Proposed Provision: E1.1. Increase the payroll tax rate (currently 12.4 percent) to 16.0 percent in 2023 and later.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2022 | 230 | 230 |
2023 | 211 | 211 |
2024 | 194 | 216 |
2025 | 177 | 221 |
2026 | 160 | 224 |
2027 | 143 | 227 |
2028 | 126 | 229 |
2029 | 109 | 230 |
2030 | 91 | 232 |
2031 | 74 | 233 |
2032 | 57 | 234 |
2033 | 39 | 236 |
2034 | 21 | 237 |
2035 | 3 | 241 |
2036 | -16 | 244 |
2037 | -35 | 246 |
2038 | -54 | 249 |
2039 | -74 | 252 |
2040 | -95 | 254 |
2041 | -116 | 257 |
2042 | -137 | 260 |
2043 | -158 | 263 |
2044 | -180 | 266 |
2045 | -202 | 268 |
2046 | -224 | 271 |
2047 | -246 | 273 |
2048 | -268 | 275 |
2049 | -291 | 277 |
2050 | -313 | 279 |
2051 | -336 | 281 |
2052 | -359 | 282 |
2053 | -383 | 283 |
2054 | -406 | 284 |
2055 | -430 | 284 |
2056 | -453 | 285 |
2057 | -477 | 284 |
2058 | -501 | 284 |
2059 | -525 | 283 |
2060 | -550 | 282 |
2061 | -575 | 280 |
2062 | -601 | 279 |
2063 | -627 | 277 |
2064 | -654 | 274 |
2065 | -681 | 272 |
2066 | -708 | 269 |
2067 | -736 | 266 |
2068 | -764 | 263 |
2069 | -792 | 260 |
2070 | -821 | 256 |
2071 | -850 | 252 |
2072 | -880 | 248 |
2073 | -910 | 243 |
2074 | -940 | 238 |
2075 | -971 | 233 |
2076 | -1003 | 228 |
2077 | -1036 | 223 |
2078 | -1069 | 218 |
2079 | -1104 | 213 |
2080 | -1139 | 208 |
2081 | -1175 | 203 |
2082 | -1212 | 198 |
2083 | -1249 | 193 |
2084 | -1286 | 189 |
2085 | -1324 | 185 |
2086 | -1363 | 181 |
2087 | -1402 | 177 |
2088 | -1442 | 174 |
2089 | -1481 | 171 |
2090 | -1520 | 168 |
2091 | -1558 | 165 |
2092 | -1595 | 162 |
2093 | -1632 | 160 |
2094 | -1668 | 157 |
2095 | -1703 | 155 |
2096 | -1738 | 152 |
2097 | -1773 | 150 |
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