Detailed Single Year Tables

Payroll Taxes (including maximum taxable)

Description of Proposed Provision:
Eliminate the taxable maximum in years 2027 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2018, 2.48 percent in 2019, and so on, up to 11.16 percent in 2026. Provide benefit credit for earnings above the current-law taxable maximum. Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the new bend point.

			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	Trust fund ratio as of January 1	Cost rate	Income rate	Annual balance
2015	14.13	12.82	-1.31	308	0.00	0.00	0.00
2016	13.88	12.88	-1.00	298	0.00	0.00	0.00
2017	13.89	12.91	-0.98	280	0.00	0.00	0.00
2018	13.97	13.19	-0.78	264	0.00	0.25	0.25
2019	14.09	13.46	-0.63	250	0.00	0.51	0.51
2020	14.23	13.72	-0.51	238	0.00	0.75	0.75
2021	14.35	13.98	-0.37	229	0.00	0.99	0.99
2022	14.52	14.24	-0.28	220	0.00	1.22	1.22
2023	14.73	14.47	-0.25	213	0.00	1.44	1.44
2024	14.96	14.72	-0.25	206	0.01	1.65	1.65
2025	15.17	14.96	-0.22	200	0.01	1.88	1.87
2026	15.38	15.19	-0.19	196	0.01	2.09	2.08
2027	15.58	15.42	-0.16	193	0.02	2.31	2.29
2028	15.78	15.45	-0.33	191	0.03	2.32	2.29
2029	15.97	15.46	-0.50	189	0.04	2.32	2.28
2030	16.14	15.48	-0.66	186	0.05	2.32	2.28
2031	16.30	15.49	-0.81	183	0.06	2.32	2.27
2032	16.44	15.50	-0.94	179	0.07	2.33	2.26
2033	16.55	15.51	-1.04	175	0.08	2.33	2.25
2034	16.64	15.52	-1.12	170	0.09	2.33	2.24
2035	16.72	15.53	-1.19	165	0.10	2.33	2.24
2036	16.79	15.54	-1.25	160	0.11	2.33	2.23
2037	16.83	15.54	-1.29	154	0.12	2.34	2.22
2038	16.86	15.55	-1.31	148	0.13	2.34	2.21
2039	16.86	15.55	-1.31	142	0.14	2.34	2.20
2040	16.86	15.56	-1.30	136	0.14	2.34	2.20
2041	16.84	15.56	-1.28	131	0.15	2.34	2.19
2042	16.83	15.56	-1.27	125	0.16	2.34	2.18
2043	16.81	15.56	-1.25	119	0.17	2.35	2.18
2044	16.79	15.56	-1.23	113	0.18	2.35	2.17
2045	16.78	15.57	-1.22	108	0.18	2.35	2.16
2046	16.77	15.57	-1.20	102	0.19	2.35	2.16
2047	16.76	15.57	-1.19	96	0.20	2.35	2.15
2048	16.75	15.57	-1.18	91	0.20	2.35	2.15
2049	16.75	15.57	-1.18	85	0.21	2.35	2.14
2050	16.76	15.58	-1.18	79	0.22	2.36	2.14
2051	16.78	15.58	-1.20	73	0.22	2.36	2.14
2052	16.80	15.58	-1.22	67	0.23	2.36	2.13
2053	16.84	15.59	-1.25	61	0.23	2.36	2.13
2054	16.88	15.59	-1.29	54	0.24	2.36	2.12
2055	16.93	15.60	-1.33	48	0.24	2.36	2.12
2056	16.99	15.60	-1.38	40	0.25	2.36	2.12
2057	17.04	15.61	-1.44	33	0.25	2.37	2.12
2058	17.10	15.61	-1.49	25	0.25	2.37	2.11
2059	17.16	15.62	-1.54	17	0.26	2.37	2.11
2060	17.21	15.62	-1.59	8	0.26	2.37	2.11
2061	17.27	15.63	-1.64	----	0.26	2.37	2.11
2062	17.32	15.63	-1.69	----	0.26	2.37	2.11
2063	17.37	15.64	-1.74	----	0.27	2.37	2.11
2064	17.43	15.64	-1.79	----	0.27	2.37	2.11
2065	17.48	15.65	-1.84	----	0.27	2.38	2.11
2066	17.54	15.65	-1.89	----	0.27	2.38	2.11
2067	17.60	15.66	-1.94	----	0.27	2.38	2.11
2068	17.66	15.66	-1.99	----	0.27	2.38	2.11
2069	17.71	15.67	-2.05	----	0.27	2.38	2.11
2070	17.77	15.67	-2.10	----	0.27	2.38	2.12
2071	17.82	15.67	-2.14	----	0.26	2.38	2.12
2072	17.86	15.68	-2.18	----	0.26	2.38	2.12
2073	17.90	15.68	-2.22	----	0.26	2.39	2.12
2074	17.93	15.69	-2.24	----	0.26	2.39	2.12
2075	17.95	15.69	-2.26	----	0.26	2.39	2.12
2076	17.96	15.69	-2.27	----	0.26	2.39	2.13
2077	17.96	15.69	-2.27	----	0.26	2.39	2.13
2078	17.97	15.69	-2.27	----	0.26	2.39	2.13
2079	17.97	15.69	-2.27	----	0.26	2.39	2.13
2080	17.97	15.70	-2.27	----	0.26	2.39	2.14
2081	17.97	15.70	-2.27	----	0.26	2.39	2.14
2082	17.98	15.70	-2.28	----	0.26	2.40	2.14
2083	18.00	15.70	-2.30	----	0.26	2.40	2.14
2084	18.03	15.70	-2.33	----	0.25	2.40	2.14
2085	18.06	15.71	-2.36	----	0.25	2.40	2.14
2086	18.10	15.71	-2.39	----	0.25	2.40	2.15
2087	18.14	15.71	-2.43	----	0.26	2.40	2.15
2088	18.18	15.72	-2.47	----	0.26	2.40	2.15
2089	18.23	15.72	-2.50	----	0.26	2.40	2.15
2090	18.27	15.73	-2.54	----	0.26	2.41	2.15

				Summarized Estimates

	Proposal				Change from Present Law
Years	Cost rate	Income rate	Actuarial balance	Year of reserve depletion¹	Cost rate	Income rate	Actuarial balance

Based on Intermediate Assumptions of the 2015 Trustees Report.
2015-2089	16.70%	15.94%	-0.76%	2060	0.15%	2.07%	1.92%

¹ Under present law, the year of Trust Fund reserve depletion is 2034.


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Detailed Single Year Tables

Financial Estimates for the OASDI Trust Fund Program

Summarized Estimates