Proposed Provision: E1.8. Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2024-2029, until the rate reaches 13.0 percent for 2029 and later.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2021 | 253 | 253 |
| 2022 | 231 | 231 |
| 2023 | 214 | 214 |
| 2024 | 196 | 196 |
| 2025 | 178 | 178 |
| 2026 | 159 | 161 |
| 2027 | 141 | 145 |
| 2028 | 122 | 128 |
| 2029 | 104 | 112 |
| 2030 | 85 | 96 |
| 2031 | 66 | 81 |
| 2032 | 46 | 65 |
| 2033 | 27 | 48 |
| 2034 | 7 | 32 |
| 2035 | -13 | 15 |
| 2036 | -33 | -2 |
| 2037 | -54 | -19 |
| 2038 | -76 | -37 |
| 2039 | -97 | -55 |
| 2040 | -119 | -73 |
| 2041 | -142 | -92 |
| 2042 | -165 | -111 |
| 2043 | -188 | -130 |
| 2044 | -211 | -150 |
| 2045 | -235 | -169 |
| 2046 | -258 | -189 |
| 2047 | -282 | -209 |
| 2048 | -306 | -229 |
| 2049 | -330 | -249 |
| 2050 | -354 | -269 |
| 2051 | -378 | -289 |
| 2052 | -403 | -310 |
| 2053 | -427 | -330 |
| 2054 | -452 | -351 |
| 2055 | -477 | -372 |
| 2056 | -502 | -393 |
| 2057 | -527 | -414 |
| 2058 | -552 | -436 |
| 2059 | -578 | -457 |
| 2060 | -604 | -479 |
| 2061 | -630 | -502 |
| 2062 | -657 | -525 |
| 2063 | -684 | -548 |
| 2064 | -712 | -571 |
| 2065 | -740 | -595 |
| 2066 | -768 | -619 |
| 2067 | -796 | -644 |
| 2068 | -825 | -669 |
| 2069 | -855 | -694 |
| 2070 | -884 | -719 |
| 2071 | -914 | -745 |
| 2072 | -945 | -772 |
| 2073 | -976 | -798 |
| 2074 | -1007 | -825 |
| 2075 | -1039 | -853 |
| 2076 | -1071 | -881 |
| 2077 | -1105 | -910 |
| 2078 | -1139 | -940 |
| 2079 | -1175 | -971 |
| 2080 | -1211 | -1002 |
| 2081 | -1248 | -1034 |
| 2082 | -1286 | -1067 |
| 2083 | -1324 | -1100 |
| 2084 | -1363 | -1133 |
| 2085 | -1403 | -1167 |
| 2086 | -1443 | -1201 |
| 2087 | -1483 | -1236 |
| 2088 | -1524 | -1271 |
| 2089 | -1564 | -1306 |
| 2090 | -1604 | -1339 |
| 2091 | -1643 | -1373 |
| 2092 | -1681 | -1405 |
| 2093 | -1718 | -1436 |
| 2094 | -1754 | -1467 |
| 2095 | -1789 | -1498 |
| 2096 | -1825 | -1528 |
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