Detailed Single Year Tables

Description of Proposed Provision:
E2.12: Eliminate the taxable maximum in years 2032 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2023, 2.48 percent in 2024, and so on, up to 12.40 percent in 2032. 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 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
202214.2512.93-1.32
233
0.000.000.00
202314.4313.18-1.25
217
0.000.240.24
202414.6413.46-1.19
202
-0.000.480.48
202514.8813.72-1.16
188
-0.000.720.72
202615.1114.08-1.03
174
0.000.960.96
202715.3514.34-1.01
163
0.001.191.19
202815.5914.62-0.97
152
0.001.431.42
202915.8414.88-0.96
142
0.011.651.64
203016.0415.12-0.92
134
0.011.881.86
203116.2115.35-0.86
126
0.022.092.07
203216.3615.58-0.78
120
0.032.312.28
203316.4915.60-0.89
115
0.042.322.28
203416.6015.61-0.99
109
0.052.322.27
203516.6815.62-1.07
104
0.062.322.27
203616.7515.62-1.13
98
0.072.332.26
203716.8215.63-1.19
92
0.082.332.25
203816.8815.64-1.24
86
0.092.332.24
203916.9215.65-1.28
79
0.102.332.23
204016.9615.65-1.31
73
0.122.342.22
204116.9915.66-1.33
66
0.132.342.21
204217.0015.66-1.34
59
0.142.342.20
204317.0015.66-1.34
51
0.152.342.19
204417.0015.66-1.33
44
0.162.352.18
204516.9915.67-1.32
37
0.182.352.17
204616.9915.67-1.32
30
0.192.352.16
204716.9915.67-1.31
22
0.202.352.16
204816.9915.68-1.32
15
0.212.362.15
204917.0015.68-1.32
8
0.222.362.14
205017.0115.68-1.33
0
0.232.362.13
205117.0315.69-1.34
----
0.242.362.13
205217.0515.69-1.36
----
0.252.372.12
205317.0815.70-1.39
----
0.252.372.11
205417.1215.70-1.42
----
0.262.372.11
205517.1615.71-1.46
----
0.272.372.10
205617.2115.71-1.50
----
0.282.372.10
205717.2615.72-1.54
----
0.282.382.09
205817.3215.73-1.59
----
0.292.382.09
205917.3815.73-1.65
----
0.302.382.08
206017.4515.74-1.71
----
0.302.382.08
206117.5115.75-1.77
----
0.312.382.07
206217.5815.75-1.83
----
0.312.392.07
206317.6515.76-1.89
----
0.322.392.07
206417.7215.76-1.95
----
0.322.392.07
206517.7815.77-2.01
----
0.332.392.06
206617.8515.78-2.08
----
0.332.392.06
206717.9315.78-2.14
----
0.332.392.06
206818.0015.79-2.21
----
0.332.402.06
206918.0715.80-2.27
----
0.332.402.06
207018.1415.80-2.34
----
0.342.402.06
207118.2115.81-2.40
----
0.342.402.06
207218.2615.82-2.45
----
0.342.402.07
207318.3215.82-2.50
----
0.342.402.07
207418.3715.83-2.54
----
0.332.402.07
207518.4115.83-2.58
----
0.332.402.07
207618.4515.84-2.61
----
0.332.412.07
207718.4715.84-2.63
----
0.332.412.07
207818.4815.84-2.64
----
0.332.412.08
207918.4815.84-2.64
----
0.332.412.08
208018.4715.84-2.62
----
0.332.412.08
208118.4415.84-2.60
----
0.332.412.09
208218.4215.84-2.57
----
0.322.412.09
208318.3915.84-2.54
----
0.322.412.09
208418.3515.84-2.51
----
0.322.422.10
208518.3115.84-2.47
----
0.322.422.10
208618.2715.84-2.43
----
0.322.422.10
208718.2415.84-2.40
----
0.312.422.10
208818.2115.84-2.37
----
0.312.422.11
208918.1915.84-2.35
----
0.312.422.11
209018.1815.84-2.34
----
0.312.422.11
209118.1815.84-2.34
----
0.312.422.11
209218.1915.84-2.35
----
0.312.422.12
209318.2115.85-2.37
----
0.312.432.12
209418.2515.85-2.40
----
0.312.432.12
209518.2815.85-2.43
----
0.312.432.12

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 17.26% 15.96% -1.31% 2050 0.20% 2.11% 1.90%

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