Detailed Single Year Tables
Description of Proposed Provision:
E1.4: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2029-2048, until the rate reaches 14.4 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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.87 | 12.89 | -1.98 | 187 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 15.04 | 12.97 | -2.07 | 168 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.23 | 13.08 | -2.15 | 149 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.38 | 13.09 | -2.29 | 131 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.55 | 13.13 | -2.42 | 114 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.72 | 13.25 | -2.47 | 96 | 0.00 | 0.09 | 0.09 | ||
| 2030 | 15.87 | 13.37 | -2.50 | 79 | -0.00 | 0.19 | 0.19 | ||
| 2031 | 16.00 | 13.49 | -2.51 | 62 | -0.00 | 0.28 | 0.28 | ||
| 2032 | 16.14 | 13.61 | -2.53 | 46 | -0.00 | 0.38 | 0.38 | ||
| 2033 | 16.27 | 13.72 | -2.55 | 30 | -0.00 | 0.47 | 0.47 | ||
| 2034 | 16.38 | 13.83 | -2.56 | 15 | -0.00 | 0.57 | 0.57 | ||
| 2035 | 16.48 | 13.93 | -2.55 | ---- | -0.00 | 0.66 | 0.66 | ||
| 2036 | 16.55 | 14.03 | -2.52 | ---- | -0.00 | 0.76 | 0.76 | ||
| 2037 | 16.63 | 14.13 | -2.50 | ---- | -0.00 | 0.85 | 0.86 | ||
| 2038 | 16.69 | 14.23 | -2.46 | ---- | -0.01 | 0.95 | 0.95 | ||
| 2039 | 16.74 | 14.33 | -2.41 | ---- | -0.01 | 1.04 | 1.05 | ||
| 2040 | 16.77 | 14.43 | -2.34 | ---- | -0.01 | 1.14 | 1.14 | ||
| 2041 | 16.79 | 14.53 | -2.26 | ---- | -0.01 | 1.23 | 1.24 | ||
| 2042 | 16.81 | 14.63 | -2.18 | ---- | -0.01 | 1.33 | 1.34 | ||
| 2043 | 16.82 | 14.72 | -2.09 | ---- | -0.01 | 1.42 | 1.44 | ||
| 2044 | 16.83 | 14.82 | -2.01 | ---- | -0.02 | 1.52 | 1.53 | ||
| 2045 | 16.84 | 14.92 | -1.92 | ---- | -0.02 | 1.61 | 1.63 | ||
| 2046 | 16.86 | 15.01 | -1.84 | ---- | -0.02 | 1.70 | 1.73 | ||
| 2047 | 16.88 | 15.11 | -1.76 | ---- | -0.03 | 1.80 | 1.83 | ||
| 2048 | 16.90 | 15.21 | -1.69 | ---- | -0.03 | 1.89 | 1.92 | ||
| 2049 | 16.92 | 15.22 | -1.70 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2050 | 16.95 | 15.22 | -1.73 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2051 | 16.98 | 15.22 | -1.75 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2052 | 17.01 | 15.23 | -1.79 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2053 | 17.06 | 15.23 | -1.83 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2054 | 17.11 | 15.24 | -1.87 | ---- | -0.06 | 1.90 | 1.96 | ||
| 2055 | 17.17 | 15.24 | -1.93 | ---- | -0.06 | 1.90 | 1.96 | ||
| 2056 | 17.24 | 15.25 | -1.99 | ---- | -0.07 | 1.90 | 1.96 | ||
| 2057 | 17.31 | 15.25 | -2.06 | ---- | -0.07 | 1.90 | 1.97 | ||
| 2058 | 17.38 | 15.26 | -2.13 | ---- | -0.07 | 1.90 | 1.97 | ||
| 2059 | 17.46 | 15.26 | -2.20 | ---- | -0.08 | 1.90 | 1.98 | ||
| 2060 | 17.54 | 15.27 | -2.26 | ---- | -0.08 | 1.90 | 1.98 | ||
| 2061 | 17.60 | 15.28 | -2.33 | ---- | -0.09 | 1.90 | 1.98 | ||
| 2062 | 17.67 | 15.28 | -2.39 | ---- | -0.09 | 1.90 | 1.99 | ||
| 2063 | 17.73 | 15.29 | -2.44 | ---- | -0.09 | 1.90 | 1.99 | ||
| 2064 | 17.79 | 15.29 | -2.50 | ---- | -0.10 | 1.90 | 1.99 | ||
| 2065 | 17.85 | 15.30 | -2.55 | ---- | -0.10 | 1.90 | 2.00 | ||
| 2066 | 17.90 | 15.30 | -2.60 | ---- | -0.10 | 1.90 | 2.00 | ||
| 2067 | 17.96 | 15.31 | -2.65 | ---- | -0.10 | 1.90 | 2.00 | ||
| 2068 | 18.01 | 15.31 | -2.70 | ---- | -0.11 | 1.90 | 2.00 | ||
| 2069 | 18.07 | 15.32 | -2.75 | ---- | -0.11 | 1.90 | 2.01 | ||
| 2070 | 18.12 | 15.32 | -2.80 | ---- | -0.11 | 1.90 | 2.01 | ||
| 2071 | 18.17 | 15.32 | -2.85 | ---- | -0.11 | 1.90 | 2.01 | ||
| 2072 | 18.22 | 15.33 | -2.89 | ---- | -0.11 | 1.90 | 2.01 | ||
| 2073 | 18.27 | 15.33 | -2.94 | ---- | -0.12 | 1.90 | 2.01 | ||
| 2074 | 18.31 | 15.34 | -2.97 | ---- | -0.12 | 1.90 | 2.01 | ||
| 2075 | 18.35 | 15.34 | -3.01 | ---- | -0.12 | 1.90 | 2.01 | ||
| 2076 | 18.37 | 15.34 | -3.03 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2077 | 18.38 | 15.34 | -3.04 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2078 | 18.38 | 15.34 | -3.04 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2079 | 18.37 | 15.34 | -3.03 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2080 | 18.35 | 15.34 | -3.00 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2081 | 18.31 | 15.34 | -2.97 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2082 | 18.27 | 15.34 | -2.93 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2083 | 18.22 | 15.34 | -2.89 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2084 | 18.17 | 15.33 | -2.83 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2085 | 18.11 | 15.33 | -2.78 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2086 | 18.04 | 15.33 | -2.71 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2087 | 17.97 | 15.32 | -2.65 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2088 | 17.90 | 15.32 | -2.58 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2089 | 17.83 | 15.31 | -2.52 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2090 | 17.78 | 15.31 | -2.46 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2091 | 17.72 | 15.31 | -2.42 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2092 | 17.68 | 15.30 | -2.38 | ---- | -0.12 | 1.90 | 2.02 | ||
| 2093 | 17.65 | 15.30 | -2.35 | ---- | -0.12 | 1.90 | 2.01 | ||
| 2094 | 17.64 | 15.30 | -2.33 | ---- | -0.12 | 1.90 | 2.01 | ||
| 2095 | 17.63 | 15.30 | -2.33 | ---- | -0.12 | 1.90 | 2.01 | ||
| 2096 | 17.63 | 15.30 | -2.33 | ---- | -0.12 | 1.90 | 2.01 | ||
| 2097 | 17.64 | 15.30 | -2.33 | ---- | -0.12 | 1.90 | 2.01 | ||
| 2098 | 17.65 | 15.30 | -2.35 | ---- | -0.12 | 1.90 | 2.01 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2023-2097 | 17.32% | 15.21% | -2.11% | 2034 | -0.06% | 1.43% | 1.50% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2023 Trustees Report.