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 2025-2048, until the rate reaches 14.8 percent in 2048 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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.91 | -1.52 | 214 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.64 | 12.94 | -1.69 | 196 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.86 | 13.05 | -1.81 | 178 | 0.00 | 0.09 | 0.09 | ||
| 2026 | 15.10 | 13.26 | -1.84 | 160 | -0.00 | 0.19 | 0.19 | ||
| 2027 | 15.36 | 13.38 | -1.98 | 143 | -0.00 | 0.28 | 0.28 | ||
| 2028 | 15.62 | 13.52 | -2.11 | 126 | -0.00 | 0.38 | 0.38 | ||
| 2029 | 15.87 | 13.64 | -2.23 | 109 | -0.00 | 0.47 | 0.47 | ||
| 2030 | 16.11 | 13.76 | -2.35 | 93 | -0.00 | 0.57 | 0.57 | ||
| 2031 | 16.28 | 13.87 | -2.41 | 77 | -0.00 | 0.66 | 0.66 | ||
| 2032 | 16.43 | 13.98 | -2.46 | 62 | -0.00 | 0.76 | 0.76 | ||
| 2033 | 16.55 | 14.08 | -2.47 | 47 | -0.00 | 0.85 | 0.86 | ||
| 2034 | 16.65 | 14.18 | -2.47 | 32 | -0.01 | 0.95 | 0.95 | ||
| 2035 | 16.73 | 14.29 | -2.44 | 17 | -0.01 | 1.04 | 1.05 | ||
| 2036 | 16.79 | 14.39 | -2.40 | 3 | -0.01 | 1.14 | 1.15 | ||
| 2037 | 16.85 | 14.49 | -2.36 | ---- | -0.01 | 1.23 | 1.24 | ||
| 2038 | 16.90 | 14.59 | -2.31 | ---- | -0.01 | 1.33 | 1.34 | ||
| 2039 | 16.94 | 14.69 | -2.25 | ---- | -0.02 | 1.42 | 1.44 | ||
| 2040 | 16.96 | 14.78 | -2.17 | ---- | -0.02 | 1.51 | 1.53 | ||
| 2041 | 17.00 | 14.88 | -2.11 | ---- | -0.02 | 1.61 | 1.63 | ||
| 2042 | 17.01 | 14.98 | -2.03 | ---- | -0.03 | 1.70 | 1.73 | ||
| 2043 | 17.01 | 15.07 | -1.94 | ---- | -0.03 | 1.80 | 1.83 | ||
| 2044 | 17.01 | 15.17 | -1.84 | ---- | -0.03 | 1.89 | 1.92 | ||
| 2045 | 17.01 | 15.26 | -1.75 | ---- | -0.04 | 1.98 | 2.02 | ||
| 2046 | 17.02 | 15.36 | -1.66 | ---- | -0.04 | 2.08 | 2.12 | ||
| 2047 | 17.03 | 15.46 | -1.57 | ---- | -0.05 | 2.17 | 2.22 | ||
| 2048 | 17.05 | 15.55 | -1.49 | ---- | -0.05 | 2.27 | 2.32 | ||
| 2049 | 17.06 | 15.56 | -1.50 | ---- | -0.06 | 2.27 | 2.33 | ||
| 2050 | 17.08 | 15.56 | -1.51 | ---- | -0.06 | 2.27 | 2.33 | ||
| 2051 | 17.09 | 15.56 | -1.53 | ---- | -0.07 | 2.27 | 2.34 | ||
| 2052 | 17.12 | 15.57 | -1.55 | ---- | -0.07 | 2.27 | 2.34 | ||
| 2053 | 17.14 | 15.57 | -1.57 | ---- | -0.08 | 2.27 | 2.35 | ||
| 2054 | 17.17 | 15.57 | -1.60 | ---- | -0.08 | 2.27 | 2.35 | ||
| 2055 | 17.20 | 15.58 | -1.63 | ---- | -0.09 | 2.27 | 2.36 | ||
| 2056 | 17.24 | 15.58 | -1.66 | ---- | -0.09 | 2.27 | 2.36 | ||
| 2057 | 17.29 | 15.59 | -1.70 | ---- | -0.10 | 2.27 | 2.37 | ||
| 2058 | 17.33 | 15.59 | -1.74 | ---- | -0.10 | 2.27 | 2.38 | ||
| 2059 | 17.38 | 15.59 | -1.79 | ---- | -0.11 | 2.27 | 2.38 | ||
| 2060 | 17.43 | 15.60 | -1.83 | ---- | -0.11 | 2.27 | 2.38 | ||
| 2061 | 17.48 | 15.60 | -1.88 | ---- | -0.12 | 2.27 | 2.39 | ||
| 2062 | 17.53 | 15.61 | -1.92 | ---- | -0.12 | 2.27 | 2.39 | ||
| 2063 | 17.58 | 15.61 | -1.96 | ---- | -0.12 | 2.27 | 2.40 | ||
| 2064 | 17.62 | 15.62 | -2.01 | ---- | -0.13 | 2.27 | 2.40 | ||
| 2065 | 17.67 | 15.62 | -2.05 | ---- | -0.13 | 2.27 | 2.40 | ||
| 2066 | 17.72 | 15.63 | -2.09 | ---- | -0.13 | 2.27 | 2.41 | ||
| 2067 | 17.77 | 15.63 | -2.14 | ---- | -0.14 | 2.27 | 2.41 | ||
| 2068 | 17.82 | 15.64 | -2.18 | ---- | -0.14 | 2.27 | 2.41 | ||
| 2069 | 17.87 | 15.64 | -2.23 | ---- | -0.14 | 2.27 | 2.41 | ||
| 2070 | 17.93 | 15.64 | -2.28 | ---- | -0.14 | 2.28 | 2.42 | ||
| 2071 | 17.98 | 15.65 | -2.33 | ---- | -0.14 | 2.28 | 2.42 | ||
| 2072 | 18.03 | 15.65 | -2.38 | ---- | -0.14 | 2.28 | 2.42 | ||
| 2073 | 18.08 | 15.66 | -2.42 | ---- | -0.15 | 2.28 | 2.42 | ||
| 2074 | 18.13 | 15.66 | -2.46 | ---- | -0.15 | 2.28 | 2.42 | ||
| 2075 | 18.17 | 15.67 | -2.50 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2076 | 18.20 | 15.67 | -2.53 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2077 | 18.22 | 15.67 | -2.55 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2078 | 18.23 | 15.67 | -2.55 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2079 | 18.22 | 15.67 | -2.55 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2080 | 18.20 | 15.68 | -2.53 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2081 | 18.18 | 15.67 | -2.50 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2082 | 18.15 | 15.67 | -2.47 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2083 | 18.10 | 15.67 | -2.43 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2084 | 18.05 | 15.67 | -2.38 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2085 | 17.99 | 15.67 | -2.33 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2086 | 17.93 | 15.66 | -2.27 | ---- | -0.15 | 2.28 | 2.43 | ||
| 2087 | 17.86 | 15.66 | -2.20 | ---- | -0.14 | 2.28 | 2.43 | ||
| 2088 | 17.79 | 15.66 | -2.14 | ---- | -0.14 | 2.29 | 2.43 | ||
| 2089 | 17.73 | 15.65 | -2.07 | ---- | -0.14 | 2.29 | 2.43 | ||
| 2090 | 17.67 | 15.65 | -2.02 | ---- | -0.14 | 2.29 | 2.43 | ||
| 2091 | 17.63 | 15.65 | -1.98 | ---- | -0.14 | 2.29 | 2.43 | ||
| 2092 | 17.59 | 15.65 | -1.95 | ---- | -0.14 | 2.29 | 2.43 | ||
| 2093 | 17.58 | 15.65 | -1.93 | ---- | -0.14 | 2.29 | 2.43 | ||
| 2094 | 17.57 | 15.65 | -1.92 | ---- | -0.14 | 2.29 | 2.43 | ||
| 2095 | 17.56 | 15.65 | -1.92 | ---- | -0.14 | 2.29 | 2.43 | ||
| 2096 | 17.57 | 15.65 | -1.92 | ---- | -0.14 | 2.29 | 2.43 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 17.24% | 15.51% | -1.73% | 2036 | -0.08% | 1.73% | 1.81% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.