Detailed Single Year Tables
Description of Proposed Provision:
E1.8: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2025-2030, until the rate reaches 13.0 percent for 2030 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 |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.31 | 13.04 | -1.27 | 211 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.45 | 12.95 | -1.49 | 194 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.66 | 13.06 | -1.60 | 177 | 0.00 | 0.09 | 0.09 | ||
| 2026 | 14.88 | 13.27 | -1.62 | 160 | -0.00 | 0.19 | 0.19 | ||
| 2027 | 15.10 | 13.38 | -1.72 | 144 | -0.00 | 0.28 | 0.28 | ||
| 2028 | 15.33 | 13.52 | -1.81 | 129 | -0.00 | 0.38 | 0.38 | ||
| 2029 | 15.53 | 13.65 | -1.88 | 114 | -0.00 | 0.47 | 0.47 | ||
| 2030 | 15.72 | 13.77 | -1.95 | 100 | -0.00 | 0.57 | 0.57 | ||
| 2031 | 15.90 | 13.80 | -2.10 | 86 | -0.00 | 0.57 | 0.57 | ||
| 2032 | 16.06 | 13.82 | -2.25 | 72 | -0.00 | 0.57 | 0.58 | ||
| 2033 | 16.20 | 13.83 | -2.37 | 58 | -0.00 | 0.57 | 0.58 | ||
| 2034 | 16.32 | 13.84 | -2.48 | 43 | -0.00 | 0.57 | 0.58 | ||
| 2035 | 16.41 | 13.85 | -2.57 | 29 | -0.01 | 0.57 | 0.58 | ||
| 2036 | 16.49 | 13.85 | -2.64 | 13 | -0.01 | 0.57 | 0.58 | ||
| 2037 | 16.57 | 13.86 | -2.71 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2038 | 16.63 | 13.86 | -2.77 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2039 | 16.68 | 13.87 | -2.81 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2040 | 16.71 | 13.87 | -2.83 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2041 | 16.73 | 13.87 | -2.85 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2042 | 16.75 | 13.88 | -2.87 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2043 | 16.77 | 13.88 | -2.89 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2044 | 16.78 | 13.88 | -2.91 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2045 | 16.80 | 13.88 | -2.92 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2046 | 16.82 | 13.88 | -2.94 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2047 | 16.84 | 13.88 | -2.96 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2048 | 16.87 | 13.89 | -2.98 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2049 | 16.89 | 13.89 | -3.00 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2050 | 16.92 | 13.89 | -3.03 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2051 | 16.95 | 13.89 | -3.06 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2052 | 16.99 | 13.90 | -3.09 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2053 | 17.03 | 13.90 | -3.13 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2054 | 17.07 | 13.90 | -3.17 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2055 | 17.12 | 13.91 | -3.21 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2056 | 17.17 | 13.91 | -3.26 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2057 | 17.23 | 13.92 | -3.31 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2058 | 17.29 | 13.92 | -3.37 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2059 | 17.35 | 13.93 | -3.43 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2060 | 17.42 | 13.93 | -3.49 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2061 | 17.48 | 13.94 | -3.54 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2062 | 17.54 | 13.94 | -3.59 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2063 | 17.59 | 13.95 | -3.65 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2064 | 17.64 | 13.95 | -3.69 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2065 | 17.69 | 13.95 | -3.74 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2066 | 17.75 | 13.96 | -3.79 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2067 | 17.80 | 13.96 | -3.84 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2068 | 17.85 | 13.97 | -3.89 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2069 | 17.91 | 13.97 | -3.94 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2070 | 17.97 | 13.97 | -3.99 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2071 | 18.02 | 13.98 | -4.04 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2072 | 18.07 | 13.98 | -4.09 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2073 | 18.13 | 13.99 | -4.14 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2074 | 18.17 | 13.99 | -4.18 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2075 | 18.22 | 13.99 | -4.22 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2076 | 18.25 | 14.00 | -4.25 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2077 | 18.27 | 14.00 | -4.27 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2078 | 18.28 | 14.00 | -4.28 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2079 | 18.28 | 14.00 | -4.28 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2080 | 18.26 | 14.00 | -4.26 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2081 | 18.24 | 14.00 | -4.24 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2082 | 18.21 | 14.00 | -4.21 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2083 | 18.17 | 14.00 | -4.17 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2084 | 18.12 | 13.99 | -4.13 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2085 | 18.07 | 13.99 | -4.08 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2086 | 18.01 | 13.99 | -4.02 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2087 | 17.95 | 13.98 | -3.96 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2088 | 17.88 | 13.98 | -3.90 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2089 | 17.82 | 13.97 | -3.84 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2090 | 17.76 | 13.97 | -3.79 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2091 | 17.71 | 13.97 | -3.74 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2092 | 17.67 | 13.96 | -3.70 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2093 | 17.64 | 13.96 | -3.68 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2094 | 17.62 | 13.96 | -3.66 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2095 | 17.61 | 13.96 | -3.65 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2096 | 17.61 | 13.96 | -3.65 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2097 | 17.61 | 13.96 | -3.65 | ---- | -0.03 | 0.57 | 0.61 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2022-2096 | 17.18% | 14.30% | -2.87% | 2036 | -0.02% | 0.53% | 0.55% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.