Detailed Single Year Tables
Description of Proposed Provision:
E2.8: Apply a 2 percent payroll tax on earnings above the current-law taxable maximum for years 2023-2070, and a 3 percent rate for years 2071 and later. 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 |
Cost rate |
Income rate |
Annual balance |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 13.33 | -1.11 | 217 | 0.00 | 0.39 | 0.39 | ||
| 2024 | 14.64 | 13.37 | -1.27 | 203 | -0.00 | 0.40 | 0.40 | ||
| 2025 | 14.88 | 13.39 | -1.48 | 188 | -0.00 | 0.40 | 0.40 | ||
| 2026 | 15.11 | 13.52 | -1.59 | 173 | -0.00 | 0.40 | 0.40 | ||
| 2027 | 15.35 | 13.55 | -1.80 | 158 | -0.00 | 0.40 | 0.40 | ||
| 2028 | 15.58 | 13.59 | -1.99 | 142 | -0.00 | 0.40 | 0.40 | ||
| 2029 | 15.83 | 13.63 | -2.20 | 126 | -0.00 | 0.40 | 0.40 | ||
| 2030 | 16.02 | 13.64 | -2.38 | 110 | -0.00 | 0.40 | 0.40 | ||
| 2031 | 16.19 | 13.66 | -2.53 | 94 | -0.00 | 0.40 | 0.40 | ||
| 2032 | 16.33 | 13.67 | -2.66 | 78 | -0.00 | 0.40 | 0.40 | ||
| 2033 | 16.45 | 13.68 | -2.77 | 62 | -0.00 | 0.40 | 0.40 | ||
| 2034 | 16.55 | 13.69 | -2.86 | 46 | -0.00 | 0.40 | 0.40 | ||
| 2035 | 16.62 | 13.69 | -2.93 | 29 | -0.00 | 0.40 | 0.40 | ||
| 2036 | 16.68 | 13.70 | -2.98 | 12 | -0.00 | 0.40 | 0.40 | ||
| 2037 | 16.73 | 13.71 | -3.03 | ---- | -0.00 | 0.40 | 0.40 | ||
| 2038 | 16.78 | 13.71 | -3.07 | ---- | -0.00 | 0.40 | 0.40 | ||
| 2039 | 16.81 | 13.71 | -3.10 | ---- | -0.00 | 0.40 | 0.41 | ||
| 2040 | 16.84 | 13.72 | -3.12 | ---- | -0.00 | 0.40 | 0.41 | ||
| 2041 | 16.85 | 13.72 | -3.13 | ---- | -0.00 | 0.40 | 0.41 | ||
| 2042 | 16.85 | 13.72 | -3.13 | ---- | -0.00 | 0.40 | 0.41 | ||
| 2043 | 16.84 | 13.72 | -3.12 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2044 | 16.83 | 13.72 | -3.11 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2045 | 16.81 | 13.72 | -3.09 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2046 | 16.79 | 13.72 | -3.07 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2047 | 16.78 | 13.72 | -3.06 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2048 | 16.78 | 13.72 | -3.06 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2049 | 16.78 | 13.72 | -3.05 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2050 | 16.78 | 13.73 | -3.05 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2051 | 16.78 | 13.73 | -3.06 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2052 | 16.80 | 13.73 | -3.07 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2053 | 16.82 | 13.73 | -3.09 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2054 | 16.85 | 13.74 | -3.11 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2055 | 16.88 | 13.74 | -3.14 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2056 | 16.92 | 13.74 | -3.18 | ---- | -0.01 | 0.40 | 0.41 | ||
| 2057 | 16.97 | 13.75 | -3.22 | ---- | -0.01 | 0.40 | 0.42 | ||
| 2058 | 17.02 | 13.75 | -3.27 | ---- | -0.01 | 0.40 | 0.42 | ||
| 2059 | 17.07 | 13.76 | -3.32 | ---- | -0.01 | 0.40 | 0.42 | ||
| 2060 | 17.13 | 13.76 | -3.37 | ---- | -0.01 | 0.40 | 0.42 | ||
| 2061 | 17.19 | 13.77 | -3.43 | ---- | -0.01 | 0.41 | 0.42 | ||
| 2062 | 17.25 | 13.77 | -3.48 | ---- | -0.01 | 0.41 | 0.42 | ||
| 2063 | 17.32 | 13.78 | -3.54 | ---- | -0.01 | 0.41 | 0.42 | ||
| 2064 | 17.38 | 13.78 | -3.60 | ---- | -0.01 | 0.41 | 0.42 | ||
| 2065 | 17.44 | 13.79 | -3.66 | ---- | -0.01 | 0.41 | 0.42 | ||
| 2066 | 17.51 | 13.79 | -3.72 | ---- | -0.01 | 0.41 | 0.42 | ||
| 2067 | 17.58 | 13.80 | -3.78 | ---- | -0.02 | 0.41 | 0.42 | ||
| 2068 | 17.65 | 13.80 | -3.85 | ---- | -0.02 | 0.41 | 0.42 | ||
| 2069 | 17.72 | 13.81 | -3.91 | ---- | -0.02 | 0.41 | 0.42 | ||
| 2070 | 17.79 | 13.81 | -3.98 | ---- | -0.02 | 0.41 | 0.42 | ||
| 2071 | 17.85 | 14.01 | -3.84 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2072 | 17.91 | 14.02 | -3.89 | ---- | -0.02 | 0.61 | 0.62 | ||
| 2073 | 17.97 | 14.03 | -3.94 | ---- | -0.02 | 0.61 | 0.62 | ||
| 2074 | 18.02 | 14.03 | -3.99 | ---- | -0.02 | 0.61 | 0.62 | ||
| 2075 | 18.06 | 14.03 | -4.03 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2076 | 18.10 | 14.04 | -4.06 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2077 | 18.12 | 14.04 | -4.08 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2078 | 18.13 | 14.04 | -4.09 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2079 | 18.13 | 14.04 | -4.09 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2080 | 18.12 | 14.04 | -4.08 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2081 | 18.10 | 14.04 | -4.06 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2082 | 18.07 | 14.04 | -4.03 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2083 | 18.05 | 14.04 | -4.01 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2084 | 18.01 | 14.04 | -3.98 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2085 | 17.98 | 14.04 | -3.94 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2086 | 17.94 | 14.03 | -3.90 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2087 | 17.90 | 14.03 | -3.87 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2088 | 17.88 | 14.03 | -3.85 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2089 | 17.86 | 14.03 | -3.83 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2090 | 17.85 | 14.03 | -3.82 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2091 | 17.85 | 14.03 | -3.82 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2092 | 17.86 | 14.03 | -3.83 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2093 | 17.88 | 14.03 | -3.85 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2094 | 17.92 | 14.04 | -3.88 | ---- | -0.02 | 0.61 | 0.63 | ||
| 2095 | 17.95 | 14.04 | -3.91 | ---- | -0.02 | 0.61 | 0.63 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 17.05% | 14.29% | -2.76% | 2036 | -0.01% | 0.44% | 0.45% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.