Proposed Provision: E1.8. Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2023-2028, until the rate reaches 13.0 percent for 2028 and later.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2020261261
2021248248
2022233233
2023217217
2024200201
2025183185
2026165169
2027148154
2028130139
2029112124
203094109
20317694
20325879
20333964
20342049
2035133
2036-1917
2037-381
2038-59-16
2039-80-33
2040-101-50
2041-122-68
2042-144-86
2043-166-104
2044-188-122
2045-210-140
2046-232-158
2047-255-177
2048-277-195
2049-299-213
2050-322-232
2051-344-250
2052-367-269
2053-389-287
2054-412-306
2055-434-324
2056-457-343
2057-480-363
2058-504-382
2059-527-401
2060-551-421
2061-575-441
2062-599-462
2063-624-483
2064-650-504
2065-676-526
2066-702-548
2067-728-570
2068-755-593
2069-782-616
2070-809-640
2071-837-664
2072-866-688
2073-895-713
2074-925-739
2075-955-765
2076-986-791
2077-1018-818
2078-1051-847
2079-1084-875
2080-1119-905
2081-1154-935
2082-1190-966
2083-1226-996
2084-1263-1028
2085-1300-1059
2086-1337-1091
2087-1374-1123
2088-1411-1154
2089-1448-1185
2090-1484-1216
2091-1520-1246
2092-1554-1276
2093-1589-1305
2094-1623-1334
2095-1657-1363
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