Detailed Single Year Tables
Description of Proposed Provision:
E1.9: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2023-2046, until the rate reaches 14.8 percent in 2046. Then increase the payroll tax rate an additional 0.1 percentage point in each year from 2085-2089, until the rate reaches 15.3 percent for 2089 and later.
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 |
|||
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 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | 0.00 | ||
2022 | 14.23 | 12.92 | -1.31 | 229 | 0.00 | 0.00 | 0.00 | ||
2023 | 14.40 | 13.03 | -1.37 | 213 | 0.00 | 0.09 | 0.09 | ||
2024 | 14.59 | 13.16 | -1.43 | 197 | -0.00 | 0.19 | 0.19 | ||
2025 | 14.78 | 13.27 | -1.52 | 182 | -0.00 | 0.28 | 0.28 | ||
2026 | 14.99 | 13.49 | -1.50 | 167 | -0.00 | 0.38 | 0.38 | ||
2027 | 15.19 | 13.60 | -1.59 | 153 | -0.00 | 0.47 | 0.47 | ||
2028 | 15.43 | 13.74 | -1.69 | 139 | -0.00 | 0.57 | 0.57 | ||
2029 | 15.62 | 13.85 | -1.77 | 126 | -0.00 | 0.66 | 0.66 | ||
2030 | 15.80 | 13.96 | -1.84 | 113 | -0.00 | 0.76 | 0.76 | ||
2031 | 15.96 | 14.07 | -1.89 | 101 | -0.00 | 0.85 | 0.85 | ||
2032 | 16.11 | 14.18 | -1.93 | 89 | -0.00 | 0.95 | 0.95 | ||
2033 | 16.23 | 14.28 | -1.95 | 77 | -0.00 | 1.04 | 1.05 | ||
2034 | 16.32 | 14.38 | -1.94 | 66 | -0.00 | 1.14 | 1.14 | ||
2035 | 16.39 | 14.48 | -1.91 | 55 | -0.00 | 1.23 | 1.24 | ||
2036 | 16.45 | 14.58 | -1.87 | 44 | -0.00 | 1.33 | 1.33 | ||
2037 | 16.51 | 14.68 | -1.83 | 33 | -0.01 | 1.42 | 1.43 | ||
2038 | 16.56 | 14.78 | -1.78 | 22 | -0.01 | 1.52 | 1.52 | ||
2039 | 16.60 | 14.88 | -1.72 | 12 | -0.01 | 1.61 | 1.62 | ||
2040 | 16.61 | 14.98 | -1.63 | 2 | -0.01 | 1.70 | 1.71 | ||
2041 | 16.60 | 15.07 | -1.53 | ---- | -0.01 | 1.80 | 1.81 | ||
2042 | 16.58 | 15.17 | -1.42 | ---- | -0.01 | 1.89 | 1.90 | ||
2043 | 16.55 | 15.26 | -1.29 | ---- | -0.01 | 1.99 | 2.00 | ||
2044 | 16.51 | 15.35 | -1.16 | ---- | -0.01 | 2.08 | 2.09 | ||
2045 | 16.47 | 15.44 | -1.03 | ---- | -0.01 | 2.17 | 2.19 | ||
2046 | 16.44 | 15.54 | -0.90 | ---- | -0.01 | 2.27 | 2.28 | ||
2047 | 16.41 | 15.54 | -0.87 | ---- | -0.02 | 2.27 | 2.29 | ||
2048 | 16.39 | 15.54 | -0.85 | ---- | -0.02 | 2.27 | 2.29 | ||
2049 | 16.37 | 15.54 | -0.82 | ---- | -0.02 | 2.27 | 2.29 | ||
2050 | 16.35 | 15.54 | -0.81 | ---- | -0.02 | 2.27 | 2.29 | ||
2051 | 16.34 | 15.54 | -0.80 | ---- | -0.02 | 2.27 | 2.29 | ||
2052 | 16.34 | 15.55 | -0.80 | ---- | -0.02 | 2.27 | 2.30 | ||
2053 | 16.35 | 15.55 | -0.80 | ---- | -0.02 | 2.27 | 2.30 | ||
2054 | 16.36 | 15.55 | -0.81 | ---- | -0.03 | 2.27 | 2.30 | ||
2055 | 16.38 | 15.55 | -0.83 | ---- | -0.03 | 2.27 | 2.30 | ||
2056 | 16.41 | 15.56 | -0.86 | ---- | -0.03 | 2.27 | 2.30 | ||
2057 | 16.45 | 15.56 | -0.89 | ---- | -0.03 | 2.27 | 2.31 | ||
2058 | 16.49 | 15.56 | -0.93 | ---- | -0.03 | 2.28 | 2.31 | ||
2059 | 16.54 | 15.57 | -0.97 | ---- | -0.04 | 2.28 | 2.31 | ||
2060 | 16.59 | 15.57 | -1.02 | ---- | -0.04 | 2.28 | 2.31 | ||
2061 | 16.64 | 15.58 | -1.06 | ---- | -0.04 | 2.28 | 2.32 | ||
2062 | 16.69 | 15.58 | -1.11 | ---- | -0.04 | 2.28 | 2.32 | ||
2063 | 16.74 | 15.59 | -1.16 | ---- | -0.04 | 2.28 | 2.32 | ||
2064 | 16.80 | 15.59 | -1.20 | ---- | -0.05 | 2.28 | 2.32 | ||
2065 | 16.85 | 15.60 | -1.25 | ---- | -0.05 | 2.28 | 2.33 | ||
2066 | 16.90 | 15.60 | -1.30 | ---- | -0.05 | 2.28 | 2.33 | ||
2067 | 16.96 | 15.60 | -1.36 | ---- | -0.05 | 2.28 | 2.33 | ||
2068 | 17.02 | 15.61 | -1.41 | ---- | -0.05 | 2.28 | 2.33 | ||
2069 | 17.08 | 15.61 | -1.46 | ---- | -0.06 | 2.28 | 2.34 | ||
2070 | 17.14 | 15.62 | -1.52 | ---- | -0.06 | 2.28 | 2.34 | ||
2071 | 17.19 | 15.62 | -1.57 | ---- | -0.06 | 2.28 | 2.34 | ||
2072 | 17.24 | 15.63 | -1.61 | ---- | -0.06 | 2.28 | 2.34 | ||
2073 | 17.28 | 15.63 | -1.65 | ---- | -0.06 | 2.28 | 2.35 | ||
2074 | 17.33 | 15.63 | -1.69 | ---- | -0.07 | 2.28 | 2.35 | ||
2075 | 17.36 | 15.64 | -1.72 | ---- | -0.07 | 2.28 | 2.35 | ||
2076 | 17.39 | 15.64 | -1.75 | ---- | -0.07 | 2.28 | 2.35 | ||
2077 | 17.41 | 15.64 | -1.76 | ---- | -0.07 | 2.28 | 2.35 | ||
2078 | 17.41 | 15.65 | -1.77 | ---- | -0.07 | 2.28 | 2.36 | ||
2079 | 17.40 | 15.65 | -1.76 | ---- | -0.07 | 2.28 | 2.36 | ||
2080 | 17.39 | 15.65 | -1.74 | ---- | -0.07 | 2.29 | 2.36 | ||
2081 | 17.37 | 15.65 | -1.72 | ---- | -0.08 | 2.29 | 2.36 | ||
2082 | 17.35 | 15.64 | -1.70 | ---- | -0.08 | 2.29 | 2.36 | ||
2083 | 17.32 | 15.64 | -1.68 | ---- | -0.08 | 2.29 | 2.36 | ||
2084 | 17.30 | 15.64 | -1.66 | ---- | -0.08 | 2.29 | 2.37 | ||
2085 | 17.28 | 15.73 | -1.54 | ---- | -0.08 | 2.38 | 2.46 | ||
2086 | 17.26 | 15.83 | -1.43 | ---- | -0.08 | 2.47 | 2.55 | ||
2087 | 17.25 | 15.92 | -1.33 | ---- | -0.08 | 2.57 | 2.65 | ||
2088 | 17.25 | 16.02 | -1.23 | ---- | -0.08 | 2.66 | 2.74 | ||
2089 | 17.25 | 16.11 | -1.14 | ---- | -0.08 | 2.76 | 2.84 | ||
2090 | 17.27 | 16.12 | -1.16 | ---- | -0.08 | 2.76 | 2.85 | ||
2091 | 17.31 | 16.12 | -1.18 | ---- | -0.08 | 2.76 | 2.85 | ||
2092 | 17.34 | 16.12 | -1.22 | ---- | -0.08 | 2.77 | 2.85 | ||
2093 | 17.39 | 16.13 | -1.26 | ---- | -0.08 | 2.77 | 2.85 | ||
2094 | 17.44 | 16.13 | -1.31 | ---- | -0.08 | 2.77 | 2.85 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2019-2093 | 16.56% | 15.57% | -0.99% | 2040 | -0.03% | 1.76% | 1.79% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2019 Trustees Report.