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 2022. 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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 13.54 | -0.76 | 231 | 0.00 | 0.62 | 0.62 | ||
| 2023 | 14.43 | 13.54 | -0.89 | 218 | -0.00 | 0.63 | 0.63 | ||
| 2024 | 14.63 | 13.56 | -1.08 | 204 | -0.00 | 0.62 | 0.62 | ||
| 2025 | 14.85 | 13.57 | -1.28 | 190 | -0.00 | 0.61 | 0.62 | ||
| 2026 | 15.10 | 13.69 | -1.41 | 175 | -0.00 | 0.61 | 0.61 | ||
| 2027 | 15.36 | 13.71 | -1.65 | 160 | -0.01 | 0.61 | 0.61 | ||
| 2028 | 15.61 | 13.74 | -1.87 | 145 | -0.01 | 0.60 | 0.61 | ||
| 2029 | 15.86 | 13.77 | -2.09 | 129 | -0.01 | 0.60 | 0.61 | ||
| 2030 | 16.09 | 13.79 | -2.30 | 113 | -0.02 | 0.60 | 0.61 | ||
| 2031 | 16.26 | 13.80 | -2.46 | 97 | -0.02 | 0.60 | 0.62 | ||
| 2032 | 16.41 | 13.81 | -2.60 | 81 | -0.03 | 0.60 | 0.62 | ||
| 2033 | 16.53 | 13.82 | -2.70 | 65 | -0.03 | 0.60 | 0.63 | ||
| 2034 | 16.62 | 13.83 | -2.79 | 48 | -0.03 | 0.60 | 0.63 | ||
| 2035 | 16.70 | 13.84 | -2.86 | 32 | -0.04 | 0.60 | 0.63 | ||
| 2036 | 16.76 | 13.85 | -2.91 | 16 | -0.04 | 0.60 | 0.64 | ||
| 2037 | 16.82 | 13.85 | -2.96 | ---- | -0.05 | 0.60 | 0.64 | ||
| 2038 | 16.86 | 13.86 | -3.01 | ---- | -0.05 | 0.60 | 0.65 | ||
| 2039 | 16.90 | 13.86 | -3.04 | ---- | -0.05 | 0.60 | 0.65 | ||
| 2040 | 16.92 | 13.87 | -3.05 | ---- | -0.06 | 0.60 | 0.65 | ||
| 2041 | 16.96 | 13.87 | -3.09 | ---- | -0.06 | 0.60 | 0.66 | ||
| 2042 | 16.97 | 13.87 | -3.10 | ---- | -0.06 | 0.60 | 0.66 | ||
| 2043 | 16.97 | 13.87 | -3.10 | ---- | -0.07 | 0.60 | 0.66 | ||
| 2044 | 16.97 | 13.87 | -3.10 | ---- | -0.07 | 0.60 | 0.67 | ||
| 2045 | 16.98 | 13.88 | -3.10 | ---- | -0.07 | 0.60 | 0.67 | ||
| 2046 | 16.98 | 13.88 | -3.11 | ---- | -0.07 | 0.60 | 0.67 | ||
| 2047 | 17.00 | 13.88 | -3.12 | ---- | -0.08 | 0.60 | 0.67 | ||
| 2048 | 17.02 | 13.88 | -3.14 | ---- | -0.08 | 0.60 | 0.68 | ||
| 2049 | 17.04 | 13.88 | -3.15 | ---- | -0.08 | 0.60 | 0.68 | ||
| 2050 | 17.05 | 13.89 | -3.17 | ---- | -0.08 | 0.60 | 0.68 | ||
| 2051 | 17.08 | 13.89 | -3.19 | ---- | -0.08 | 0.60 | 0.68 | ||
| 2052 | 17.10 | 13.89 | -3.21 | ---- | -0.09 | 0.60 | 0.68 | ||
| 2053 | 17.13 | 13.90 | -3.24 | ---- | -0.09 | 0.60 | 0.68 | ||
| 2054 | 17.16 | 13.90 | -3.26 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2055 | 17.20 | 13.90 | -3.30 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2056 | 17.25 | 13.91 | -3.34 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2057 | 17.29 | 13.91 | -3.38 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2058 | 17.34 | 13.92 | -3.43 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2059 | 17.40 | 13.92 | -3.48 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2060 | 17.45 | 13.93 | -3.53 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2061 | 17.51 | 13.93 | -3.58 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2062 | 17.56 | 13.94 | -3.62 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2063 | 17.61 | 13.94 | -3.67 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2064 | 17.66 | 13.94 | -3.71 | ---- | -0.09 | 0.60 | 0.69 | ||
| 2065 | 17.71 | 13.95 | -3.76 | ---- | -0.10 | 0.60 | 0.69 | ||
| 2066 | 17.76 | 13.95 | -3.80 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2067 | 17.81 | 13.96 | -3.85 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2068 | 17.86 | 13.96 | -3.90 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2069 | 17.91 | 13.97 | -3.95 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2070 | 17.97 | 13.97 | -4.00 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2071 | 18.03 | 13.97 | -4.05 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2072 | 18.08 | 13.98 | -4.10 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2073 | 18.13 | 13.98 | -4.15 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2074 | 18.18 | 13.99 | -4.19 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2075 | 18.22 | 13.99 | -4.23 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2076 | 18.25 | 13.99 | -4.26 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2077 | 18.27 | 14.00 | -4.28 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2078 | 18.28 | 14.00 | -4.28 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2079 | 18.27 | 14.00 | -4.27 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2080 | 18.26 | 14.00 | -4.26 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2081 | 18.23 | 14.00 | -4.23 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2082 | 18.20 | 14.00 | -4.20 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2083 | 18.15 | 13.99 | -4.16 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2084 | 18.10 | 13.99 | -4.11 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2085 | 18.04 | 13.99 | -4.06 | ---- | -0.10 | 0.60 | 0.70 | ||
| 2086 | 17.98 | 13.99 | -4.00 | ---- | -0.09 | 0.60 | 0.70 | ||
| 2087 | 17.91 | 13.98 | -3.93 | ---- | -0.09 | 0.61 | 0.70 | ||
| 2088 | 17.84 | 13.98 | -3.87 | ---- | -0.09 | 0.61 | 0.70 | ||
| 2089 | 17.78 | 13.97 | -3.80 | ---- | -0.09 | 0.61 | 0.70 | ||
| 2090 | 17.72 | 13.97 | -3.75 | ---- | -0.09 | 0.61 | 0.70 | ||
| 2091 | 17.67 | 13.97 | -3.71 | ---- | -0.09 | 0.61 | 0.70 | ||
| 2092 | 17.64 | 13.97 | -3.68 | ---- | -0.09 | 0.61 | 0.70 | ||
| 2093 | 17.62 | 13.97 | -3.66 | ---- | -0.09 | 0.61 | 0.70 | ||
| 2094 | 17.61 | 13.97 | -3.65 | ---- | -0.09 | 0.61 | 0.70 | ||
| 2095 | 17.61 | 13.97 | -3.64 | ---- | -0.09 | 0.61 | 0.70 | ||
| 2096 | 17.61 | 13.97 | -3.65 | ---- | -0.09 | 0.61 | 0.70 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 17.24% | 14.37% | -2.87% | 2036 | -0.07% | 0.59% | 0.66% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.