SOCIAL SECURITY ADMINISTRATION BALTIMORE, MD 21235-0001

SOCIAL SECURITY

Office of the Chief Actuary

June 25, 2019

The Honorable Chris Van Hollen

United States Senate

Washington, D.C. 20510

Dear Senator Van Hollen:

This letter is in response to your request for our estimates of the financial effects on the Social 

Security (OASDI) program assuming enactment of S. 1950, the “Strengthen Social Security by 

Taxing Dynastic Wealth Act of 2019” (hereafter referred to as the “proposal”), which you 

introduced today. We have enjoyed working with Harry Stein and Alyssa Penna of your staff in 

the development of this proposal. These estimates provided here reflect the combined effort of 

many in the Office of the Chief Actuary, but particularly Karen Glenn, Chris Chaplain, Kyle 

Burkhalter, Daniel Nickerson, and Anna Kirjusina.

This proposal has two provisions:

Section 1. For the estate tax, gift tax, and generation skipping transfer (GST) tax, return the 

respective exemption thresholds and tax rates to 2009 levels for deaths after 2019 and gifts 

made after 2019, with those levels not indexed in future years. All proceeds from the estate 

tax, gift tax, and GST tax would go to the combined OASDI Trust Fund.

Section 2. Combine the separate Old-Age and Survivors Insurance (OASI) and Disability 

Insurance (DI) Trust Funds into one Social Security Trust Fund effective January 1, 2020. 

The balance of this letter provides further description of our understanding of the intent of these 

provisions, and our estimates of the effects on the financial status of the OASDI program and the 

effects on the federal budget. All estimates are based on the intermediate assumptions of the 

2019 Trustees Report. 

Specification for Provisions of the Proposal

Section 1. For the estate tax, gift tax, and generation skipping transfer (GST) tax, return the 

respective exemption thresholds and tax rates to 2009 levels for deaths after 2019 and gifts 

made after 2019, with those levels not indexed in future years. All proceeds from the estate 

tax, gift tax, and GST tax would go to the combined OASDI Trust Fund.
Page 2 – The Honorable Chris Van Hollen

Current Law

Under current law, an estate tax is applied if the value of the estate (combined with earlier gifts 

in excess of annual exemptions) is above a specific lifetime exemption limit. For deaths in 2019, 

that exemption limit is $11.4 million, with a tax ranging from 18% up to 40% based on the 

taxable value of estate holdings above that limit. The exemption limit is scheduled to increase 

by inflation. For deaths after 2025, when the related provisions of the 2017 Tax Cuts and Jobs 

Act expire, the exemption limit would reduce to the pre-2018 level, as indexed by inflation. If a 

decedent does not use the entire lifetime exemption limit, the unused amount can be used by the 

surviving spouse, in addition to his/her own lifetime exemption limit. 

For 2018, annual gifts of up to $15,000 per year can be made per donor (taxpayer) and per donee 

without any tax liability to the donor. Gifts above that amount can be subject to taxation for the 

donor. However, gifts in excess of the annual limit can be made without tax liability by using a 

portion of the $11.4 million lifetime exemption limit described above, which would reduce the 

exemption limit applicable to later estate tax.

The generation-skipping transfer (GST) tax is an additional tax imposed on gifts and bequests to 

related persons more than one generation younger than the donor, or unrelated persons who are 

more than 37.5 years younger than the donor. There is a lifetime exemption limit on GST, equal 

to the limit described above for the estate tax. The tax rates for GST in excess of the lifetime 

exemption limit are the same as for estate taxes. 

All monies from these three tax sources go into the General Fund of the Treasury. 

Proposal

The draft bill would make the following changes:

• Reduce the lifetime estate tax exemption limit to $3.5 million for deaths in 2020 or later,

with the tax rate on amounts above the limit ranging from 18 percent to 45 percent. The 

$3.5 million limit would be unchanged for future years. 

• Establish a lifetime exemption limit for gifts of $1 million, with any unused amount from 

a decedent transferrable to the surviving spouse for gifts during their lifetime.

• All monies from tax on excess gifts and transfers made, and tax on estates of deaths in 

2020 or later, would be directed to the OASDI Trust Fund. 

Enactment of this provision alone would improve the long-range OASDI actuarial balance by an 

estimated 0.58 percent of taxable payroll, and would improve the OASDI annual balance by 0.78 

percent of payroll for the 75th projection year (2093). 
Page 3 – The Honorable Chris Van Hollen

Section 2. Combine the separate Old-Age and Survivors Insurance (OASI) and Disability 

Insurance (DI) Trust Funds into one Social Security Trust Fund effective January 1, 2020.

Beginning in 2020, establish a new Social Security Trust Fund by combining the reserves of the 

separate OASI and DI Trust Funds and managing all future financial operations of the program 

on a combined basis. This provision alone would not change scheduled benefits or income in the 

law. However, the timing of issuance and redemption of securities held by the trust fund would 

be altered. 

Enactment of this provision alone would have a negligible effect (between -0.005 and 0.005 

percent of taxable payroll) on the long-range OASDI actuarial balance and on the annual deficit 

for the 75th projection year (2093).

Detailed Tables Containing Annual and Summary Projections

Table 1, enclosed, presents annual and 75-year-summarized cost rates, income rates, balances, 

and changes in annual cost and income rates and balances for the OASDI program under 

enactment of the proposal. The proposal would extend the depletion date of the combined OASI 

and DI Trust Funds from 2035 to 2038. 

Table 1b shows “off-budget,” “unified budget,” and “on-budget” effects of the proposal on a 

present value basis. “Off-budget” is defined as direct effects on the Social Security Trust Funds 

for purposes of this memo. “On-budget” covers the remainder of the Federal government. 

“Unified budget” is defined as the total of off-budget plus on-budget effects. Amounts are 

discounted to January 1, 2019 using the projected Trust Fund interest rates under current law. 

Below is an explanation of each column of this table, and applicability to this proposal:

• Column 1 shows the estimated annual amounts of specified General Fund transfers to and 

from the OASDI Trust Fund under the proposal. While current-law estate, gift, and GST 

taxes go into the General Fund of the Treasury, the proposal is not to transfer future tax 

revenues from the General Fund to the OASDI Trust Funds, but rather to deposit these 

revenues directly into the OASDI Trust Fund. Therefore, we show no specified General 

Fund transfers for this proposal.

• Column 2 shows the annual cash flow off-budget effects for the combined OASI and DI 

Trust Funds. For this proposal, all estate, gift, and GST tax revenues go to the OASDI 

Trust Fund for deaths, gifts, and transfers in years 2020 and later, resulting in a total 

revenue increase amounting to about $3.1 trillion in present value for the 75-year period.

• Columns 3 and 5 show annual unified budget effects (“off-budget” plus “on-budget”) 

from enactment of the proposal, with column 3 showing the change in annual unified 

budget cash flow and column 5 showing the change in annual unified budget balance. 

For this proposal, we show the increased tax revenue above current law tax revenue in 

these columns. The increase in annual unified budget cash flow totals about $1.4 trillion 

in present value for the 75-year period. 
Page 4 – The Honorable Chris Van Hollen

• Column 4 shows the cumulative change in debt held by the public. An important 

assumption here is that increases in revenue from these taxes, which will be deposited 

into the Social Security Trust Funds, will reduce the amount of federal debt held by the 

public, in the amount of the additional debt owed to the OASDI Trust Funds. 

• Columns 6 and 8 show annual on-budget effects from enactment of the proposal, with 

column 6 displaying the change in annual on-budget cash flow and column 8 displaying 

the change in annual on-budget balance. For this proposal, the current-law level of

revenue from estate, gift, and GST taxes will be deposited in the OASDI Trust Fund 

rather than the General Fund of the Treasury, so these columns show annual decreases in 

on-budget cash flow and annual balances. The decrease in annual on-budget cash flow 

totals about $1.6 trillion in present value for the 75-year period. 

• Column 7 shows the cumulative change in total Federal debt subject to limit from 

enactment of the proposal. Total Federal debt equals debt held by the public plus debt 

held by the OASDI Trust Fund (and other trust funds). For this proposal, additional taxes 

collected and deposited in the Social Security Trust Fund would increase debt held by the 

OASDI Trust Funds, but reduce debt held by the public by the same amount. The 

redirect of the current-law level of tax revenue to the OASDI Trust Fund, rather than the 

General Fund of the Treasury, would increase total Federal debt subject to limit. 

Table 1b.n shows the same information, but in nominal dollars. In this table, we show nominal 

dollar effects through 2029. Note that estimates in Tables 1b and 1b.n are based on the baseline 

assumptions of the 2019 Trustees Report and thus differ from what would be estimated under the 

President’s Budget or the CBO baseline assumptions.

We hope these estimates are helpful. Please let us know if we may provide further assistance.

Sincerely, 

 Stephen C. Goss, ASA, MAAA

Chief Actuary

Enclosures
Year Cost Rate

Income

Rate

Annual

Balance Cost Rate

Income

Rate

Annual

Balance

2019 13.91 12.85 -1.06 273 0.00 0.00 0.00

2020 13.94 12.87 -1.07 260 0.00 0.00 0.00

2021 14.09 13.17 -0.91 245 0.00 0.28 0.28

2022 14.23 13.29 -0.94 231 -0.00 0.37 0.37

2023 14.40 13.41 -0.99 218 -0.00 0.47 0.47

2024 14.59 13.44 -1.15 204 -0.00 0.47 0.47

2025 14.78 13.46 -1.32 190 -0.00 0.47 0.48

2026 14.99 13.59 -1.40 176 -0.00 0.48 0.48

2027 15.19 13.61 -1.58 163 -0.00 0.48 0.48

2028 15.43 13.66 -1.77 149 -0.00 0.48 0.48

2029 15.62 13.68 -1.95 135 -0.00 0.49 0.49

2030 15.80 13.70 -2.11 121 -0.00 0.49 0.49

2031 15.97 13.71 -2.25 107 -0.00 0.50 0.50

2032 16.11 13.73 -2.38 93 -0.00 0.50 0.50

2033 16.23 13.74 -2.49 78 -0.00 0.51 0.51

2034 16.32 13.76 -2.57 64 -0.00 0.51 0.51

2035 16.40 13.77 -2.63 49 -0.00 0.52 0.52

2036 16.46 13.78 -2.68 33 -0.00 0.52 0.52

2037 16.52 13.79 -2.73 18 -0.00 0.53 0.53

2038 16.56 13.80 -2.77 2 -0.00 0.53 0.53

2039 16.60 13.81 -2.79 ---- -0.00 0.54 0.54

2040 16.61 13.81 -2.80 ---- -0.00 0.54 0.54

2041 16.61 13.82 -2.79 ---- -0.00 0.55 0.55

2042 16.59 13.82 -2.77 ---- -0.00 0.55 0.55

2043 16.56 13.83 -2.73 ---- -0.00 0.55 0.56

2044 16.52 13.83 -2.69 ---- -0.00 0.56 0.56

2045 16.49 13.83 -2.65 ---- -0.00 0.56 0.56

2046 16.45 13.84 -2.61 ---- -0.00 0.57 0.57

2047 16.42 13.84 -2.58 ---- -0.00 0.57 0.57

2048 16.40 13.85 -2.56 ---- -0.00 0.58 0.58

2049 16.38 13.85 -2.53 ---- -0.00 0.58 0.58

2050 16.37 13.86 -2.51 ---- -0.00 0.59 0.59

2051 16.36 13.86 -2.50 ---- -0.00 0.59 0.59

2052 16.36 13.87 -2.50 ---- -0.00 0.59 0.60

2053 16.37 13.87 -2.50 ---- -0.00 0.60 0.60

2054 16.38 13.88 -2.51 ---- -0.00 0.60 0.60

2055 16.41 13.89 -2.52 ---- -0.00 0.61 0.61

2056 16.44 13.89 -2.55 ---- -0.00 0.61 0.61

2057 16.48 13.90 -2.58 ---- -0.00 0.62 0.62

2058 16.53 13.91 -2.62 ---- -0.00 0.62 0.62

2059 16.58 13.92 -2.66 ---- -0.00 0.62 0.63

2060 16.63 13.93 -2.70 ---- -0.00 0.63 0.63

2061 16.68 13.93 -2.74 ---- -0.00 0.63 0.63

2062 16.73 13.94 -2.79 ---- -0.00 0.64 0.64

2063 16.79 13.95 -2.84 ---- -0.00 0.64 0.64

2064 16.84 13.96 -2.88 ---- -0.00 0.65 0.65

2065 16.90 13.97 -2.93 ---- -0.00 0.65 0.65

2066 16.95 13.98 -2.98 ---- -0.00 0.66 0.66

2067 17.01 13.99 -3.03 ---- -0.00 0.66 0.66

2068 17.07 13.99 -3.08 ---- -0.00 0.66 0.67

2069 17.13 14.00 -3.13 ---- -0.00 0.67 0.67

2070 17.19 14.01 -3.18 ---- -0.00 0.67 0.67

2071 17.25 14.02 -3.23 ---- -0.00 0.68 0.68

2072 17.30 14.03 -3.27 ---- -0.00 0.68 0.68

2073 17.35 14.04 -3.31 ---- -0.00 0.69 0.69

2074 17.39 14.05 -3.35 ---- -0.00 0.69 0.69

2075 17.43 14.05 -3.38 ---- -0.00 0.70 0.70

2076 17.46 14.06 -3.40 ---- -0.00 0.70 0.70

2077 17.48 14.07 -3.41 ---- -0.00 0.71 0.71

2078 17.48 14.07 -3.41 ---- -0.00 0.71 0.71

2079 17.48 14.08 -3.40 ---- -0.00 0.72 0.72

2080 17.46 14.08 -3.38 ---- -0.00 0.72 0.72

2081 17.44 14.09 -3.36 ---- -0.00 0.73 0.73

2082 17.42 14.09 -3.33 ---- -0.00 0.73 0.73

2083 17.40 14.09 -3.31 ---- -0.00 0.74 0.74

2084 17.38 14.10 -3.28 ---- -0.00 0.74 0.74

2085 17.35 14.10 -3.25 ---- -0.00 0.75 0.75

2086 17.34 14.10 -3.23 ---- -0.00 0.75 0.75

2087 17.33 14.11 -3.22 ---- -0.00 0.76 0.76

2088 17.33 14.11 -3.21 ---- -0.00 0.76 0.76

2089 17.34 14.12 -3.22 ---- -0.00 0.76 0.77

2090 17.36 14.12 -3.23 ---- -0.00 0.77 0.77

2091 17.39 14.13 -3.26 ---- -0.00 0.77 0.78

2092 17.43 14.14 -3.29 ---- -0.00 0.78 0.78

2093 17.47 14.15 -3.33 ---- -0.00 0.78 0.78

2094 17.52 14.15 -3.37 ---- -0.00 0.79 0.79

Cost Rate Income Rate

Actuarial 

Balance

Change in 

Cost rate

Change in 

Income Rate

Change in 

Actuarial

Balance

16.60% 14.39% -2.20% 2038 -0.00% 0.58% 0.58%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2019 Trustees Report. Social Security Administration 1 Under present law the year of combined Trust Fund reserve depletion is 2035.

Expressed as a percentage of present-law

taxable payroll Trust Fund

Ratio

1-1-year

Expressed as a percentage of present-law

taxable payroll

Table 1 - OASDI Cost Rate, Income Rate, Annual Balance, and Trust Fund Ratio

S. 1950, the "Strengthen Social Security by Taxing Dynastic Wealth Act of 2019," Introduced by Senator Chris Van Hollen

Proposal Change from Present Law

Summarized Rates: OASDI

Year of reserve 

depletion1

Summarized Rates: OASDI

2019 - 2094

June 25, 2019
Table 1b - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI (Present Value Dollars)

Year

Specified 

General Fund 

Transfers to 

OASDI

Basic Changes

in OASDI

Cash Flow

Change

in Annual

Unified Budget

Cash Flow1

Change in

Debt Held

by Public at

End of Year2

Change

in Annual

Unified Budget

Balance

Change

in Annual

On Budget

Cash Flow3

Change in Total

Federal Debt 

Subject to Limit

End Of Year

Change

in Annual

On Budget

Balance

(1) (2) (3) (4) (5) (6) (7) (8)

2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2021 0.0 21.8 5.8 -5.8 5.8 -16.0 -16.0 -16.0

2022 0.0 29.8 13.5 -19.3 13.7 -16.3 -32.3 -16.7

2023 0.0 38.3 21.7 -41.0 22.2 -16.6 -48.9 -17.5

2024 0.0 39.3 22.4 -63.4 23.5 -16.9 -65.7 -18.3

2025 0.0 40.2 23.0 -86.4 24.9 -17.2 -82.9 -19.1

2026 0.0 41.1 18.0 -104.5 20.7 -23.0 -105.9 -25.6

2027 0.0 41.9 16.7 -121.1 20.1 -25.2 -131.1 -28.6

2028 0.0 42.6 15.2 -136.3 19.4 -27.4 -158.5 -31.9

2029 0.0 43.2 15.6 -152.0 20.7 -27.6 -186.1 -33.5

2030 0.0 43.7 16.0 -168.0 22.1 -27.7 -213.8 -35.2

2031 0.0 44.0 16.3 -184.3 23.6 -27.7 -241.5 -37.0

2032 0.0 44.3 16.6 -200.9 25.1 -27.7 -269.2 -38.9

2033 0.0 44.3 16.8 -217.7 26.7 -27.5 -296.7 -40.7

2034 0.0 44.3 17.0 -234.7 27.7 -27.3 -324.0 -41.9

2035 0.0 44.3 17.2 -251.8 28.7 -27.1 -351.2 -43.0

2036 0.0 44.2 17.3 -269.1 29.7 -26.9 -378.1 -44.2

2037 0.0 44.2 17.5 -286.6 30.7 -26.7 -404.8 -45.3

2038 0.0 44.2 17.6 -304.3 31.7 -26.5 -431.3 -46.4

2039 0.0 44.1 17.8 -322.1 32.7 -26.3 -457.7 -47.5

2040 0.0 44.1 18.0 -340.0 33.8 -26.2 -483.8 -48.6

2041 0.0 44.1 18.1 -358.2 34.8 -26.0 -509.8 -49.7

2042 0.0 44.1 18.3 -376.4 35.9 -25.8 -535.6 -50.8

2043 0.0 44.1 18.4 -394.9 36.9 -25.6 -561.2 -51.9

2044 0.0 44.1 18.6 -413.4 38.0 -25.5 -586.7 -53.0

2045 0.0 44.1 18.7 -432.2 39.0 -25.3 -612.0 -54.1

2046 0.0 44.1 18.9 -451.1 40.1 -25.2 -637.2 -55.2

2047 0.0 44.1 19.0 -470.1 41.2 -25.0 -662.2 -56.3

2048 0.0 44.0 19.2 -489.3 42.3 -24.9 -687.0 -57.4

2049 0.0 44.0 19.3 -508.7 43.4 -24.7 -711.8 -58.4

2050 0.0 44.0 19.5 -528.1 44.5 -24.6 -736.3 -59.5

2051 0.0 44.0 19.6 -547.7 45.6 -24.4 -760.7 -60.6

2052 0.0 44.0 19.7 -567.5 46.6 -24.2 -785.0 -61.6

2053 0.0 44.0 19.9 -587.4 47.7 -24.1 -809.1 -62.7

2054 0.0 43.9 20.0 -607.4 48.8 -23.9 -833.0 -63.7

2055 0.0 43.9 20.1 -627.5 49.9 -23.8 -856.8 -64.7

2056 0.0 43.9 20.2 -647.7 51.0 -23.6 -880.4 -65.7

2057 0.0 43.8 20.3 -668.0 52.1 -23.5 -903.9 -66.7

2058 0.0 43.7 20.4 -688.5 53.2 -23.3 -927.2 -67.7

2059 0.0 43.7 20.5 -709.0 54.3 -23.1 -950.3 -68.7

2060 0.0 43.6 20.6 -729.6 55.4 -23.0 -973.3 -69.7

2061 0.0 43.5 20.7 -750.3 56.5 -22.8 -996.1 -70.6

2062 0.0 43.4 20.8 -771.1 57.6 -22.7 -1,018.8 -71.6

2063 0.0 43.3 20.9 -791.9 58.7 -22.5 -1,041.3 -72.5

2064 0.0 43.3 20.9 -812.9 59.8 -22.3 -1,063.6 -73.5

2065 0.0 43.2 21.0 -833.9 60.9 -22.2 -1,085.8 -74.4

2066 0.0 43.1 21.1 -855.0 62.0 -22.0 -1,107.8 -75.3

2067 0.0 43.0 21.1 -876.1 63.1 -21.8 -1,129.6 -76.2

2068 0.0 42.9 21.2 -897.3 64.2 -21.7 -1,151.3 -77.2

2069 0.0 42.8 21.3 -918.6 65.3 -21.5 -1,172.8 -78.1

2070 0.0 42.7 21.3 -939.9 66.4 -21.4 -1,194.1 -79.0

2071 0.0 42.6 21.4 -961.3 67.5 -21.2 -1,215.4 -79.9

2072 0.0 42.5 21.4 -982.7 68.7 -21.1 -1,236.4 -80.8

2073 0.0 42.4 21.5 -1,004.2 69.8 -20.9 -1,257.3 -81.6

2074 0.0 42.3 21.6 -1,025.8 70.9 -20.8 -1,278.1 -82.5

2075 0.0 42.3 21.6 -1,047.4 72.0 -20.6 -1,298.7 -83.4

2076 0.0 42.2 21.7 -1,069.1 73.1 -20.5 -1,319.2 -84.3

2077 0.0 42.1 21.7 -1,090.9 74.3 -20.4 -1,339.6 -85.2

2078 0.0 42.0 21.8 -1,112.7 75.4 -20.2 -1,359.8 -86.0

2079 0.0 42.0 21.9 -1,134.5 76.5 -20.1 -1,379.9 -86.9

2080 0.0 41.9 21.9 -1,156.5 77.6 -20.0 -1,399.9 -87.7

2081 0.0 41.8 22.0 -1,178.4 78.8 -19.8 -1,419.8 -88.6

2082 0.0 41.7 22.0 -1,200.5 79.9 -19.7 -1,439.5 -89.5

2083 0.0 41.7 22.1 -1,222.5 81.0 -19.6 -1,459.1 -90.3

2084 0.0 41.6 22.1 -1,244.7 82.2 -19.5 -1,478.6 -91.1

2085 0.0 41.5 22.2 -1,266.8 83.3 -19.3 -1,497.9 -92.0

2086 0.0 41.4 22.2 -1,289.0 84.4 -19.2 -1,517.1 -92.8

2087 0.0 41.3 22.2 -1,311.3 85.6 -19.1 -1,536.2 -93.6

2088 0.0 41.2 22.3 -1,333.6 86.7 -19.0 -1,555.2 -94.4

2089 0.0 41.1 22.3 -1,355.9 87.8 -18.8 -1,574.0 -95.2

2090 0.0 41.0 22.3 -1,378.2 88.9 -18.7 -1,592.7 -96.0

2091 0.0 40.9 22.4 -1,400.6 90.0 -18.6 -1,611.3 -96.8

2092 0.0 40.8 22.4 -1,423.0 91.2 -18.4 -1,629.7 -97.6

2093 0.0 40.7 22.4 -1,445.4 92.3 -18.3 -1,648.1 -98.4

Total 2019-2093 0.0 3,093.4 1,445.4 -1,648.1

Based on Intermediate Assumptions of the 2019 Trustees Report.

Ultimate Real Trust Fund Yield of 2.5%.

Note: Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would 

 nonetheless be paid, based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public.

1

 Changes in unified budget cash flows reflect increases in revenues to the Federal Government arising from the proposal. Office of the Chief Actuary 2

 Increases in revenues from the proposal accumulate to reduce theoretical debt held by the public. Social Security Administration 3

 Reflects revenues from current-law estate tax, gift tax, and generation skipping transfer tax redirected to OASDI Trust Funds. June 25, 2019

Billions of Present Value Dollars as of 1-1-2019

S. 1950, the "Strengthen Social Security by Taxing Dynastic Wealth Act of 2019," Introduced by Senator Chris Van Hollen
Table 1b.n - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI1

 (Nominal Dollars)

Year

Specified 

General Fund 

Transfers to 

OASDI

Basic Changes

in OASDI

Cash Flow

Change

in Annual

Unified Budget

Cash Flow1

Change in

Debt Held

by Public at

End of Year2

Change

in Annual

Unified Budget

Balance

Change

in Annual

On Budget

Cash Flow3

Change in Total

Federal Debt 

Subject to Limit

End Of Year

Change

in Annual

On Budget

Balance

(1) (2) (3) (4) (5) (6) (7) (8)

2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2021 0.0 23.3 6.2 -6.3 6.3 -17.1 -17.4 -17.4

2022 0.0 32.8 14.9 -21.6 15.3 -17.9 -36.1 -18.7

2023 0.0 43.3 24.5 -47.1 25.5 -18.8 -56.2 -20.1

2024 0.0 45.7 26.0 -75.0 27.8 -19.7 -77.8 -21.6

2025 0.0 48.2 27.6 -105.3 30.4 -20.6 -101.1 -23.3

2026 0.0 50.7 22.3 -131.4 26.1 -28.4 -133.3 -32.2

2027 0.0 53.4 21.2 -157.6 26.1 -32.1 -170.6 -37.3

2028 0.0 56.2 20.1 -183.7 26.1 -36.1 -213.6 -43.0

2029 0.0 59.1 21.4 -212.7 29.0 -37.7 -260.5 -46.9

Based on Intermediate Assumptions of the 2019 Trustees Report.

Ultimate Real Trust Fund Yield of 2.5%.

Note: Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would 

 nonetheless be paid, based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public.

1

 Changes in unified budget cash flows reflect increases in revenues to the Federal Government arising from the proposal. Office of the Chief Actuary 2

 Increases in revenues from the proposal accumulate to reduce theoretical debt held by the public. Social Security Administration 3

 Reflects revenues from current-law estate tax, gift tax, and generation skipping transfer tax redirected to OASDI Trust Funds. June 25, 2019

Billions of Nominal Dollars

S. 1950, the "Strengthen Social Security by Taxing Dynastic Wealth Act of 2019," Introduced by Senator Chris Van Hollen