposal Change from Current Law
Years Cost
rate		 Income
rate		 Actuarial
balance		 Year of reserve
depletion1		 Cost
rate		 Income
rate		 Actuarial
balance
2019-2093 16.74% 16.03% -0.71% 2067 0.14% 2.21% 2.08%

1 Under current law, the year of Trust Fund reserve depletion is 2035.
Based on Intermediate Assumptions of the 2019 Trustees Report.