Detailed Single Year Tables
Description of Proposed Provision:
E3.19: Increase the taxable maximum such that 90 percent of earnings would be subject to the payroll tax (phased in linearly from 2021-2026). Provide benefit credit for additional earnings taxed, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from additional annual earnings taxed over the current-law taxable maximum; and (2) a formula factor of 2.5 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 |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.09 | 13.13 | -0.96 | 245 | 0.00 | 0.23 | 0.23 | ||
| 2022 | 14.23 | 13.35 | -0.87 | 231 | -0.00 | 0.43 | 0.44 | ||
| 2023 | 14.40 | 13.55 | -0.85 | 218 | -0.00 | 0.61 | 0.61 | ||
| 2024 | 14.59 | 13.74 | -0.85 | 205 | -0.00 | 0.77 | 0.77 | ||
| 2025 | 14.78 | 13.89 | -0.89 | 193 | -0.00 | 0.90 | 0.91 | ||
| 2026 | 14.99 | 14.14 | -0.85 | 182 | -0.00 | 1.03 | 1.03 | ||
| 2027 | 15.19 | 14.16 | -1.03 | 172 | -0.00 | 1.03 | 1.03 | ||
| 2028 | 15.43 | 14.20 | -1.23 | 161 | -0.00 | 1.02 | 1.02 | ||
| 2029 | 15.63 | 14.22 | -1.41 | 150 | 0.00 | 1.03 | 1.03 | ||
| 2030 | 15.81 | 14.23 | -1.57 | 139 | 0.00 | 1.03 | 1.03 | ||
| 2031 | 15.97 | 14.25 | -1.72 | 129 | 0.00 | 1.03 | 1.03 | ||
| 2032 | 16.11 | 14.26 | -1.85 | 117 | 0.00 | 1.03 | 1.03 | ||
| 2033 | 16.23 | 14.27 | -1.97 | 106 | 0.00 | 1.03 | 1.03 | ||
| 2034 | 16.33 | 14.28 | -2.05 | 95 | 0.00 | 1.03 | 1.03 | ||
| 2035 | 16.40 | 14.28 | -2.12 | 83 | 0.00 | 1.03 | 1.03 | ||
| 2036 | 16.47 | 14.29 | -2.18 | 71 | 0.01 | 1.03 | 1.03 | ||
| 2037 | 16.52 | 14.30 | -2.23 | 59 | 0.01 | 1.03 | 1.03 | ||
| 2038 | 16.57 | 14.30 | -2.27 | 46 | 0.01 | 1.03 | 1.03 | ||
| 2039 | 16.61 | 14.31 | -2.31 | 33 | 0.01 | 1.03 | 1.03 | ||
| 2040 | 16.63 | 14.31 | -2.32 | 20 | 0.01 | 1.04 | 1.03 | ||
| 2041 | 16.62 | 14.31 | -2.31 | 6 | 0.01 | 1.04 | 1.03 | ||
| 2042 | 16.60 | 14.31 | -2.29 | ---- | 0.01 | 1.04 | 1.03 | ||
| 2043 | 16.57 | 14.31 | -2.26 | ---- | 0.01 | 1.04 | 1.02 | ||
| 2044 | 16.54 | 14.31 | -2.23 | ---- | 0.01 | 1.04 | 1.02 | ||
| 2045 | 16.50 | 14.31 | -2.19 | ---- | 0.02 | 1.04 | 1.02 | ||
| 2046 | 16.47 | 14.31 | -2.16 | ---- | 0.02 | 1.04 | 1.02 | ||
| 2047 | 16.44 | 14.31 | -2.13 | ---- | 0.02 | 1.04 | 1.02 | ||
| 2048 | 16.42 | 14.31 | -2.11 | ---- | 0.02 | 1.04 | 1.02 | ||
| 2049 | 16.40 | 14.31 | -2.09 | ---- | 0.02 | 1.04 | 1.02 | ||
| 2050 | 16.39 | 14.31 | -2.08 | ---- | 0.02 | 1.04 | 1.02 | ||
| 2051 | 16.38 | 14.31 | -2.07 | ---- | 0.02 | 1.04 | 1.02 | ||
| 2052 | 16.39 | 14.31 | -2.08 | ---- | 0.02 | 1.04 | 1.02 | ||
| 2053 | 16.40 | 14.31 | -2.08 | ---- | 0.02 | 1.04 | 1.02 | ||
| 2054 | 16.41 | 14.32 | -2.09 | ---- | 0.03 | 1.04 | 1.02 | ||
| 2055 | 16.44 | 14.32 | -2.12 | ---- | 0.03 | 1.04 | 1.01 | ||
| 2056 | 16.47 | 14.32 | -2.15 | ---- | 0.03 | 1.04 | 1.01 | ||
| 2057 | 16.51 | 14.33 | -2.18 | ---- | 0.03 | 1.04 | 1.01 | ||
| 2058 | 16.56 | 14.33 | -2.23 | ---- | 0.03 | 1.04 | 1.01 | ||
| 2059 | 16.61 | 14.34 | -2.27 | ---- | 0.03 | 1.04 | 1.01 | ||
| 2060 | 16.66 | 14.34 | -2.32 | ---- | 0.03 | 1.04 | 1.01 | ||
| 2061 | 16.71 | 14.35 | -2.37 | ---- | 0.03 | 1.05 | 1.01 | ||
| 2062 | 16.77 | 14.35 | -2.42 | ---- | 0.04 | 1.05 | 1.01 | ||
| 2063 | 16.83 | 14.36 | -2.47 | ---- | 0.04 | 1.05 | 1.01 | ||
| 2064 | 16.88 | 14.36 | -2.52 | ---- | 0.04 | 1.05 | 1.01 | ||
| 2065 | 16.94 | 14.37 | -2.57 | ---- | 0.04 | 1.05 | 1.01 | ||
| 2066 | 17.00 | 14.37 | -2.63 | ---- | 0.04 | 1.05 | 1.01 | ||
| 2067 | 17.06 | 14.38 | -2.68 | ---- | 0.04 | 1.05 | 1.01 | ||
| 2068 | 17.12 | 14.38 | -2.74 | ---- | 0.04 | 1.05 | 1.01 | ||
| 2069 | 17.18 | 14.38 | -2.79 | ---- | 0.04 | 1.05 | 1.01 | ||
| 2070 | 17.24 | 14.39 | -2.85 | ---- | 0.05 | 1.05 | 1.01 | ||
| 2071 | 17.30 | 14.39 | -2.90 | ---- | 0.05 | 1.05 | 1.01 | ||
| 2072 | 17.35 | 14.40 | -2.95 | ---- | 0.05 | 1.05 | 1.01 | ||
| 2073 | 17.40 | 14.40 | -2.99 | ---- | 0.05 | 1.05 | 1.01 | ||
| 2074 | 17.44 | 14.41 | -3.03 | ---- | 0.05 | 1.05 | 1.01 | ||
| 2075 | 17.48 | 14.41 | -3.07 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2076 | 17.51 | 14.41 | -3.09 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2077 | 17.53 | 14.42 | -3.11 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2078 | 17.53 | 14.42 | -3.12 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2079 | 17.53 | 14.42 | -3.11 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2080 | 17.51 | 14.42 | -3.10 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2081 | 17.50 | 14.42 | -3.08 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2082 | 17.48 | 14.42 | -3.06 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2083 | 17.45 | 14.42 | -3.04 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2084 | 17.43 | 14.42 | -3.01 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2085 | 17.41 | 14.42 | -2.99 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2086 | 17.39 | 14.42 | -2.98 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2087 | 17.38 | 14.42 | -2.97 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2088 | 17.38 | 14.42 | -2.96 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2089 | 17.39 | 14.42 | -2.97 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2090 | 17.41 | 14.42 | -2.99 | ---- | 0.05 | 1.06 | 1.01 | ||
| 2091 | 17.44 | 14.42 | -3.02 | ---- | 0.05 | 1.07 | 1.01 | ||
| 2092 | 17.48 | 14.42 | -3.06 | ---- | 0.05 | 1.07 | 1.01 | ||
| 2093 | 17.53 | 14.43 | -3.10 | ---- | 0.05 | 1.07 | 1.01 | ||
| 2094 | 17.58 | 14.43 | -3.15 | ---- | 0.05 | 1.07 | 1.01 | ||
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 | 16.62% | 14.79% | -1.83% | 2041 | 0.03% | 0.98% | 0.96% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2019 Trustees Report.