Detailed Single Year Tables
Description of Proposed Provision:
E1.8: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2024-2029, until the rate reaches 13.0 percent for 2029 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 |
|||
| 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 | 13.03 | -1.60 | 196 | 0.00 | 0.09 | 0.09 | ||
| 2025 | 14.86 | 13.15 | -1.71 | 178 | -0.00 | 0.19 | 0.19 | ||
| 2026 | 15.10 | 13.36 | -1.74 | 161 | -0.00 | 0.28 | 0.28 | ||
| 2027 | 15.36 | 13.48 | -1.89 | 145 | -0.00 | 0.38 | 0.38 | ||
| 2028 | 15.62 | 13.61 | -2.01 | 128 | -0.00 | 0.47 | 0.47 | ||
| 2029 | 15.87 | 13.74 | -2.13 | 112 | -0.00 | 0.57 | 0.57 | ||
| 2030 | 16.11 | 13.76 | -2.34 | 96 | -0.00 | 0.57 | 0.57 | ||
| 2031 | 16.28 | 13.78 | -2.50 | 81 | -0.00 | 0.57 | 0.57 | ||
| 2032 | 16.43 | 13.79 | -2.64 | 65 | -0.00 | 0.57 | 0.58 | ||
| 2033 | 16.55 | 13.80 | -2.75 | 48 | -0.00 | 0.57 | 0.58 | ||
| 2034 | 16.65 | 13.81 | -2.84 | 32 | -0.01 | 0.57 | 0.58 | ||
| 2035 | 16.73 | 13.82 | -2.91 | 15 | -0.01 | 0.57 | 0.58 | ||
| 2036 | 16.79 | 13.82 | -2.97 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2037 | 16.85 | 13.83 | -3.02 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2038 | 16.90 | 13.83 | -3.07 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2039 | 16.94 | 13.84 | -3.10 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2040 | 16.96 | 13.84 | -3.12 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2041 | 17.00 | 13.85 | -3.16 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2042 | 17.02 | 13.85 | -3.17 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2043 | 17.02 | 13.85 | -3.17 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2044 | 17.02 | 13.85 | -3.17 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2045 | 17.03 | 13.85 | -3.17 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2046 | 17.03 | 13.85 | -3.18 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2047 | 17.05 | 13.86 | -3.20 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2048 | 17.07 | 13.86 | -3.21 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2049 | 17.09 | 13.86 | -3.23 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2050 | 17.11 | 13.86 | -3.25 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2051 | 17.13 | 13.87 | -3.27 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2052 | 17.16 | 13.87 | -3.29 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2053 | 17.19 | 13.87 | -3.32 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2054 | 17.22 | 13.87 | -3.35 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2055 | 17.26 | 13.88 | -3.38 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2056 | 17.30 | 13.88 | -3.42 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2057 | 17.35 | 13.89 | -3.46 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2058 | 17.40 | 13.89 | -3.51 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2059 | 17.46 | 13.90 | -3.56 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2060 | 17.51 | 13.90 | -3.61 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2061 | 17.56 | 13.91 | -3.66 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2062 | 17.62 | 13.91 | -3.71 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2063 | 17.67 | 13.91 | -3.75 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2064 | 17.72 | 13.92 | -3.80 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2065 | 17.77 | 13.92 | -3.84 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2066 | 17.82 | 13.93 | -3.89 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2067 | 17.87 | 13.93 | -3.94 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2068 | 17.92 | 13.93 | -3.98 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2069 | 17.97 | 13.94 | -4.04 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2070 | 18.03 | 13.94 | -4.09 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2071 | 18.09 | 13.95 | -4.14 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2072 | 18.14 | 13.95 | -4.19 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2073 | 18.19 | 13.96 | -4.23 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2074 | 18.24 | 13.96 | -4.28 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2075 | 18.28 | 13.96 | -4.32 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2076 | 18.31 | 13.97 | -4.35 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2077 | 18.33 | 13.97 | -4.36 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2078 | 18.34 | 13.97 | -4.37 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2079 | 18.33 | 13.97 | -4.36 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2080 | 18.32 | 13.97 | -4.35 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2081 | 18.29 | 13.97 | -4.32 | ---- | -0.04 | 0.58 | 0.61 | ||
| 2082 | 18.26 | 13.97 | -4.29 | ---- | -0.04 | 0.58 | 0.61 | ||
| 2083 | 18.21 | 13.97 | -4.25 | ---- | -0.04 | 0.58 | 0.61 | ||
| 2084 | 18.16 | 13.96 | -4.20 | ---- | -0.04 | 0.58 | 0.61 | ||
| 2085 | 18.10 | 13.96 | -4.14 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2086 | 18.04 | 13.96 | -4.09 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2087 | 17.97 | 13.95 | -4.02 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2088 | 17.90 | 13.95 | -3.95 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2089 | 17.84 | 13.94 | -3.89 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2090 | 17.78 | 13.94 | -3.84 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2091 | 17.73 | 13.94 | -3.80 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2092 | 17.70 | 13.94 | -3.76 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2093 | 17.68 | 13.94 | -3.75 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2094 | 17.67 | 13.94 | -3.74 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2095 | 17.67 | 13.94 | -3.73 | ---- | -0.03 | 0.58 | 0.61 | ||
| 2096 | 17.67 | 13.94 | -3.74 | ---- | -0.03 | 0.58 | 0.61 | ||
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 | 17.29% | 14.30% | -2.99% | 2035 | -0.02% | 0.53% | 0.55% | ||
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.