Detailed Single Year Tables

Description of Proposed Provision:
E2.11: Eliminate the taxable maximum in years 2026 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2022, 4.96 percent in 2023, and so on, up to 12.40 percent in 2026. Provide benefit credit for earnings above the current-law taxable maximum that are subject to the payroll tax, using a secondary PIA formula. This secondary PIA formula involves: (1) an "AIME+" derived from annual earnings from each year after 2020 that were in excess of that year's current-law taxable maximum; and (2) a formula factor of 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
202013.9213.00-0.92
261
0.000.000.00
202114.0512.90-1.15
248
0.000.000.00
202214.2513.41-0.84
233
0.000.480.48
202314.4313.90-0.54
220
-0.000.950.95
202414.6414.38-0.26
209
-0.001.411.41
202514.8814.85-0.03
201
-0.001.851.85
202615.1115.410.29
195
-0.002.282.28
202715.3515.450.10
191
0.002.302.30
202815.5915.50-0.09
186
0.002.312.31
202915.8415.54-0.30
181
0.012.312.31
203016.0315.56-0.48
176
0.012.312.30
203116.2015.57-0.63
171
0.012.312.30
203216.3515.58-0.77
165
0.022.322.30
203316.4715.59-0.88
160
0.022.322.30
203416.5815.60-0.97
155
0.032.322.29
203516.6615.61-1.04
150
0.032.322.29
203616.7215.62-1.10
144
0.042.322.29
203716.7815.63-1.15
139
0.042.322.28
203816.8315.63-1.20
133
0.052.332.28
203916.8715.64-1.23
127
0.052.332.27
204016.9115.64-1.26
121
0.062.332.27
204116.9215.65-1.28
114
0.072.332.26
204216.9315.65-1.28
108
0.072.332.26
204316.9315.65-1.27
102
0.082.332.26
204416.9215.66-1.26
95
0.092.342.25
204516.9115.66-1.25
89
0.092.342.25
204616.9015.66-1.24
82
0.102.342.24
204716.9015.66-1.23
76
0.112.342.24
204816.9015.67-1.23
70
0.112.352.23
204916.9015.67-1.24
63
0.122.352.23
205016.9115.67-1.24
56
0.132.352.22
205116.9315.68-1.25
50
0.132.352.22
205216.9515.68-1.27
43
0.142.352.21
205316.9815.68-1.29
36
0.152.362.21
205417.0115.69-1.32
29
0.152.362.20
205517.0515.69-1.36
21
0.162.362.20
205617.1015.70-1.40
13
0.172.362.19
205717.1515.71-1.45
6
0.182.362.19
205817.2115.71-1.50
----
0.182.372.18
205917.2715.72-1.55
----
0.192.372.18
206017.3415.73-1.61
----
0.202.372.17
206117.4115.73-1.67
----
0.202.372.17
206217.4715.74-1.73
----
0.212.372.17
206317.5415.75-1.80
----
0.222.382.16
206417.6115.75-1.86
----
0.222.382.16
206517.6815.76-1.92
----
0.232.382.15
206617.7615.77-1.99
----
0.232.382.15
206717.8315.77-2.06
----
0.242.382.15
206817.9115.78-2.13
----
0.242.392.14
206917.9815.79-2.19
----
0.252.392.14
207018.0615.79-2.26
----
0.252.392.14
207118.1315.80-2.33
----
0.262.392.13
207218.1915.81-2.38
----
0.262.392.13
207318.2515.81-2.44
----
0.262.392.13
207418.3015.82-2.48
----
0.272.402.13
207518.3515.82-2.53
----
0.272.402.13
207618.3915.83-2.56
----
0.272.402.13
207718.4215.83-2.58
----
0.282.402.12
207818.4315.84-2.59
----
0.282.402.12
207918.4315.84-2.59
----
0.282.402.12
208018.4215.84-2.58
----
0.282.412.12
208118.4015.84-2.56
----
0.282.412.12
208218.3815.84-2.54
----
0.282.412.13
208318.3515.84-2.51
----
0.282.412.13
208418.3215.84-2.48
----
0.282.412.13
208518.2815.84-2.44
----
0.282.412.13
208618.2415.84-2.41
----
0.282.412.13
208718.2115.84-2.37
----
0.282.422.13
208818.1815.84-2.34
----
0.282.422.13
208918.1615.84-2.32
----
0.282.422.13
209018.1515.84-2.31
----
0.282.422.13
209118.1515.84-2.32
----
0.292.422.14
209218.1715.84-2.33
----
0.292.422.14
209318.1915.84-2.35
----
0.292.422.14
209418.2215.85-2.38
----
0.292.422.14
209518.2615.85-2.41
----
0.292.432.14

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 17.21% 16.07% -1.13% 2057 0.15% 2.22% 2.08%

1 Under current law, the year of Trust Fund reserve depletion is 2035.
Based on Intermediate Assumptions of the 2020 Trustees Report.