Detailed Single Year Tables
Description of Proposed Provision:
E2.6: Apply a 3 percent payroll tax on earnings above the current-law taxable maximum starting in 2020. 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 |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 13.45 | -0.49 | 260 | 0.00 | 0.58 | 0.58 | ||
| 2021 | 14.09 | 13.50 | -0.58 | 249 | -0.00 | 0.61 | 0.61 | ||
| 2022 | 14.23 | 13.52 | -0.70 | 237 | -0.00 | 0.60 | 0.61 | ||
| 2023 | 14.40 | 13.54 | -0.86 | 225 | -0.00 | 0.60 | 0.60 | ||
| 2024 | 14.59 | 13.57 | -1.02 | 212 | -0.00 | 0.60 | 0.60 | ||
| 2025 | 14.78 | 13.58 | -1.20 | 199 | -0.00 | 0.60 | 0.60 | ||
| 2026 | 14.99 | 13.71 | -1.28 | 186 | -0.00 | 0.60 | 0.60 | ||
| 2027 | 15.19 | 13.73 | -1.46 | 172 | -0.00 | 0.60 | 0.60 | ||
| 2028 | 15.43 | 13.77 | -1.66 | 159 | -0.00 | 0.60 | 0.60 | ||
| 2029 | 15.62 | 13.79 | -1.84 | 146 | -0.00 | 0.60 | 0.60 | ||
| 2030 | 15.80 | 13.80 | -2.00 | 132 | -0.00 | 0.60 | 0.60 | ||
| 2031 | 15.96 | 13.81 | -2.15 | 119 | -0.00 | 0.60 | 0.60 | ||
| 2032 | 16.10 | 13.82 | -2.28 | 105 | -0.00 | 0.60 | 0.60 | ||
| 2033 | 16.23 | 13.83 | -2.39 | 91 | -0.00 | 0.60 | 0.60 | ||
| 2034 | 16.32 | 13.84 | -2.48 | 77 | -0.00 | 0.60 | 0.60 | ||
| 2035 | 16.39 | 13.85 | -2.54 | 63 | -0.01 | 0.60 | 0.60 | ||
| 2036 | 16.45 | 13.85 | -2.60 | 48 | -0.01 | 0.60 | 0.60 | ||
| 2037 | 16.51 | 13.86 | -2.65 | 33 | -0.01 | 0.60 | 0.60 | ||
| 2038 | 16.56 | 13.86 | -2.69 | 18 | -0.01 | 0.60 | 0.60 | ||
| 2039 | 16.60 | 13.87 | -2.73 | 2 | -0.01 | 0.60 | 0.60 | ||
| 2040 | 16.61 | 13.87 | -2.74 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2041 | 16.60 | 13.87 | -2.73 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2042 | 16.58 | 13.87 | -2.71 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2043 | 16.55 | 13.87 | -2.68 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2044 | 16.51 | 13.87 | -2.64 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2045 | 16.48 | 13.87 | -2.61 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2046 | 16.44 | 13.87 | -2.57 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2047 | 16.41 | 13.87 | -2.55 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2048 | 16.39 | 13.87 | -2.52 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2049 | 16.37 | 13.87 | -2.50 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2050 | 16.35 | 13.87 | -2.48 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2051 | 16.35 | 13.87 | -2.48 | ---- | -0.01 | 0.60 | 0.61 | ||
| 2052 | 16.35 | 13.87 | -2.48 | ---- | -0.02 | 0.60 | 0.61 | ||
| 2053 | 16.36 | 13.87 | -2.48 | ---- | -0.02 | 0.60 | 0.61 | ||
| 2054 | 16.37 | 13.87 | -2.49 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2055 | 16.39 | 13.88 | -2.52 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2056 | 16.42 | 13.88 | -2.54 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2057 | 16.46 | 13.88 | -2.58 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2058 | 16.51 | 13.89 | -2.62 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2059 | 16.56 | 13.89 | -2.66 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2060 | 16.61 | 13.90 | -2.71 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2061 | 16.66 | 13.90 | -2.76 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2062 | 16.71 | 13.90 | -2.81 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2063 | 16.77 | 13.91 | -2.86 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2064 | 16.82 | 13.91 | -2.91 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2065 | 16.87 | 13.92 | -2.96 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2066 | 16.93 | 13.92 | -3.01 | ---- | -0.02 | 0.60 | 0.62 | ||
| 2067 | 16.99 | 13.93 | -3.06 | ---- | -0.02 | 0.60 | 0.63 | ||
| 2068 | 17.05 | 13.93 | -3.12 | ---- | -0.02 | 0.60 | 0.63 | ||
| 2069 | 17.11 | 13.93 | -3.17 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2070 | 17.17 | 13.94 | -3.23 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2071 | 17.23 | 13.94 | -3.28 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2072 | 17.28 | 13.95 | -3.33 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2073 | 17.32 | 13.95 | -3.37 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2074 | 17.36 | 13.95 | -3.41 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2075 | 17.40 | 13.96 | -3.45 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2076 | 17.43 | 13.96 | -3.47 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2077 | 17.45 | 13.96 | -3.49 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2078 | 17.46 | 13.96 | -3.49 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2079 | 17.45 | 13.96 | -3.49 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2080 | 17.44 | 13.96 | -3.47 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2081 | 17.42 | 13.96 | -3.45 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2082 | 17.40 | 13.96 | -3.43 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2083 | 17.37 | 13.96 | -3.41 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2084 | 17.35 | 13.96 | -3.39 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2085 | 17.33 | 13.96 | -3.37 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2086 | 17.31 | 13.96 | -3.35 | ---- | -0.03 | 0.60 | 0.63 | ||
| 2087 | 17.30 | 13.96 | -3.34 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2088 | 17.30 | 13.96 | -3.34 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2089 | 17.31 | 13.96 | -3.35 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2090 | 17.33 | 13.96 | -3.37 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2091 | 17.36 | 13.96 | -3.40 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2092 | 17.40 | 13.96 | -3.44 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2093 | 17.45 | 13.97 | -3.48 | ---- | -0.03 | 0.61 | 0.63 | ||
| 2094 | 17.50 | 13.97 | -3.53 | ---- | -0.03 | 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 |
||
| 2019-2093 | 16.58% | 14.40% | -2.18% | 2039 | -0.02% | 0.59% | 0.61% | ||
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.