Detailed Single Year Tables
Description of Proposed Provision:
E1.2: Increase the payroll tax rate (currently 12.4 percent) to 15.9 percent in 2035-2064, and to 19.4 percent in years 2065 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 |
|||
| 2024 | 14.71 | 13.03 | -1.68 | 188 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 15.00 | 12.89 | -2.11 | 171 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.20 | 13.07 | -2.13 | 152 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.36 | 13.11 | -2.25 | 134 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.42 | 13.13 | -2.28 | 117 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.47 | 13.16 | -2.31 | 101 | 0.00 | 0.00 | 0.00 | ||
| 2030 | 15.53 | 13.18 | -2.35 | 84 | 0.00 | 0.00 | 0.00 | ||
| 2031 | 15.58 | 13.20 | -2.37 | 68 | 0.00 | 0.00 | 0.00 | ||
| 2032 | 15.60 | 13.22 | -2.38 | 53 | 0.00 | 0.00 | 0.00 | ||
| 2033 | 15.66 | 13.26 | -2.40 | 37 | 0.00 | 0.00 | 0.00 | ||
| 2034 | 15.77 | 13.28 | -2.50 | 22 | 0.00 | 0.00 | 0.00 | ||
| 2035 | 15.88 | 16.49 | 0.61 | 7 | 0.00 | 3.20 | 3.20 | ||
| 2036 | 15.98 | 16.61 | 0.62 | 11 | -0.00 | 3.31 | 3.32 | ||
| 2037 | 16.09 | 16.62 | 0.53 | 14 | -0.01 | 3.31 | 3.32 | ||
| 2038 | 16.17 | 16.63 | 0.46 | 18 | -0.01 | 3.31 | 3.32 | ||
| 2039 | 16.24 | 16.63 | 0.39 | 21 | -0.01 | 3.31 | 3.33 | ||
| 2040 | 16.31 | 16.64 | 0.33 | 23 | -0.02 | 3.31 | 3.33 | ||
| 2041 | 16.36 | 16.64 | 0.28 | 25 | -0.02 | 3.31 | 3.33 | ||
| 2042 | 16.41 | 16.65 | 0.24 | 27 | -0.03 | 3.31 | 3.34 | ||
| 2043 | 16.45 | 16.65 | 0.21 | 29 | -0.03 | 3.31 | 3.35 | ||
| 2044 | 16.48 | 16.65 | 0.18 | 30 | -0.04 | 3.31 | 3.35 | ||
| 2045 | 16.50 | 16.66 | 0.16 | 31 | -0.05 | 3.31 | 3.36 | ||
| 2046 | 16.53 | 16.66 | 0.13 | 33 | -0.06 | 3.31 | 3.37 | ||
| 2047 | 16.56 | 16.66 | 0.11 | 34 | -0.07 | 3.31 | 3.38 | ||
| 2048 | 16.59 | 16.67 | 0.08 | 35 | -0.08 | 3.31 | 3.39 | ||
| 2049 | 16.62 | 16.67 | 0.05 | 35 | -0.09 | 3.31 | 3.40 | ||
| 2050 | 16.66 | 16.68 | 0.01 | 36 | -0.09 | 3.31 | 3.41 | ||
| 2051 | 16.71 | 16.68 | -0.03 | 36 | -0.10 | 3.31 | 3.41 | ||
| 2052 | 16.76 | 16.68 | -0.07 | 37 | -0.11 | 3.31 | 3.42 | ||
| 2053 | 16.81 | 16.69 | -0.13 | 36 | -0.12 | 3.31 | 3.43 | ||
| 2054 | 16.87 | 16.69 | -0.18 | 36 | -0.13 | 3.31 | 3.44 | ||
| 2055 | 16.94 | 16.70 | -0.24 | 35 | -0.13 | 3.31 | 3.44 | ||
| 2056 | 17.02 | 16.71 | -0.31 | 34 | -0.14 | 3.31 | 3.45 | ||
| 2057 | 17.09 | 16.71 | -0.38 | 32 | -0.15 | 3.31 | 3.46 | ||
| 2058 | 17.18 | 16.72 | -0.46 | 30 | -0.16 | 3.31 | 3.46 | ||
| 2059 | 17.26 | 16.73 | -0.53 | 28 | -0.16 | 3.31 | 3.47 | ||
| 2060 | 17.34 | 16.73 | -0.60 | 25 | -0.17 | 3.31 | 3.48 | ||
| 2061 | 17.41 | 16.74 | -0.67 | 22 | -0.17 | 3.31 | 3.48 | ||
| 2062 | 17.48 | 16.75 | -0.73 | 19 | -0.18 | 3.31 | 3.49 | ||
| 2063 | 17.54 | 16.75 | -0.79 | 15 | -0.18 | 3.31 | 3.49 | ||
| 2064 | 17.60 | 16.76 | -0.85 | 10 | -0.19 | 3.31 | 3.50 | ||
| 2065 | 17.66 | 19.90 | 2.24 | 6 | -0.19 | 6.45 | 6.64 | ||
| 2066 | 17.72 | 20.02 | 2.30 | 19 | -0.20 | 6.56 | 6.76 | ||
| 2067 | 17.78 | 20.02 | 2.24 | 31 | -0.20 | 6.56 | 6.76 | ||
| 2068 | 17.84 | 20.03 | 2.19 | 44 | -0.21 | 6.56 | 6.77 | ||
| 2069 | 17.90 | 20.03 | 2.13 | 57 | -0.21 | 6.56 | 6.77 | ||
| 2070 | 17.96 | 20.04 | 2.07 | 69 | -0.22 | 6.56 | 6.78 | ||
| 2071 | 18.02 | 20.04 | 2.02 | 81 | -0.23 | 6.56 | 6.78 | ||
| 2072 | 18.08 | 20.05 | 1.97 | 92 | -0.23 | 6.56 | 6.79 | ||
| 2073 | 18.13 | 20.05 | 1.92 | 104 | -0.24 | 6.56 | 6.80 | ||
| 2074 | 18.18 | 20.06 | 1.88 | 115 | -0.25 | 6.56 | 6.81 | ||
| 2075 | 18.22 | 20.06 | 1.84 | 126 | -0.26 | 6.56 | 6.82 | ||
| 2076 | 18.26 | 20.06 | 1.81 | 137 | -0.27 | 6.56 | 6.83 | ||
| 2077 | 18.28 | 20.07 | 1.79 | 148 | -0.28 | 6.56 | 6.84 | ||
| 2078 | 18.29 | 20.07 | 1.78 | 159 | -0.29 | 6.56 | 6.85 | ||
| 2079 | 18.30 | 20.07 | 1.77 | 170 | -0.30 | 6.56 | 6.85 | ||
| 2080 | 18.29 | 20.07 | 1.78 | 181 | -0.31 | 6.56 | 6.86 | ||
| 2081 | 18.28 | 20.07 | 1.80 | 192 | -0.31 | 6.56 | 6.87 | ||
| 2082 | 18.25 | 20.07 | 1.82 | 204 | -0.32 | 6.56 | 6.88 | ||
| 2083 | 18.22 | 20.07 | 1.85 | 216 | -0.33 | 6.56 | 6.88 | ||
| 2084 | 18.18 | 20.07 | 1.89 | 228 | -0.33 | 6.56 | 6.89 | ||
| 2085 | 18.13 | 20.07 | 1.93 | 241 | -0.34 | 6.56 | 6.90 | ||
| 2086 | 18.07 | 20.06 | 1.99 | 254 | -0.34 | 6.56 | 6.90 | ||
| 2087 | 18.01 | 20.06 | 2.05 | 268 | -0.35 | 6.56 | 6.91 | ||
| 2088 | 17.95 | 20.06 | 2.11 | 283 | -0.35 | 6.56 | 6.91 | ||
| 2089 | 17.89 | 20.05 | 2.16 | 298 | -0.36 | 6.56 | 6.92 | ||
| 2090 | 17.83 | 20.05 | 2.22 | 313 | -0.36 | 6.56 | 6.92 | ||
| 2091 | 17.77 | 20.04 | 2.27 | 329 | -0.37 | 6.56 | 6.92 | ||
| 2092 | 17.73 | 20.04 | 2.31 | 345 | -0.37 | 6.56 | 6.93 | ||
| 2093 | 17.71 | 20.04 | 2.34 | 361 | -0.37 | 6.56 | 6.93 | ||
| 2094 | 17.69 | 20.04 | 2.35 | 377 | -0.38 | 6.56 | 6.94 | ||
| 2095 | 17.68 | 20.04 | 2.36 | 394 | -0.38 | 6.56 | 6.94 | ||
| 2096 | 17.69 | 20.04 | 2.35 | 410 | -0.39 | 6.56 | 6.94 | ||
| 2097 | 17.71 | 20.04 | 2.34 | 426 | -0.39 | 6.56 | 6.95 | ||
| 2098 | 17.73 | 20.05 | 2.31 | 442 | -0.39 | 6.56 | 6.95 | ||
| 2099 | 17.76 | 20.05 | 2.28 | 458 | -0.39 | 6.56 | 6.95 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2024-2098 | 17.14% | 17.78% | 0.64% | N/A | -0.16% | 3.98% | 4.13% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2024 Trustees Report.