Detailed Single Year Tables
Description of Proposed Provision:
E2.5: Apply 12.4 percent payroll tax rate on earnings above $250,000 starting in 2021, and tax all earnings once the current-law taxable maximum exceeds $250,000. Do not provide benefit credit for additional earnings taxed.
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 | 14.27 | 0.22 | 248 | 0.00 | 1.37 | 1.37 | ||
| 2022 | 14.25 | 14.39 | 0.14 | 242 | -0.00 | 1.46 | 1.47 | ||
| 2023 | 14.43 | 14.45 | 0.02 | 236 | -0.00 | 1.51 | 1.51 | ||
| 2024 | 14.64 | 14.53 | -0.11 | 228 | -0.00 | 1.55 | 1.56 | ||
| 2025 | 14.88 | 14.60 | -0.28 | 221 | -0.00 | 1.60 | 1.61 | ||
| 2026 | 15.11 | 14.78 | -0.33 | 212 | -0.00 | 1.66 | 1.66 | ||
| 2027 | 15.34 | 14.86 | -0.48 | 204 | -0.00 | 1.71 | 1.72 | ||
| 2028 | 15.58 | 14.96 | -0.62 | 195 | -0.01 | 1.77 | 1.78 | ||
| 2029 | 15.83 | 15.06 | -0.77 | 187 | -0.01 | 1.83 | 1.84 | ||
| 2030 | 16.01 | 15.14 | -0.88 | 178 | -0.01 | 1.90 | 1.90 | ||
| 2031 | 16.18 | 15.21 | -0.97 | 171 | -0.01 | 1.96 | 1.97 | ||
| 2032 | 16.32 | 15.29 | -1.04 | 163 | -0.01 | 2.02 | 2.03 | ||
| 2033 | 16.44 | 15.37 | -1.08 | 156 | -0.01 | 2.09 | 2.10 | ||
| 2034 | 16.54 | 15.44 | -1.10 | 150 | -0.01 | 2.16 | 2.17 | ||
| 2035 | 16.61 | 15.52 | -1.09 | 144 | -0.01 | 2.23 | 2.24 | ||
| 2036 | 16.67 | 15.60 | -1.07 | 139 | -0.02 | 2.30 | 2.32 | ||
| 2037 | 16.72 | 15.62 | -1.10 | 133 | -0.02 | 2.32 | 2.33 | ||
| 2038 | 16.77 | 15.63 | -1.14 | 128 | -0.02 | 2.32 | 2.34 | ||
| 2039 | 16.80 | 15.63 | -1.17 | 122 | -0.02 | 2.32 | 2.34 | ||
| 2040 | 16.82 | 15.64 | -1.19 | 116 | -0.02 | 2.32 | 2.34 | ||
| 2041 | 16.83 | 15.64 | -1.20 | 110 | -0.02 | 2.32 | 2.34 | ||
| 2042 | 16.83 | 15.64 | -1.19 | 104 | -0.02 | 2.32 | 2.35 | ||
| 2043 | 16.82 | 15.64 | -1.18 | 99 | -0.03 | 2.32 | 2.35 | ||
| 2044 | 16.80 | 15.64 | -1.16 | 93 | -0.03 | 2.32 | 2.35 | ||
| 2045 | 16.79 | 15.64 | -1.14 | 87 | -0.03 | 2.32 | 2.35 | ||
| 2046 | 16.77 | 15.64 | -1.12 | 81 | -0.03 | 2.33 | 2.36 | ||
| 2047 | 16.76 | 15.65 | -1.11 | 75 | -0.03 | 2.33 | 2.36 | ||
| 2048 | 16.75 | 15.65 | -1.10 | 69 | -0.04 | 2.33 | 2.36 | ||
| 2049 | 16.75 | 15.65 | -1.09 | 64 | -0.04 | 2.33 | 2.37 | ||
| 2050 | 16.75 | 15.65 | -1.09 | 58 | -0.04 | 2.33 | 2.37 | ||
| 2051 | 16.75 | 15.66 | -1.09 | 52 | -0.04 | 2.33 | 2.37 | ||
| 2052 | 16.76 | 15.66 | -1.10 | 46 | -0.05 | 2.33 | 2.38 | ||
| 2053 | 16.78 | 15.66 | -1.12 | 40 | -0.05 | 2.33 | 2.38 | ||
| 2054 | 16.81 | 15.67 | -1.14 | 34 | -0.05 | 2.33 | 2.38 | ||
| 2055 | 16.84 | 15.67 | -1.17 | 27 | -0.05 | 2.33 | 2.39 | ||
| 2056 | 16.88 | 15.67 | -1.20 | 21 | -0.06 | 2.34 | 2.39 | ||
| 2057 | 16.92 | 15.68 | -1.24 | 14 | -0.06 | 2.34 | 2.40 | ||
| 2058 | 16.97 | 15.68 | -1.28 | 7 | -0.06 | 2.34 | 2.40 | ||
| 2059 | 17.02 | 15.69 | -1.33 | ---- | -0.06 | 2.34 | 2.40 | ||
| 2060 | 17.08 | 15.70 | -1.38 | ---- | -0.07 | 2.34 | 2.41 | ||
| 2061 | 17.14 | 15.70 | -1.43 | ---- | -0.07 | 2.34 | 2.41 | ||
| 2062 | 17.20 | 15.71 | -1.49 | ---- | -0.07 | 2.34 | 2.41 | ||
| 2063 | 17.26 | 15.71 | -1.54 | ---- | -0.07 | 2.34 | 2.42 | ||
| 2064 | 17.32 | 15.72 | -1.60 | ---- | -0.08 | 2.34 | 2.42 | ||
| 2065 | 17.38 | 15.72 | -1.65 | ---- | -0.08 | 2.34 | 2.42 | ||
| 2066 | 17.44 | 15.73 | -1.71 | ---- | -0.08 | 2.35 | 2.43 | ||
| 2067 | 17.51 | 15.74 | -1.77 | ---- | -0.08 | 2.35 | 2.43 | ||
| 2068 | 17.58 | 15.74 | -1.84 | ---- | -0.08 | 2.35 | 2.43 | ||
| 2069 | 17.65 | 15.75 | -1.90 | ---- | -0.09 | 2.35 | 2.43 | ||
| 2070 | 17.72 | 15.75 | -1.96 | ---- | -0.09 | 2.35 | 2.44 | ||
| 2071 | 17.78 | 15.76 | -2.02 | ---- | -0.09 | 2.35 | 2.44 | ||
| 2072 | 17.84 | 15.77 | -2.07 | ---- | -0.09 | 2.35 | 2.44 | ||
| 2073 | 17.89 | 15.77 | -2.12 | ---- | -0.09 | 2.35 | 2.44 | ||
| 2074 | 17.94 | 15.78 | -2.16 | ---- | -0.09 | 2.35 | 2.45 | ||
| 2075 | 17.98 | 15.78 | -2.20 | ---- | -0.09 | 2.35 | 2.45 | ||
| 2076 | 18.02 | 15.79 | -2.23 | ---- | -0.10 | 2.36 | 2.45 | ||
| 2077 | 18.04 | 15.79 | -2.25 | ---- | -0.10 | 2.36 | 2.45 | ||
| 2078 | 18.05 | 15.79 | -2.26 | ---- | -0.10 | 2.36 | 2.46 | ||
| 2079 | 18.05 | 15.79 | -2.26 | ---- | -0.10 | 2.36 | 2.46 | ||
| 2080 | 18.04 | 15.79 | -2.24 | ---- | -0.10 | 2.36 | 2.46 | ||
| 2081 | 18.02 | 15.80 | -2.22 | ---- | -0.10 | 2.36 | 2.46 | ||
| 2082 | 17.99 | 15.80 | -2.20 | ---- | -0.10 | 2.36 | 2.46 | ||
| 2083 | 17.97 | 15.80 | -2.17 | ---- | -0.10 | 2.37 | 2.46 | ||
| 2084 | 17.93 | 15.79 | -2.14 | ---- | -0.10 | 2.37 | 2.47 | ||
| 2085 | 17.90 | 15.79 | -2.10 | ---- | -0.10 | 2.37 | 2.47 | ||
| 2086 | 17.86 | 15.79 | -2.07 | ---- | -0.10 | 2.37 | 2.47 | ||
| 2087 | 17.82 | 15.79 | -2.03 | ---- | -0.10 | 2.37 | 2.47 | ||
| 2088 | 17.80 | 15.79 | -2.01 | ---- | -0.10 | 2.37 | 2.47 | ||
| 2089 | 17.78 | 15.79 | -1.99 | ---- | -0.10 | 2.37 | 2.47 | ||
| 2090 | 17.77 | 15.79 | -1.98 | ---- | -0.10 | 2.37 | 2.47 | ||
| 2091 | 17.77 | 15.79 | -1.98 | ---- | -0.10 | 2.38 | 2.47 | ||
| 2092 | 17.78 | 15.80 | -1.99 | ---- | -0.10 | 2.38 | 2.47 | ||
| 2093 | 17.81 | 15.80 | -2.01 | ---- | -0.10 | 2.38 | 2.48 | ||
| 2094 | 17.84 | 15.80 | -2.04 | ---- | -0.10 | 2.38 | 2.48 | ||
| 2095 | 17.88 | 15.81 | -2.07 | ---- | -0.10 | 2.38 | 2.48 | ||
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 | 17.01% | 16.03% | -0.98% | 2058 | -0.05% | 2.18% | 2.23% | ||
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.