Proposed Provision: Beginning with those newly eligible for OASDI benefits in 2014, multiply the 32 and 15 percent formula factors each year by 0.987. Stop reductions in 2044, when the formula factors reach 21 percent and 10 percent, respectively.
OASDI Cost Rates and Income Rates
(as a percentage of taxable payroll)
| |
Income Rates |
Cost Rates |
| Year |
Present Law |
Provision |
Present Law |
Provision |
| 2013 | 12.7 | 12.7 | 13.9 | 13.9 |
| 2014 | 12.8 | 12.8 | 14.0 | 14.0 |
| 2015 | 12.9 | 12.9 | 14.0 | 14.0 |
| 2016 | 12.9 | 12.9 | 13.9 | 13.9 |
| 2017 | 12.9 | 12.9 | 13.9 | 13.9 |
| 2018 | 12.9 | 12.9 | 13.9 | 13.9 |
| 2019 | 12.9 | 12.9 | 14.1 | 14.0 |
| 2020 | 13.0 | 13.0 | 14.3 | 14.2 |
| 2021 | 13.0 | 13.0 | 14.4 | 14.3 |
| 2022 | 13.0 | 13.0 | 14.7 | 14.5 |
| 2023 | 13.0 | 13.0 | 15.0 | 14.8 |
| 2024 | 13.1 | 13.0 | 15.2 | 15.0 |
| 2025 | 13.1 | 13.1 | 15.5 | 15.2 |
| 2026 | 13.1 | 13.1 | 15.7 | 15.4 |
| 2027 | 13.1 | 13.1 | 15.9 | 15.5 |
| 2028 | 13.1 | 13.1 | 16.1 | 15.7 |
| 2029 | 13.1 | 13.1 | 16.3 | 15.8 |
| 2030 | 13.1 | 13.1 | 16.5 | 15.9 |
| 2031 | 13.1 | 13.1 | 16.6 | 16.0 |
| 2032 | 13.1 | 13.1 | 16.8 | 16.0 |
| 2033 | 13.2 | 13.1 | 16.9 | 16.0 |
| 2034 | 13.2 | 13.1 | 16.9 | 16.0 |
| 2035 | 13.2 | 13.1 | 17.0 | 16.0 |
| 2036 | 13.2 | 13.1 | 17.0 | 15.9 |
| 2037 | 13.2 | 13.1 | 17.0 | 15.9 |
| 2038 | 13.2 | 13.1 | 17.0 | 15.8 |
| 2039 | 13.2 | 13.1 | 17.0 | 15.7 |
| 2040 | 13.2 | 13.1 | 17.0 | 15.6 |
| 2041 | 13.2 | 13.1 | 16.9 | 15.5 |
| 2042 | 13.2 | 13.1 | 16.9 | 15.4 |
| 2043 | 13.2 | 13.1 | 16.9 | 15.2 |
| 2044 | 13.2 | 13.1 | 16.8 | 15.1 |
| 2045 | 13.2 | 13.1 | 16.8 | 15.0 |
| 2046 | 13.2 | 13.1 | 16.8 | 14.9 |
| 2047 | 13.2 | 13.1 | 16.8 | 14.8 |
| 2048 | 13.2 | 13.1 | 16.8 | 14.7 |
| 2049 | 13.2 | 13.1 | 16.8 | 14.7 |
| 2050 | 13.2 | 13.1 | 16.8 | 14.6 |
| 2051 | 13.2 | 13.1 | 16.8 | 14.5 |
| 2052 | 13.2 | 13.1 | 16.8 | 14.5 |
| 2053 | 13.2 | 13.1 | 16.8 | 14.4 |
| 2054 | 13.2 | 13.1 | 16.9 | 14.4 |
| 2055 | 13.2 | 13.1 | 16.9 | 14.4 |
| 2056 | 13.2 | 13.1 | 17.0 | 14.3 |
| 2057 | 13.2 | 13.1 | 17.0 | 14.3 |
| 2058 | 13.2 | 13.1 | 17.0 | 14.3 |
| 2059 | 13.2 | 13.1 | 17.1 | 14.3 |
| 2060 | 13.2 | 13.1 | 17.1 | 14.3 |
| 2061 | 13.2 | 13.1 | 17.2 | 14.3 |
| 2062 | 13.2 | 13.1 | 17.2 | 14.3 |
| 2063 | 13.2 | 13.1 | 17.3 | 14.3 |
| 2064 | 13.2 | 13.1 | 17.3 | 14.3 |
| 2065 | 13.2 | 13.1 | 17.4 | 14.3 |
| 2066 | 13.2 | 13.1 | 17.4 | 14.4 |
| 2067 | 13.2 | 13.1 | 17.4 | 14.4 |
| 2068 | 13.2 | 13.1 | 17.5 | 14.4 |
| 2069 | 13.2 | 13.1 | 17.5 | 14.4 |
| 2070 | 13.2 | 13.1 | 17.6 | 14.5 |
| 2071 | 13.2 | 13.1 | 17.6 | 14.5 |
| 2072 | 13.2 | 13.1 | 17.7 | 14.5 |
| 2073 | 13.2 | 13.1 | 17.7 | 14.5 |
| 2074 | 13.2 | 13.1 | 17.7 | 14.5 |
| 2075 | 13.2 | 13.1 | 17.7 | 14.5 |
| 2076 | 13.2 | 13.1 | 17.7 | 14.5 |
| 2077 | 13.2 | 13.1 | 17.7 | 14.5 |
| 2078 | 13.2 | 13.1 | 17.7 | 14.5 |
| 2079 | 13.2 | 13.1 | 17.7 | 14.5 |
| 2080 | 13.2 | 13.1 | 17.8 | 14.5 |
| 2081 | 13.2 | 13.1 | 17.8 | 14.6 |
| 2082 | 13.2 | 13.1 | 17.8 | 14.6 |
| 2083 | 13.2 | 13.1 | 17.8 | 14.6 |
| 2084 | 13.2 | 13.1 | 17.9 | 14.6 |
| 2085 | 13.2 | 13.1 | 17.9 | 14.7 |
| 2086 | 13.2 | 13.1 | 18.0 | 14.7 |
| 2087 | 13.2 | 13.1 | 18.0 | 14.7 |
| 2088 | 13.2 | 13.1 | 18.1 | 14.8 |
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