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 2026-2031, until the rate reaches 13.0 percent for 2031 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 | 13.17 | -2.06 | 149 | 0.00 | 0.09 | 0.09 | ||
| 2027 | 15.38 | 13.28 | -2.10 | 132 | -0.00 | 0.18 | 0.19 | ||
| 2028 | 15.55 | 13.41 | -2.14 | 115 | -0.00 | 0.28 | 0.28 | ||
| 2029 | 15.72 | 13.54 | -2.18 | 99 | -0.00 | 0.38 | 0.38 | ||
| 2030 | 15.87 | 13.66 | -2.21 | 84 | -0.00 | 0.47 | 0.47 | ||
| 2031 | 16.00 | 13.78 | -2.22 | 69 | -0.00 | 0.57 | 0.57 | ||
| 2032 | 16.14 | 13.81 | -2.33 | 54 | -0.00 | 0.57 | 0.57 | ||
| 2033 | 16.27 | 13.82 | -2.44 | 40 | -0.00 | 0.57 | 0.57 | ||
| 2034 | 16.38 | 13.83 | -2.55 | 25 | -0.00 | 0.57 | 0.58 | ||
| 2035 | 16.47 | 13.84 | -2.63 | 10 | -0.00 | 0.57 | 0.58 | ||
| 2036 | 16.55 | 13.85 | -2.70 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2037 | 16.63 | 13.85 | -2.77 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2038 | 16.69 | 13.86 | -2.83 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2039 | 16.74 | 13.87 | -2.87 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2040 | 16.77 | 13.87 | -2.90 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2041 | 16.79 | 13.87 | -2.92 | ---- | -0.01 | 0.57 | 0.58 | ||
| 2042 | 16.80 | 13.87 | -2.93 | ---- | -0.01 | 0.57 | 0.59 | ||
| 2043 | 16.81 | 13.88 | -2.94 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2044 | 16.83 | 13.88 | -2.95 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2045 | 16.84 | 13.88 | -2.96 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2046 | 16.86 | 13.88 | -2.98 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2047 | 16.88 | 13.88 | -3.00 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2048 | 16.90 | 13.89 | -3.02 | ---- | -0.02 | 0.57 | 0.59 | ||
| 2049 | 16.93 | 13.89 | -3.04 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2050 | 16.96 | 13.89 | -3.07 | ---- | -0.02 | 0.57 | 0.60 | ||
| 2051 | 16.99 | 13.90 | -3.10 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2052 | 17.03 | 13.90 | -3.13 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2053 | 17.08 | 13.90 | -3.18 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2054 | 17.14 | 13.91 | -3.23 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2055 | 17.20 | 13.91 | -3.29 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2056 | 17.27 | 13.92 | -3.35 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2057 | 17.35 | 13.93 | -3.42 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2058 | 17.43 | 13.93 | -3.49 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2059 | 17.51 | 13.94 | -3.57 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2060 | 17.58 | 13.94 | -3.64 | ---- | -0.03 | 0.57 | 0.60 | ||
| 2061 | 17.66 | 13.95 | -3.71 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2062 | 17.73 | 13.96 | -3.77 | ---- | -0.03 | 0.57 | 0.61 | ||
| 2063 | 17.79 | 13.96 | -3.83 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2064 | 17.85 | 13.97 | -3.88 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2065 | 17.91 | 13.97 | -3.94 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2066 | 17.97 | 13.98 | -3.99 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2067 | 18.02 | 13.98 | -4.04 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2068 | 18.08 | 13.99 | -4.09 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2069 | 18.14 | 13.99 | -4.15 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2070 | 18.19 | 13.99 | -4.20 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2071 | 18.25 | 14.00 | -4.25 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2072 | 18.30 | 14.00 | -4.29 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2073 | 18.35 | 14.01 | -4.34 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2074 | 18.39 | 14.01 | -4.38 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2075 | 18.43 | 14.01 | -4.41 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2076 | 18.45 | 14.02 | -4.44 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2077 | 18.47 | 14.02 | -4.45 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2078 | 18.47 | 14.02 | -4.45 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2079 | 18.45 | 14.02 | -4.43 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2080 | 18.43 | 14.02 | -4.41 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2081 | 18.40 | 14.02 | -4.38 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2082 | 18.36 | 14.01 | -4.34 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2083 | 18.31 | 14.01 | -4.30 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2084 | 18.25 | 14.01 | -4.24 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2085 | 18.19 | 14.01 | -4.19 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2086 | 18.12 | 14.00 | -4.12 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2087 | 18.05 | 14.00 | -4.06 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2088 | 17.98 | 13.99 | -3.99 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2089 | 17.92 | 13.99 | -3.93 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2090 | 17.86 | 13.98 | -3.87 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2091 | 17.81 | 13.98 | -3.82 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2092 | 17.76 | 13.98 | -3.79 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2093 | 17.74 | 13.98 | -3.76 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2094 | 17.72 | 13.98 | -3.74 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2095 | 17.71 | 13.98 | -3.73 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2096 | 17.71 | 13.98 | -3.73 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2097 | 17.72 | 13.98 | -3.74 | ---- | -0.04 | 0.57 | 0.61 | ||
| 2098 | 17.74 | 13.98 | -3.76 | ---- | -0.04 | 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 |
||
| 2023-2097 | 17.36% | 14.30% | -3.06% | 2035 | -0.02% | 0.52% | 0.55% | ||
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.