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 2023-2028, until the rate reaches 13.0 percent for 2028 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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 13.04 | -1.40 | 217 | 0.00 | 0.09 | 0.09 | ||
| 2024 | 14.64 | 13.16 | -1.48 | 201 | -0.00 | 0.19 | 0.19 | ||
| 2025 | 14.88 | 13.28 | -1.60 | 185 | -0.00 | 0.28 | 0.28 | ||
| 2026 | 15.11 | 13.50 | -1.61 | 169 | -0.00 | 0.38 | 0.38 | ||
| 2027 | 15.35 | 13.62 | -1.72 | 154 | -0.00 | 0.47 | 0.47 | ||
| 2028 | 15.58 | 13.76 | -1.82 | 139 | -0.00 | 0.57 | 0.57 | ||
| 2029 | 15.83 | 13.80 | -2.03 | 124 | -0.00 | 0.57 | 0.57 | ||
| 2030 | 16.02 | 13.81 | -2.21 | 109 | -0.00 | 0.57 | 0.57 | ||
| 2031 | 16.19 | 13.83 | -2.36 | 94 | -0.00 | 0.57 | 0.57 | ||
| 2032 | 16.33 | 13.84 | -2.49 | 79 | -0.00 | 0.57 | 0.57 | ||
| 2033 | 16.45 | 13.85 | -2.60 | 64 | -0.00 | 0.57 | 0.57 | ||
| 2034 | 16.55 | 13.86 | -2.69 | 49 | -0.00 | 0.57 | 0.58 | ||
| 2035 | 16.62 | 13.87 | -2.76 | 33 | -0.00 | 0.57 | 0.58 | ||
| 2036 | 16.68 | 13.87 | -2.81 | 17 | -0.00 | 0.57 | 0.58 | ||
| 2037 | 16.73 | 13.88 | -2.86 | 1 | -0.00 | 0.57 | 0.58 | ||
| 2038 | 16.78 | 13.88 | -2.90 | ---- | -0.00 | 0.57 | 0.58 | ||
| 2039 | 16.81 | 13.89 | -2.93 | ---- | -0.00 | 0.57 | 0.58 | ||
| 2040 | 16.84 | 13.89 | -2.95 | ---- | -0.00 | 0.57 | 0.58 | ||
| 2041 | 16.85 | 13.89 | -2.96 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2042 | 16.85 | 13.89 | -2.96 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2043 | 16.84 | 13.89 | -2.95 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2044 | 16.83 | 13.89 | -2.93 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2045 | 16.81 | 13.89 | -2.92 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2046 | 16.79 | 13.89 | -2.90 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2047 | 16.78 | 13.89 | -2.89 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2048 | 16.78 | 13.89 | -2.89 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2049 | 16.78 | 13.89 | -2.88 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2050 | 16.78 | 13.90 | -2.88 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2051 | 16.78 | 13.90 | -2.88 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2052 | 16.80 | 13.90 | -2.90 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2053 | 16.82 | 13.90 | -2.92 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2054 | 16.85 | 13.91 | -2.94 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2055 | 16.88 | 13.91 | -2.97 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2056 | 16.92 | 13.91 | -3.01 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2057 | 16.96 | 13.92 | -3.05 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2058 | 17.01 | 13.92 | -3.09 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2059 | 17.07 | 13.93 | -3.14 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2060 | 17.13 | 13.93 | -3.20 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2061 | 17.19 | 13.94 | -3.25 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2062 | 17.25 | 13.94 | -3.31 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2063 | 17.31 | 13.95 | -3.37 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2064 | 17.37 | 13.95 | -3.42 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2065 | 17.44 | 13.95 | -3.48 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2066 | 17.50 | 13.96 | -3.54 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2067 | 17.57 | 13.96 | -3.61 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2068 | 17.64 | 13.97 | -3.67 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2069 | 17.71 | 13.98 | -3.74 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2070 | 17.78 | 13.98 | -3.80 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2071 | 17.85 | 13.99 | -3.86 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2072 | 17.91 | 13.99 | -3.92 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2073 | 17.96 | 13.99 | -3.97 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2074 | 18.01 | 14.00 | -4.01 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2075 | 18.05 | 14.00 | -4.05 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2076 | 18.09 | 14.01 | -4.08 | ---- | -0.02 | 0.58 | 0.60 | ||
| 2077 | 18.11 | 14.01 | -4.11 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2078 | 18.13 | 14.01 | -4.12 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2079 | 18.12 | 14.01 | -4.12 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2080 | 18.11 | 14.01 | -4.10 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2081 | 18.09 | 14.01 | -4.08 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2082 | 18.07 | 14.01 | -4.06 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2083 | 18.04 | 14.01 | -4.03 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2084 | 18.01 | 14.00 | -4.00 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2085 | 17.97 | 14.00 | -3.97 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2086 | 17.93 | 14.00 | -3.93 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2087 | 17.90 | 14.00 | -3.90 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2088 | 17.87 | 14.00 | -3.87 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2089 | 17.85 | 14.00 | -3.85 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2090 | 17.84 | 13.99 | -3.85 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2091 | 17.84 | 13.99 | -3.85 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2092 | 17.86 | 14.00 | -3.86 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2093 | 17.88 | 14.00 | -3.88 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2094 | 17.91 | 14.00 | -3.91 | ---- | -0.03 | 0.58 | 0.60 | ||
| 2095 | 17.95 | 14.00 | -3.95 | ---- | -0.03 | 0.58 | 0.60 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 17.05% | 14.38% | -2.67% | 2037 | -0.01% | 0.53% | 0.54% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.