Detailed Single Year Tables
Description of Proposed Provision:
E1.9: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2024-2047, until the rate reaches 14.8 percent in 2047. Then increase the payroll tax rate an additional 0.1 percentage point in each year from 2086-2090, until the rate reaches 15.3 percent for 2090 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 | 12.94 | -1.49 | 217 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.64 | 13.07 | -1.58 | 200 | 0.00 | 0.09 | 0.09 | ||
| 2025 | 14.88 | 13.18 | -1.69 | 183 | -0.00 | 0.19 | 0.19 | ||
| 2026 | 15.11 | 13.41 | -1.70 | 167 | -0.00 | 0.28 | 0.28 | ||
| 2027 | 15.35 | 13.53 | -1.82 | 151 | -0.00 | 0.38 | 0.38 | ||
| 2028 | 15.58 | 13.66 | -1.92 | 136 | -0.00 | 0.47 | 0.47 | ||
| 2029 | 15.83 | 13.80 | -2.04 | 121 | -0.00 | 0.57 | 0.57 | ||
| 2030 | 16.02 | 13.91 | -2.11 | 106 | -0.00 | 0.66 | 0.67 | ||
| 2031 | 16.19 | 14.02 | -2.17 | 92 | -0.00 | 0.76 | 0.76 | ||
| 2032 | 16.33 | 14.12 | -2.21 | 78 | -0.00 | 0.85 | 0.86 | ||
| 2033 | 16.45 | 14.23 | -2.22 | 64 | -0.00 | 0.95 | 0.95 | ||
| 2034 | 16.55 | 14.33 | -2.22 | 51 | -0.00 | 1.04 | 1.05 | ||
| 2035 | 16.62 | 14.43 | -2.19 | 38 | -0.00 | 1.14 | 1.14 | ||
| 2036 | 16.68 | 14.53 | -2.15 | 26 | -0.00 | 1.23 | 1.24 | ||
| 2037 | 16.73 | 14.63 | -2.10 | 13 | -0.00 | 1.33 | 1.33 | ||
| 2038 | 16.78 | 14.73 | -2.05 | 1 | -0.01 | 1.42 | 1.43 | ||
| 2039 | 16.81 | 14.83 | -1.98 | ---- | -0.01 | 1.52 | 1.52 | ||
| 2040 | 16.84 | 14.93 | -1.91 | ---- | -0.01 | 1.61 | 1.62 | ||
| 2041 | 16.85 | 15.02 | -1.83 | ---- | -0.01 | 1.71 | 1.71 | ||
| 2042 | 16.85 | 15.12 | -1.73 | ---- | -0.01 | 1.80 | 1.81 | ||
| 2043 | 16.84 | 15.21 | -1.63 | ---- | -0.01 | 1.89 | 1.90 | ||
| 2044 | 16.82 | 15.31 | -1.51 | ---- | -0.01 | 1.99 | 2.00 | ||
| 2045 | 16.81 | 15.40 | -1.40 | ---- | -0.01 | 2.08 | 2.09 | ||
| 2046 | 16.79 | 15.50 | -1.29 | ---- | -0.01 | 2.18 | 2.19 | ||
| 2047 | 16.78 | 15.59 | -1.19 | ---- | -0.01 | 2.27 | 2.28 | ||
| 2048 | 16.77 | 15.59 | -1.18 | ---- | -0.02 | 2.27 | 2.29 | ||
| 2049 | 16.77 | 15.59 | -1.17 | ---- | -0.02 | 2.27 | 2.29 | ||
| 2050 | 16.77 | 15.60 | -1.17 | ---- | -0.02 | 2.27 | 2.29 | ||
| 2051 | 16.77 | 15.60 | -1.17 | ---- | -0.02 | 2.27 | 2.29 | ||
| 2052 | 16.79 | 15.60 | -1.19 | ---- | -0.02 | 2.27 | 2.30 | ||
| 2053 | 16.81 | 15.60 | -1.20 | ---- | -0.02 | 2.27 | 2.30 | ||
| 2054 | 16.83 | 15.61 | -1.23 | ---- | -0.03 | 2.28 | 2.30 | ||
| 2055 | 16.87 | 15.61 | -1.26 | ---- | -0.03 | 2.28 | 2.30 | ||
| 2056 | 16.90 | 15.61 | -1.29 | ---- | -0.03 | 2.28 | 2.30 | ||
| 2057 | 16.95 | 15.62 | -1.33 | ---- | -0.03 | 2.28 | 2.31 | ||
| 2058 | 17.00 | 15.62 | -1.37 | ---- | -0.03 | 2.28 | 2.31 | ||
| 2059 | 17.05 | 15.63 | -1.42 | ---- | -0.03 | 2.28 | 2.31 | ||
| 2060 | 17.11 | 15.63 | -1.47 | ---- | -0.04 | 2.28 | 2.31 | ||
| 2061 | 17.17 | 15.64 | -1.53 | ---- | -0.04 | 2.28 | 2.32 | ||
| 2062 | 17.23 | 15.64 | -1.58 | ---- | -0.04 | 2.28 | 2.32 | ||
| 2063 | 17.29 | 15.65 | -1.64 | ---- | -0.04 | 2.28 | 2.32 | ||
| 2064 | 17.35 | 15.65 | -1.69 | ---- | -0.05 | 2.28 | 2.32 | ||
| 2065 | 17.41 | 15.66 | -1.75 | ---- | -0.05 | 2.28 | 2.33 | ||
| 2066 | 17.47 | 15.66 | -1.81 | ---- | -0.05 | 2.28 | 2.33 | ||
| 2067 | 17.54 | 15.67 | -1.87 | ---- | -0.05 | 2.28 | 2.33 | ||
| 2068 | 17.61 | 15.68 | -1.93 | ---- | -0.05 | 2.28 | 2.33 | ||
| 2069 | 17.68 | 15.68 | -2.00 | ---- | -0.06 | 2.28 | 2.34 | ||
| 2070 | 17.75 | 15.69 | -2.06 | ---- | -0.06 | 2.28 | 2.34 | ||
| 2071 | 17.81 | 15.69 | -2.12 | ---- | -0.06 | 2.28 | 2.34 | ||
| 2072 | 17.87 | 15.70 | -2.17 | ---- | -0.06 | 2.28 | 2.34 | ||
| 2073 | 17.92 | 15.70 | -2.22 | ---- | -0.06 | 2.28 | 2.35 | ||
| 2074 | 17.97 | 15.71 | -2.26 | ---- | -0.07 | 2.28 | 2.35 | ||
| 2075 | 18.01 | 15.71 | -2.30 | ---- | -0.07 | 2.28 | 2.35 | ||
| 2076 | 18.04 | 15.71 | -2.33 | ---- | -0.07 | 2.28 | 2.35 | ||
| 2077 | 18.07 | 15.72 | -2.35 | ---- | -0.07 | 2.28 | 2.36 | ||
| 2078 | 18.08 | 15.72 | -2.36 | ---- | -0.07 | 2.28 | 2.36 | ||
| 2079 | 18.08 | 15.72 | -2.36 | ---- | -0.07 | 2.28 | 2.36 | ||
| 2080 | 18.06 | 15.72 | -2.34 | ---- | -0.08 | 2.29 | 2.36 | ||
| 2081 | 18.04 | 15.72 | -2.32 | ---- | -0.08 | 2.29 | 2.36 | ||
| 2082 | 18.02 | 15.72 | -2.30 | ---- | -0.08 | 2.29 | 2.36 | ||
| 2083 | 17.99 | 15.72 | -2.27 | ---- | -0.08 | 2.29 | 2.37 | ||
| 2084 | 17.95 | 15.72 | -2.24 | ---- | -0.08 | 2.29 | 2.37 | ||
| 2085 | 17.92 | 15.71 | -2.20 | ---- | -0.08 | 2.29 | 2.37 | ||
| 2086 | 17.88 | 15.80 | -2.07 | ---- | -0.08 | 2.38 | 2.46 | ||
| 2087 | 17.84 | 15.90 | -1.94 | ---- | -0.08 | 2.48 | 2.56 | ||
| 2088 | 17.81 | 15.99 | -1.82 | ---- | -0.08 | 2.57 | 2.65 | ||
| 2089 | 17.79 | 16.08 | -1.71 | ---- | -0.08 | 2.67 | 2.75 | ||
| 2090 | 17.78 | 16.18 | -1.60 | ---- | -0.08 | 2.76 | 2.84 | ||
| 2091 | 17.78 | 16.18 | -1.60 | ---- | -0.08 | 2.76 | 2.85 | ||
| 2092 | 17.80 | 16.18 | -1.61 | ---- | -0.09 | 2.76 | 2.85 | ||
| 2093 | 17.82 | 16.19 | -1.63 | ---- | -0.09 | 2.77 | 2.85 | ||
| 2094 | 17.85 | 16.19 | -1.66 | ---- | -0.09 | 2.77 | 2.85 | ||
| 2095 | 17.89 | 16.19 | -1.69 | ---- | -0.09 | 2.77 | 2.85 | ||
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 | 17.03% | 15.61% | -1.41% | 2038 | -0.03% | 1.77% | 1.80% | ||
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.