Detailed Single Year Tables
Description of Proposed Provision:
E3.15: Increase the taxable maximum such that 90 percent of earnings are subject to the payroll tax (phased in 2022-2031). In addition, apply a tax rate of 6.2 percent for earnings above the revised taxable maximum (phased in from 2022-2031). Provide benefit credit for earnings taxed up to the revised 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 |
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|
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 | 13.18 | -1.12 | 231 | 0.00 | 0.26 | 0.26 | ||
| 2023 | 14.43 | 13.40 | -1.03 | 215 | -0.00 | 0.49 | 0.49 | ||
| 2024 | 14.64 | 13.63 | -1.00 | 201 | -0.00 | 0.69 | 0.69 | ||
| 2025 | 14.86 | 13.84 | -1.02 | 187 | -0.00 | 0.88 | 0.88 | ||
| 2026 | 15.10 | 14.13 | -0.98 | 174 | -0.00 | 1.05 | 1.05 | ||
| 2027 | 15.36 | 14.30 | -1.06 | 162 | -0.00 | 1.20 | 1.20 | ||
| 2028 | 15.62 | 14.47 | -1.15 | 150 | -0.00 | 1.33 | 1.33 | ||
| 2029 | 15.87 | 14.62 | -1.25 | 139 | -0.00 | 1.45 | 1.45 | ||
| 2030 | 16.11 | 14.75 | -1.36 | 128 | -0.00 | 1.56 | 1.56 | ||
| 2031 | 16.28 | 14.87 | -1.41 | 117 | -0.00 | 1.66 | 1.67 | ||
| 2032 | 16.43 | 14.89 | -1.55 | 107 | -0.00 | 1.67 | 1.67 | ||
| 2033 | 16.56 | 14.90 | -1.66 | 97 | -0.00 | 1.67 | 1.67 | ||
| 2034 | 16.65 | 14.91 | -1.74 | 86 | -0.00 | 1.67 | 1.68 | ||
| 2035 | 16.73 | 14.92 | -1.81 | 76 | -0.00 | 1.67 | 1.68 | ||
| 2036 | 16.80 | 14.93 | -1.87 | 66 | -0.00 | 1.67 | 1.68 | ||
| 2037 | 16.86 | 14.93 | -1.92 | 55 | -0.00 | 1.68 | 1.68 | ||
| 2038 | 16.91 | 14.94 | -1.97 | 45 | -0.00 | 1.68 | 1.68 | ||
| 2039 | 16.95 | 14.95 | -2.00 | 33 | -0.00 | 1.68 | 1.68 | ||
| 2040 | 16.98 | 14.95 | -2.02 | 22 | -0.00 | 1.68 | 1.68 | ||
| 2041 | 17.02 | 14.96 | -2.06 | 11 | -0.00 | 1.68 | 1.68 | ||
| 2042 | 17.04 | 14.96 | -2.08 | ---- | 0.00 | 1.68 | 1.68 | ||
| 2043 | 17.05 | 14.96 | -2.08 | ---- | 0.01 | 1.69 | 1.68 | ||
| 2044 | 17.05 | 14.97 | -2.09 | ---- | 0.01 | 1.69 | 1.68 | ||
| 2045 | 17.06 | 14.97 | -2.09 | ---- | 0.02 | 1.69 | 1.68 | ||
| 2046 | 17.08 | 14.97 | -2.10 | ---- | 0.02 | 1.69 | 1.67 | ||
| 2047 | 17.10 | 14.98 | -2.13 | ---- | 0.03 | 1.70 | 1.67 | ||
| 2048 | 17.13 | 14.98 | -2.15 | ---- | 0.04 | 1.70 | 1.66 | ||
| 2049 | 17.16 | 14.99 | -2.17 | ---- | 0.04 | 1.70 | 1.66 | ||
| 2050 | 17.19 | 14.99 | -2.20 | ---- | 0.05 | 1.70 | 1.65 | ||
| 2051 | 17.22 | 15.00 | -2.23 | ---- | 0.06 | 1.70 | 1.64 | ||
| 2052 | 17.26 | 15.00 | -2.26 | ---- | 0.07 | 1.71 | 1.63 | ||
| 2053 | 17.30 | 15.01 | -2.29 | ---- | 0.08 | 1.71 | 1.63 | ||
| 2054 | 17.35 | 15.01 | -2.33 | ---- | 0.09 | 1.71 | 1.62 | ||
| 2055 | 17.40 | 15.02 | -2.38 | ---- | 0.11 | 1.71 | 1.61 | ||
| 2056 | 17.45 | 15.03 | -2.43 | ---- | 0.12 | 1.72 | 1.60 | ||
| 2057 | 17.51 | 15.03 | -2.48 | ---- | 0.13 | 1.72 | 1.59 | ||
| 2058 | 17.58 | 15.04 | -2.54 | ---- | 0.14 | 1.72 | 1.58 | ||
| 2059 | 17.65 | 15.05 | -2.60 | ---- | 0.16 | 1.72 | 1.57 | ||
| 2060 | 17.72 | 15.05 | -2.67 | ---- | 0.17 | 1.73 | 1.55 | ||
| 2061 | 17.79 | 15.06 | -2.73 | ---- | 0.19 | 1.73 | 1.54 | ||
| 2062 | 17.85 | 15.07 | -2.79 | ---- | 0.20 | 1.73 | 1.53 | ||
| 2063 | 17.92 | 15.07 | -2.84 | ---- | 0.22 | 1.73 | 1.52 | ||
| 2064 | 17.98 | 15.08 | -2.90 | ---- | 0.23 | 1.74 | 1.51 | ||
| 2065 | 18.05 | 15.09 | -2.96 | ---- | 0.24 | 1.74 | 1.49 | ||
| 2066 | 18.11 | 15.10 | -3.02 | ---- | 0.26 | 1.74 | 1.48 | ||
| 2067 | 18.18 | 15.10 | -3.08 | ---- | 0.27 | 1.74 | 1.47 | ||
| 2068 | 18.24 | 15.11 | -3.13 | ---- | 0.29 | 1.75 | 1.46 | ||
| 2069 | 18.31 | 15.12 | -3.20 | ---- | 0.30 | 1.75 | 1.45 | ||
| 2070 | 18.38 | 15.12 | -3.26 | ---- | 0.31 | 1.75 | 1.44 | ||
| 2071 | 18.45 | 15.13 | -3.32 | ---- | 0.32 | 1.75 | 1.43 | ||
| 2072 | 18.51 | 15.13 | -3.38 | ---- | 0.34 | 1.76 | 1.42 | ||
| 2073 | 18.57 | 15.14 | -3.43 | ---- | 0.35 | 1.76 | 1.41 | ||
| 2074 | 18.63 | 15.15 | -3.48 | ---- | 0.36 | 1.76 | 1.40 | ||
| 2075 | 18.68 | 15.15 | -3.53 | ---- | 0.37 | 1.76 | 1.40 | ||
| 2076 | 18.73 | 15.16 | -3.57 | ---- | 0.38 | 1.77 | 1.39 | ||
| 2077 | 18.75 | 15.16 | -3.59 | ---- | 0.38 | 1.77 | 1.38 | ||
| 2078 | 18.77 | 15.16 | -3.60 | ---- | 0.39 | 1.77 | 1.38 | ||
| 2079 | 18.77 | 15.17 | -3.60 | ---- | 0.40 | 1.77 | 1.37 | ||
| 2080 | 18.76 | 15.17 | -3.59 | ---- | 0.40 | 1.77 | 1.37 | ||
| 2081 | 18.74 | 15.17 | -3.57 | ---- | 0.41 | 1.77 | 1.37 | ||
| 2082 | 18.71 | 15.17 | -3.54 | ---- | 0.41 | 1.78 | 1.36 | ||
| 2083 | 18.67 | 15.17 | -3.50 | ---- | 0.42 | 1.78 | 1.36 | ||
| 2084 | 18.62 | 15.17 | -3.45 | ---- | 0.42 | 1.78 | 1.36 | ||
| 2085 | 18.56 | 15.16 | -3.40 | ---- | 0.42 | 1.78 | 1.36 | ||
| 2086 | 18.50 | 15.16 | -3.34 | ---- | 0.42 | 1.78 | 1.36 | ||
| 2087 | 18.43 | 15.16 | -3.27 | ---- | 0.42 | 1.78 | 1.36 | ||
| 2088 | 18.36 | 15.16 | -3.21 | ---- | 0.42 | 1.78 | 1.36 | ||
| 2089 | 18.30 | 15.15 | -3.14 | ---- | 0.42 | 1.78 | 1.36 | ||
| 2090 | 18.24 | 15.15 | -3.09 | ---- | 0.43 | 1.79 | 1.36 | ||
| 2091 | 18.19 | 15.15 | -3.04 | ---- | 0.43 | 1.79 | 1.36 | ||
| 2092 | 18.16 | 15.15 | -3.01 | ---- | 0.43 | 1.79 | 1.36 | ||
| 2093 | 18.14 | 15.15 | -2.99 | ---- | 0.43 | 1.79 | 1.36 | ||
| 2094 | 18.13 | 15.15 | -2.98 | ---- | 0.43 | 1.79 | 1.36 | ||
| 2095 | 18.13 | 15.15 | -2.98 | ---- | 0.43 | 1.79 | 1.36 | ||
| 2096 | 18.14 | 15.15 | -2.98 | ---- | 0.43 | 1.79 | 1.36 | ||
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 | 17.48% | 15.38% | -2.10% | 2041 | 0.16% | 1.61% | 1.44% | ||
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.