Detailed Single Year Tables
Description of Proposed Provision:
E1.4: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2028-2047, until the rate reaches 14.4 percent in 2047 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 |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.31 | 13.04 | -1.27 | 211 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.45 | 12.95 | -1.49 | 194 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.66 | 12.97 | -1.69 | 177 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 14.88 | 13.08 | -1.80 | 160 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.10 | 13.10 | -2.00 | 143 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.33 | 13.23 | -2.10 | 126 | 0.00 | 0.09 | 0.09 | ||
| 2029 | 15.53 | 13.36 | -2.17 | 109 | -0.00 | 0.19 | 0.19 | ||
| 2030 | 15.72 | 13.48 | -2.24 | 93 | -0.00 | 0.28 | 0.28 | ||
| 2031 | 15.90 | 13.61 | -2.30 | 78 | -0.00 | 0.38 | 0.38 | ||
| 2032 | 16.07 | 13.72 | -2.35 | 63 | -0.00 | 0.47 | 0.47 | ||
| 2033 | 16.20 | 13.82 | -2.38 | 48 | -0.00 | 0.57 | 0.57 | ||
| 2034 | 16.32 | 13.93 | -2.39 | 33 | -0.00 | 0.66 | 0.67 | ||
| 2035 | 16.42 | 14.03 | -2.39 | 19 | -0.00 | 0.76 | 0.76 | ||
| 2036 | 16.49 | 14.13 | -2.36 | 5 | -0.00 | 0.85 | 0.86 | ||
| 2037 | 16.57 | 14.24 | -2.34 | ---- | -0.01 | 0.95 | 0.95 | ||
| 2038 | 16.63 | 14.34 | -2.30 | ---- | -0.01 | 1.04 | 1.05 | ||
| 2039 | 16.68 | 14.44 | -2.24 | ---- | -0.01 | 1.14 | 1.15 | ||
| 2040 | 16.71 | 14.53 | -2.18 | ---- | -0.01 | 1.23 | 1.24 | ||
| 2041 | 16.73 | 14.63 | -2.10 | ---- | -0.01 | 1.33 | 1.34 | ||
| 2042 | 16.75 | 14.73 | -2.02 | ---- | -0.02 | 1.42 | 1.44 | ||
| 2043 | 16.76 | 14.82 | -1.94 | ---- | -0.02 | 1.52 | 1.54 | ||
| 2044 | 16.78 | 14.92 | -1.86 | ---- | -0.02 | 1.61 | 1.63 | ||
| 2045 | 16.80 | 15.02 | -1.78 | ---- | -0.02 | 1.71 | 1.73 | ||
| 2046 | 16.81 | 15.11 | -1.70 | ---- | -0.03 | 1.80 | 1.83 | ||
| 2047 | 16.83 | 15.21 | -1.62 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2048 | 16.85 | 15.22 | -1.64 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2049 | 16.88 | 15.22 | -1.66 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2050 | 16.91 | 15.22 | -1.69 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2051 | 16.93 | 15.22 | -1.71 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2052 | 16.96 | 15.23 | -1.74 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2053 | 17.00 | 15.23 | -1.77 | ---- | -0.06 | 1.90 | 1.96 | ||
| 2054 | 17.04 | 15.23 | -1.81 | ---- | -0.06 | 1.90 | 1.96 | ||
| 2055 | 17.08 | 15.24 | -1.85 | ---- | -0.06 | 1.90 | 1.96 | ||
| 2056 | 17.13 | 15.24 | -1.89 | ---- | -0.07 | 1.90 | 1.97 | ||
| 2057 | 17.19 | 15.24 | -1.94 | ---- | -0.07 | 1.90 | 1.97 | ||
| 2058 | 17.25 | 15.25 | -2.00 | ---- | -0.08 | 1.90 | 1.98 | ||
| 2059 | 17.31 | 15.25 | -2.05 | ---- | -0.08 | 1.90 | 1.98 | ||
| 2060 | 17.37 | 15.26 | -2.11 | ---- | -0.09 | 1.90 | 1.98 | ||
| 2061 | 17.42 | 15.26 | -2.16 | ---- | -0.09 | 1.90 | 1.99 | ||
| 2062 | 17.48 | 15.27 | -2.21 | ---- | -0.09 | 1.90 | 1.99 | ||
| 2063 | 17.53 | 15.27 | -2.26 | ---- | -0.09 | 1.90 | 1.99 | ||
| 2064 | 17.58 | 15.28 | -2.30 | ---- | -0.10 | 1.90 | 2.00 | ||
| 2065 | 17.63 | 15.28 | -2.35 | ---- | -0.10 | 1.90 | 2.00 | ||
| 2066 | 17.68 | 15.29 | -2.39 | ---- | -0.10 | 1.90 | 2.00 | ||
| 2067 | 17.73 | 15.29 | -2.44 | ---- | -0.10 | 1.90 | 2.00 | ||
| 2068 | 17.78 | 15.29 | -2.49 | ---- | -0.11 | 1.90 | 2.01 | ||
| 2069 | 17.84 | 15.30 | -2.54 | ---- | -0.11 | 1.90 | 2.01 | ||
| 2070 | 17.89 | 15.30 | -2.59 | ---- | -0.11 | 1.90 | 2.01 | ||
| 2071 | 17.94 | 15.31 | -2.64 | ---- | -0.11 | 1.90 | 2.01 | ||
| 2072 | 18.00 | 15.31 | -2.69 | ---- | -0.11 | 1.90 | 2.01 | ||
| 2073 | 18.05 | 15.31 | -2.73 | ---- | -0.11 | 1.90 | 2.01 | ||
| 2074 | 18.09 | 15.32 | -2.78 | ---- | -0.12 | 1.90 | 2.01 | ||
| 2075 | 18.14 | 15.32 | -2.82 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2076 | 18.17 | 15.32 | -2.85 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2077 | 18.19 | 15.33 | -2.87 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2078 | 18.20 | 15.33 | -2.87 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2079 | 18.20 | 15.33 | -2.87 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2080 | 18.18 | 15.33 | -2.85 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2081 | 18.16 | 15.33 | -2.83 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2082 | 18.13 | 15.32 | -2.80 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2083 | 18.09 | 15.32 | -2.76 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2084 | 18.04 | 15.32 | -2.72 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2085 | 17.99 | 15.32 | -2.67 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2086 | 17.93 | 15.31 | -2.61 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2087 | 17.86 | 15.31 | -2.55 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2088 | 17.80 | 15.31 | -2.49 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2089 | 17.73 | 15.30 | -2.43 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2090 | 17.68 | 15.30 | -2.38 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2091 | 17.63 | 15.29 | -2.33 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2092 | 17.59 | 15.29 | -2.29 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2093 | 17.56 | 15.29 | -2.27 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2094 | 17.54 | 15.29 | -2.25 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2095 | 17.53 | 15.29 | -2.24 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2096 | 17.53 | 15.29 | -2.24 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2097 | 17.53 | 15.29 | -2.24 | ---- | -0.12 | 1.90 | 2.02 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2022-2096 | 17.14% | 15.22% | -1.92% | 2036 | -0.06% | 1.44% | 1.50% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.