Description of Proposed Provision:
E1.3: Reduce the payroll tax rate (currently 12.4 percent) to 11.4 percent in 2018 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 |
|||
2017 | 13.41 | 13.03 | -0.38 | 298 | 0.00 | 0.00 | 0.00 | ||
2018 | 13.49 | 12.02 | -1.47 | 287 | 0.00 | -0.91 | -0.91 | ||
2019 | 13.70 | 11.99 | -1.71 | 266 | 0.00 | -0.96 | -0.96 | ||
2020 | 13.86 | 12.00 | -1.85 | 246 | 0.00 | -0.96 | -0.96 | ||
2021 | 14.02 | 12.03 | -1.99 | 226 | 0.00 | -0.96 | -0.96 | ||
2022 | 14.26 | 12.06 | -2.19 | 205 | 0.00 | -0.96 | -0.96 | ||
2023 | 14.55 | 12.09 | -2.46 | 184 | 0.00 | -0.96 | -0.96 | ||
2024 | 14.83 | 12.12 | -2.71 | 163 | 0.00 | -0.96 | -0.96 | ||
2025 | 15.10 | 12.14 | -2.96 | 141 | 0.00 | -0.96 | -0.96 | ||
2026 | 15.38 | 12.18 | -3.20 | 119 | 0.00 | -0.96 | -0.96 | ||
2027 | 15.62 | 12.19 | -3.43 | 96 | 0.00 | -0.96 | -0.96 | ||
2028 | 15.86 | 12.21 | -3.65 | 73 | 0.01 | -0.96 | -0.96 | ||
2029 | 16.07 | 12.22 | -3.85 | 50 | 0.01 | -0.96 | -0.96 | ||
2030 | 16.27 | 12.24 | -4.03 | 27 | 0.01 | -0.96 | -0.96 | ||
2031 | 16.45 | 12.25 | -4.20 | 3 | 0.01 | -0.96 | -0.96 | ||
2032 | 16.61 | 12.26 | -4.35 | ---- | 0.01 | -0.96 | -0.97 | ||
2033 | 16.75 | 12.27 | -4.48 | ---- | 0.01 | -0.96 | -0.97 | ||
2034 | 16.86 | 12.28 | -4.58 | ---- | 0.01 | -0.96 | -0.97 | ||
2035 | 16.94 | 12.28 | -4.66 | ---- | 0.01 | -0.96 | -0.97 | ||
2036 | 17.00 | 12.29 | -4.71 | ---- | 0.01 | -0.96 | -0.97 | ||
2037 | 17.03 | 12.29 | -4.74 | ---- | 0.01 | -0.96 | -0.97 | ||
2038 | 17.03 | 12.29 | -4.74 | ---- | 0.01 | -0.96 | -0.97 | ||
2039 | 17.01 | 12.29 | -4.72 | ---- | 0.01 | -0.96 | -0.97 | ||
2040 | 16.98 | 12.29 | -4.69 | ---- | 0.01 | -0.96 | -0.97 | ||
2041 | 16.93 | 12.29 | -4.64 | ---- | 0.02 | -0.96 | -0.97 | ||
2042 | 16.88 | 12.28 | -4.59 | ---- | 0.02 | -0.96 | -0.97 | ||
2043 | 16.82 | 12.28 | -4.54 | ---- | 0.02 | -0.96 | -0.98 | ||
2044 | 16.78 | 12.28 | -4.50 | ---- | 0.02 | -0.96 | -0.98 | ||
2045 | 16.74 | 12.28 | -4.46 | ---- | 0.02 | -0.96 | -0.98 | ||
2046 | 16.70 | 12.28 | -4.42 | ---- | 0.02 | -0.96 | -0.98 | ||
2047 | 16.67 | 12.28 | -4.39 | ---- | 0.02 | -0.96 | -0.98 | ||
2048 | 16.64 | 12.27 | -4.36 | ---- | 0.02 | -0.96 | -0.98 | ||
2049 | 16.61 | 12.27 | -4.34 | ---- | 0.02 | -0.96 | -0.98 | ||
2050 | 16.59 | 12.27 | -4.32 | ---- | 0.02 | -0.96 | -0.98 | ||
2051 | 16.58 | 12.27 | -4.31 | ---- | 0.02 | -0.96 | -0.98 | ||
2052 | 16.58 | 12.27 | -4.31 | ---- | 0.03 | -0.96 | -0.99 | ||
2053 | 16.60 | 12.27 | -4.32 | ---- | 0.03 | -0.96 | -0.99 | ||
2054 | 16.62 | 12.28 | -4.34 | ---- | 0.03 | -0.96 | -0.99 | ||
2055 | 16.65 | 12.28 | -4.37 | ---- | 0.03 | -0.96 | -0.99 | ||
2056 | 16.69 | 12.28 | -4.41 | ---- | 0.03 | -0.96 | -0.99 | ||
2057 | 16.73 | 12.28 | -4.44 | ---- | 0.03 | -0.96 | -0.99 | ||
2058 | 16.77 | 12.29 | -4.49 | ---- | 0.03 | -0.96 | -0.99 | ||
2059 | 16.82 | 12.29 | -4.53 | ---- | 0.03 | -0.96 | -0.99 | ||
2060 | 16.86 | 12.29 | -4.57 | ---- | 0.03 | -0.96 | -0.99 | ||
2061 | 16.91 | 12.30 | -4.61 | ---- | 0.04 | -0.96 | -1.00 | ||
2062 | 16.96 | 12.30 | -4.66 | ---- | 0.04 | -0.96 | -1.00 | ||
2063 | 17.01 | 12.30 | -4.71 | ---- | 0.04 | -0.96 | -1.00 | ||
2064 | 17.06 | 12.30 | -4.75 | ---- | 0.04 | -0.96 | -1.00 | ||
2065 | 17.11 | 12.31 | -4.80 | ---- | 0.04 | -0.96 | -1.00 | ||
2066 | 17.16 | 12.31 | -4.85 | ---- | 0.04 | -0.96 | -1.00 | ||
2067 | 17.21 | 12.31 | -4.90 | ---- | 0.04 | -0.96 | -1.00 | ||
2068 | 17.26 | 12.32 | -4.95 | ---- | 0.04 | -0.96 | -1.00 | ||
2069 | 17.32 | 12.32 | -5.00 | ---- | 0.04 | -0.96 | -1.00 | ||
2070 | 17.37 | 12.32 | -5.04 | ---- | 0.04 | -0.96 | -1.00 | ||
2071 | 17.41 | 12.33 | -5.09 | ---- | 0.04 | -0.96 | -1.00 | ||
2072 | 17.46 | 12.33 | -5.13 | ---- | 0.04 | -0.96 | -1.00 | ||
2073 | 17.49 | 12.33 | -5.16 | ---- | 0.04 | -0.96 | -1.00 | ||
2074 | 17.52 | 12.33 | -5.19 | ---- | 0.04 | -0.96 | -1.01 | ||
2075 | 17.55 | 12.33 | -5.21 | ---- | 0.04 | -0.96 | -1.01 | ||
2076 | 17.56 | 12.34 | -5.23 | ---- | 0.04 | -0.96 | -1.01 | ||
2077 | 17.57 | 12.34 | -5.23 | ---- | 0.04 | -0.96 | -1.01 | ||
2078 | 17.57 | 12.34 | -5.23 | ---- | 0.04 | -0.96 | -1.01 | ||
2079 | 17.56 | 12.34 | -5.23 | ---- | 0.04 | -0.96 | -1.01 | ||
2080 | 17.55 | 12.33 | -5.22 | ---- | 0.04 | -0.96 | -1.01 | ||
2081 | 17.55 | 12.33 | -5.22 | ---- | 0.04 | -0.96 | -1.01 | ||
2082 | 17.55 | 12.33 | -5.22 | ---- | 0.04 | -0.96 | -1.01 | ||
2083 | 17.56 | 12.33 | -5.22 | ---- | 0.04 | -0.96 | -1.01 | ||
2084 | 17.57 | 12.33 | -5.24 | ---- | 0.04 | -0.96 | -1.01 | ||
2085 | 17.59 | 12.33 | -5.26 | ---- | 0.04 | -0.96 | -1.01 | ||
2086 | 17.63 | 12.34 | -5.29 | ---- | 0.04 | -0.96 | -1.01 | ||
2087 | 17.66 | 12.34 | -5.32 | ---- | 0.04 | -0.96 | -1.01 | ||
2088 | 17.70 | 12.34 | -5.36 | ---- | 0.04 | -0.97 | -1.01 | ||
2089 | 17.74 | 12.34 | -5.40 | ---- | 0.04 | -0.97 | -1.01 | ||
2090 | 17.79 | 12.35 | -5.45 | ---- | 0.04 | -0.97 | -1.01 | ||
2091 | 17.84 | 12.35 | -5.49 | ---- | 0.04 | -0.97 | -1.01 | ||
2092 | 17.89 | 12.35 | -5.53 | ---- | 0.04 | -0.97 | -1.01 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2017-2091 | 16.69% | 12.89% | -3.80% | 2031 | 0.02% | -0.95% | -0.97% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2017 Trustees Report.