Detailed Single Year Tables
Description of Proposed Provision:
E2.8: Apply a 2 percent payroll tax on earnings above the current-law taxable maximum for years 2024-2071, and a 3 percent rate for years 2072 and later. 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 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.91 | -1.52 | 214 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.64 | 13.34 | -1.30 | 196 | 0.00 | 0.39 | 0.39 | ||
| 2025 | 14.86 | 13.37 | -1.48 | 180 | -0.00 | 0.41 | 0.41 | ||
| 2026 | 15.10 | 13.49 | -1.62 | 164 | -0.00 | 0.41 | 0.41 | ||
| 2027 | 15.36 | 13.51 | -1.85 | 149 | -0.00 | 0.41 | 0.41 | ||
| 2028 | 15.62 | 13.54 | -2.08 | 132 | -0.00 | 0.41 | 0.41 | ||
| 2029 | 15.87 | 13.57 | -2.29 | 116 | -0.00 | 0.40 | 0.41 | ||
| 2030 | 16.10 | 13.59 | -2.51 | 99 | -0.01 | 0.40 | 0.41 | ||
| 2031 | 16.28 | 13.61 | -2.67 | 82 | -0.01 | 0.40 | 0.41 | ||
| 2032 | 16.43 | 13.62 | -2.81 | 65 | -0.01 | 0.40 | 0.41 | ||
| 2033 | 16.54 | 13.63 | -2.92 | 48 | -0.01 | 0.40 | 0.41 | ||
| 2034 | 16.64 | 13.64 | -3.00 | 30 | -0.02 | 0.40 | 0.42 | ||
| 2035 | 16.72 | 13.64 | -3.07 | 13 | -0.02 | 0.40 | 0.42 | ||
| 2036 | 16.78 | 13.65 | -3.13 | ---- | -0.02 | 0.40 | 0.42 | ||
| 2037 | 16.84 | 13.66 | -3.18 | ---- | -0.03 | 0.40 | 0.43 | ||
| 2038 | 16.89 | 13.66 | -3.22 | ---- | -0.03 | 0.40 | 0.43 | ||
| 2039 | 16.92 | 13.67 | -3.25 | ---- | -0.03 | 0.40 | 0.43 | ||
| 2040 | 16.94 | 13.67 | -3.28 | ---- | -0.03 | 0.40 | 0.43 | ||
| 2041 | 16.98 | 13.67 | -3.31 | ---- | -0.04 | 0.40 | 0.44 | ||
| 2042 | 17.00 | 13.68 | -3.33 | ---- | -0.04 | 0.40 | 0.44 | ||
| 2043 | 17.00 | 13.68 | -3.32 | ---- | -0.04 | 0.40 | 0.44 | ||
| 2044 | 17.00 | 13.68 | -3.32 | ---- | -0.04 | 0.40 | 0.44 | ||
| 2045 | 17.00 | 13.68 | -3.32 | ---- | -0.04 | 0.40 | 0.44 | ||
| 2046 | 17.01 | 13.68 | -3.33 | ---- | -0.05 | 0.40 | 0.45 | ||
| 2047 | 17.03 | 13.68 | -3.35 | ---- | -0.05 | 0.40 | 0.45 | ||
| 2048 | 17.05 | 13.69 | -3.36 | ---- | -0.05 | 0.40 | 0.45 | ||
| 2049 | 17.07 | 13.69 | -3.38 | ---- | -0.05 | 0.40 | 0.45 | ||
| 2050 | 17.09 | 13.69 | -3.39 | ---- | -0.05 | 0.40 | 0.45 | ||
| 2051 | 17.11 | 13.69 | -3.41 | ---- | -0.05 | 0.40 | 0.45 | ||
| 2052 | 17.13 | 13.70 | -3.44 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2053 | 17.16 | 13.70 | -3.46 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2054 | 17.20 | 13.70 | -3.49 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2055 | 17.23 | 13.71 | -3.53 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2056 | 17.28 | 13.71 | -3.57 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2057 | 17.32 | 13.72 | -3.61 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2058 | 17.38 | 13.72 | -3.66 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2059 | 17.43 | 13.72 | -3.70 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2060 | 17.48 | 13.73 | -3.76 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2061 | 17.54 | 13.73 | -3.80 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2062 | 17.59 | 13.74 | -3.85 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2063 | 17.64 | 13.74 | -3.90 | ---- | -0.06 | 0.40 | 0.46 | ||
| 2064 | 17.69 | 13.75 | -3.94 | ---- | -0.06 | 0.40 | 0.47 | ||
| 2065 | 17.74 | 13.75 | -3.99 | ---- | -0.06 | 0.40 | 0.47 | ||
| 2066 | 17.79 | 13.76 | -4.03 | ---- | -0.06 | 0.40 | 0.47 | ||
| 2067 | 17.84 | 13.76 | -4.08 | ---- | -0.06 | 0.40 | 0.47 | ||
| 2068 | 17.89 | 13.76 | -4.13 | ---- | -0.06 | 0.40 | 0.47 | ||
| 2069 | 17.95 | 13.77 | -4.18 | ---- | -0.06 | 0.40 | 0.47 | ||
| 2070 | 18.00 | 13.77 | -4.23 | ---- | -0.06 | 0.40 | 0.47 | ||
| 2071 | 18.06 | 13.78 | -4.28 | ---- | -0.06 | 0.40 | 0.47 | ||
| 2072 | 18.11 | 13.97 | -4.14 | ---- | -0.06 | 0.59 | 0.66 | ||
| 2073 | 18.16 | 13.98 | -4.18 | ---- | -0.06 | 0.60 | 0.67 | ||
| 2074 | 18.21 | 13.99 | -4.22 | ---- | -0.07 | 0.60 | 0.67 | ||
| 2075 | 18.25 | 13.99 | -4.26 | ---- | -0.07 | 0.60 | 0.67 | ||
| 2076 | 18.28 | 14.00 | -4.29 | ---- | -0.07 | 0.60 | 0.67 | ||
| 2077 | 18.30 | 14.00 | -4.30 | ---- | -0.07 | 0.60 | 0.67 | ||
| 2078 | 18.31 | 14.00 | -4.31 | ---- | -0.07 | 0.60 | 0.67 | ||
| 2079 | 18.30 | 14.00 | -4.30 | ---- | -0.07 | 0.60 | 0.67 | ||
| 2080 | 18.28 | 14.00 | -4.28 | ---- | -0.07 | 0.60 | 0.67 | ||
| 2081 | 18.26 | 14.00 | -4.26 | ---- | -0.07 | 0.60 | 0.68 | ||
| 2082 | 18.22 | 14.00 | -4.22 | ---- | -0.07 | 0.60 | 0.68 | ||
| 2083 | 18.18 | 14.00 | -4.18 | ---- | -0.07 | 0.61 | 0.68 | ||
| 2084 | 18.12 | 13.99 | -4.13 | ---- | -0.07 | 0.61 | 0.68 | ||
| 2085 | 18.06 | 13.99 | -4.07 | ---- | -0.07 | 0.61 | 0.68 | ||
| 2086 | 18.00 | 13.99 | -4.01 | ---- | -0.08 | 0.61 | 0.68 | ||
| 2087 | 17.93 | 13.98 | -3.95 | ---- | -0.08 | 0.61 | 0.68 | ||
| 2088 | 17.86 | 13.98 | -3.88 | ---- | -0.08 | 0.61 | 0.68 | ||
| 2089 | 17.79 | 13.97 | -3.82 | ---- | -0.08 | 0.61 | 0.68 | ||
| 2090 | 17.74 | 13.97 | -3.76 | ---- | -0.08 | 0.61 | 0.69 | ||
| 2091 | 17.69 | 13.97 | -3.72 | ---- | -0.08 | 0.61 | 0.69 | ||
| 2092 | 17.65 | 13.97 | -3.69 | ---- | -0.08 | 0.61 | 0.69 | ||
| 2093 | 17.63 | 13.97 | -3.67 | ---- | -0.08 | 0.61 | 0.69 | ||
| 2094 | 17.62 | 13.97 | -3.66 | ---- | -0.08 | 0.61 | 0.69 | ||
| 2095 | 17.62 | 13.97 | -3.65 | ---- | -0.08 | 0.61 | 0.69 | ||
| 2096 | 17.62 | 13.97 | -3.66 | ---- | -0.08 | 0.61 | 0.69 | ||
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 | 17.27% | 14.22% | -3.05% | 2035 | -0.05% | 0.44% | 0.49% | ||
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.