Detailed Single Year Tables
Description of Proposed Provision:
E1.2: Increase the payroll tax rate (currently 12.4 percent) to 16.4 percent in 2034-2063, and to 20.4 percent in years 2064 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 | 12.96 | -1.90 | 178 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.10 | 13.08 | -2.03 | 159 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.36 | 13.10 | -2.26 | 141 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.62 | 13.14 | -2.49 | 122 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.87 | 13.17 | -2.70 | 104 | 0.00 | 0.00 | 0.00 | ||
| 2030 | 16.11 | 13.19 | -2.92 | 85 | 0.00 | 0.00 | 0.00 | ||
| 2031 | 16.28 | 13.21 | -3.08 | 66 | 0.00 | 0.00 | 0.00 | ||
| 2032 | 16.44 | 13.22 | -3.22 | 46 | 0.00 | 0.00 | 0.00 | ||
| 2033 | 16.56 | 13.23 | -3.33 | 27 | 0.00 | 0.00 | 0.00 | ||
| 2034 | 16.66 | 16.81 | 0.15 | 7 | 0.00 | 3.57 | 3.57 | ||
| 2035 | 16.73 | 16.99 | 0.26 | 8 | -0.01 | 3.75 | 3.75 | ||
| 2036 | 16.79 | 17.00 | 0.21 | 10 | -0.01 | 3.75 | 3.76 | ||
| 2037 | 16.85 | 17.01 | 0.15 | 11 | -0.01 | 3.75 | 3.76 | ||
| 2038 | 16.90 | 17.01 | 0.11 | 12 | -0.01 | 3.75 | 3.76 | ||
| 2039 | 16.93 | 17.02 | 0.09 | 13 | -0.02 | 3.75 | 3.77 | ||
| 2040 | 16.95 | 17.02 | 0.07 | 14 | -0.03 | 3.75 | 3.78 | ||
| 2041 | 16.98 | 17.02 | 0.04 | 14 | -0.03 | 3.75 | 3.79 | ||
| 2042 | 16.99 | 17.03 | 0.03 | 15 | -0.05 | 3.75 | 3.80 | ||
| 2043 | 16.99 | 17.03 | 0.04 | 15 | -0.06 | 3.75 | 3.81 | ||
| 2044 | 16.98 | 17.03 | 0.05 | 16 | -0.07 | 3.75 | 3.82 | ||
| 2045 | 16.97 | 17.03 | 0.06 | 16 | -0.08 | 3.75 | 3.83 | ||
| 2046 | 16.97 | 17.03 | 0.07 | 17 | -0.09 | 3.75 | 3.84 | ||
| 2047 | 16.97 | 17.03 | 0.06 | 18 | -0.10 | 3.75 | 3.85 | ||
| 2048 | 16.98 | 17.04 | 0.05 | 18 | -0.12 | 3.75 | 3.87 | ||
| 2049 | 16.99 | 17.04 | 0.05 | 19 | -0.13 | 3.75 | 3.88 | ||
| 2050 | 17.00 | 17.04 | 0.04 | 19 | -0.14 | 3.75 | 3.89 | ||
| 2051 | 17.01 | 17.04 | 0.03 | 20 | -0.15 | 3.75 | 3.90 | ||
| 2052 | 17.03 | 17.05 | 0.02 | 20 | -0.16 | 3.75 | 3.91 | ||
| 2053 | 17.05 | 17.05 | -0.00 | 21 | -0.17 | 3.75 | 3.92 | ||
| 2054 | 17.08 | 17.05 | -0.02 | 21 | -0.18 | 3.75 | 3.93 | ||
| 2055 | 17.11 | 17.06 | -0.05 | 21 | -0.19 | 3.75 | 3.94 | ||
| 2056 | 17.14 | 17.06 | -0.08 | 21 | -0.19 | 3.75 | 3.95 | ||
| 2057 | 17.18 | 17.07 | -0.12 | 21 | -0.20 | 3.75 | 3.95 | ||
| 2058 | 17.23 | 17.07 | -0.16 | 20 | -0.21 | 3.75 | 3.96 | ||
| 2059 | 17.27 | 17.08 | -0.20 | 20 | -0.22 | 3.75 | 3.97 | ||
| 2060 | 17.32 | 17.08 | -0.24 | 19 | -0.22 | 3.75 | 3.98 | ||
| 2061 | 17.37 | 17.09 | -0.28 | 17 | -0.23 | 3.75 | 3.98 | ||
| 2062 | 17.42 | 17.09 | -0.33 | 16 | -0.23 | 3.76 | 3.99 | ||
| 2063 | 17.46 | 17.10 | -0.37 | 14 | -0.24 | 3.76 | 3.99 | ||
| 2064 | 17.51 | 20.56 | 3.05 | 13 | -0.24 | 7.21 | 7.46 | ||
| 2065 | 17.55 | 20.73 | 3.18 | 30 | -0.25 | 7.38 | 7.63 | ||
| 2066 | 17.60 | 20.74 | 3.14 | 48 | -0.26 | 7.38 | 7.64 | ||
| 2067 | 17.64 | 20.74 | 3.10 | 66 | -0.26 | 7.38 | 7.65 | ||
| 2068 | 17.69 | 20.75 | 3.06 | 84 | -0.27 | 7.39 | 7.65 | ||
| 2069 | 17.74 | 20.75 | 3.02 | 101 | -0.28 | 7.39 | 7.66 | ||
| 2070 | 17.78 | 20.76 | 2.98 | 119 | -0.28 | 7.39 | 7.67 | ||
| 2071 | 17.83 | 20.77 | 2.94 | 136 | -0.29 | 7.39 | 7.69 | ||
| 2072 | 17.87 | 20.77 | 2.90 | 153 | -0.31 | 7.39 | 7.70 | ||
| 2073 | 17.91 | 20.78 | 2.87 | 170 | -0.32 | 7.40 | 7.71 | ||
| 2074 | 17.94 | 20.78 | 2.84 | 187 | -0.33 | 7.40 | 7.73 | ||
| 2075 | 17.97 | 20.79 | 2.82 | 204 | -0.34 | 7.40 | 7.74 | ||
| 2076 | 17.99 | 20.79 | 2.80 | 221 | -0.36 | 7.40 | 7.76 | ||
| 2077 | 18.00 | 20.80 | 2.80 | 238 | -0.37 | 7.40 | 7.77 | ||
| 2078 | 18.00 | 20.80 | 2.80 | 255 | -0.38 | 7.41 | 7.78 | ||
| 2079 | 17.98 | 20.80 | 2.82 | 273 | -0.39 | 7.41 | 7.80 | ||
| 2080 | 17.95 | 20.80 | 2.85 | 291 | -0.40 | 7.41 | 7.81 | ||
| 2081 | 17.92 | 20.81 | 2.89 | 309 | -0.41 | 7.41 | 7.82 | ||
| 2082 | 17.88 | 20.81 | 2.93 | 328 | -0.42 | 7.41 | 7.83 | ||
| 2083 | 17.83 | 20.81 | 2.98 | 348 | -0.42 | 7.42 | 7.84 | ||
| 2084 | 17.77 | 20.81 | 3.04 | 368 | -0.43 | 7.42 | 7.85 | ||
| 2085 | 17.70 | 20.80 | 3.10 | 389 | -0.44 | 7.42 | 7.86 | ||
| 2086 | 17.63 | 20.80 | 3.17 | 410 | -0.44 | 7.42 | 7.87 | ||
| 2087 | 17.56 | 20.80 | 3.24 | 432 | -0.45 | 7.43 | 7.87 | ||
| 2088 | 17.48 | 20.80 | 3.32 | 455 | -0.45 | 7.43 | 7.88 | ||
| 2089 | 17.41 | 20.80 | 3.38 | 479 | -0.46 | 7.43 | 7.89 | ||
| 2090 | 17.35 | 20.80 | 3.44 | 503 | -0.46 | 7.43 | 7.89 | ||
| 2091 | 17.30 | 20.80 | 3.49 | 527 | -0.46 | 7.44 | 7.90 | ||
| 2092 | 17.27 | 20.80 | 3.53 | 552 | -0.47 | 7.44 | 7.91 | ||
| 2093 | 17.24 | 20.80 | 3.56 | 576 | -0.47 | 7.44 | 7.91 | ||
| 2094 | 17.23 | 20.80 | 3.57 | 601 | -0.47 | 7.44 | 7.92 | ||
| 2095 | 17.23 | 20.81 | 3.58 | 626 | -0.47 | 7.45 | 7.92 | ||
| 2096 | 17.23 | 20.81 | 3.58 | 650 | -0.48 | 7.45 | 7.93 | ||
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 | 17.12% | 18.11% | 0.99% | N/A | -0.19% | 4.33% | 4.52% | ||
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.