Detailed Single Year Tables
Description of Proposed Provision:
E1.2: Increase the payroll tax rate (currently 12.4 percent) to 16.2 percent in 2034-2063, and to 20.0 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 |
|||
| 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 | 13.16 | -2.56 | 96 | 0.00 | 0.00 | 0.00 | ||
| 2030 | 15.87 | 13.18 | -2.69 | 78 | 0.00 | 0.00 | 0.00 | ||
| 2031 | 16.00 | 13.21 | -2.79 | 60 | 0.00 | 0.00 | 0.00 | ||
| 2032 | 16.14 | 13.24 | -2.91 | 43 | 0.00 | 0.00 | 0.00 | ||
| 2033 | 16.27 | 13.25 | -3.02 | 25 | 0.00 | 0.00 | 0.00 | ||
| 2034 | 16.38 | 16.62 | 0.23 | 7 | 0.00 | 3.36 | 3.36 | ||
| 2035 | 16.47 | 16.86 | 0.38 | 8 | -0.00 | 3.59 | 3.59 | ||
| 2036 | 16.55 | 16.86 | 0.31 | 11 | -0.01 | 3.59 | 3.60 | ||
| 2037 | 16.63 | 16.87 | 0.25 | 13 | -0.01 | 3.59 | 3.60 | ||
| 2038 | 16.68 | 16.88 | 0.19 | 14 | -0.01 | 3.59 | 3.60 | ||
| 2039 | 16.73 | 16.88 | 0.15 | 15 | -0.02 | 3.59 | 3.61 | ||
| 2040 | 16.76 | 16.89 | 0.13 | 17 | -0.02 | 3.59 | 3.61 | ||
| 2041 | 16.78 | 16.89 | 0.11 | 18 | -0.03 | 3.59 | 3.62 | ||
| 2042 | 16.78 | 16.89 | 0.11 | 18 | -0.04 | 3.59 | 3.63 | ||
| 2043 | 16.78 | 16.89 | 0.11 | 19 | -0.05 | 3.59 | 3.64 | ||
| 2044 | 16.79 | 16.89 | 0.10 | 20 | -0.06 | 3.59 | 3.64 | ||
| 2045 | 16.80 | 16.90 | 0.10 | 21 | -0.07 | 3.59 | 3.65 | ||
| 2046 | 16.81 | 16.90 | 0.09 | 22 | -0.07 | 3.59 | 3.66 | ||
| 2047 | 16.82 | 16.90 | 0.08 | 23 | -0.08 | 3.59 | 3.67 | ||
| 2048 | 16.83 | 16.90 | 0.07 | 24 | -0.09 | 3.59 | 3.68 | ||
| 2049 | 16.85 | 16.91 | 0.05 | 24 | -0.10 | 3.59 | 3.69 | ||
| 2050 | 16.88 | 16.91 | 0.03 | 25 | -0.11 | 3.59 | 3.70 | ||
| 2051 | 16.90 | 16.91 | 0.01 | 25 | -0.12 | 3.59 | 3.71 | ||
| 2052 | 16.93 | 16.91 | -0.02 | 26 | -0.13 | 3.59 | 3.72 | ||
| 2053 | 16.97 | 16.92 | -0.05 | 26 | -0.14 | 3.59 | 3.72 | ||
| 2054 | 17.02 | 16.92 | -0.10 | 26 | -0.15 | 3.59 | 3.73 | ||
| 2055 | 17.08 | 16.93 | -0.15 | 26 | -0.15 | 3.59 | 3.74 | ||
| 2056 | 17.14 | 16.93 | -0.21 | 25 | -0.16 | 3.58 | 3.75 | ||
| 2057 | 17.21 | 16.94 | -0.27 | 24 | -0.17 | 3.58 | 3.75 | ||
| 2058 | 17.28 | 16.95 | -0.34 | 23 | -0.17 | 3.58 | 3.76 | ||
| 2059 | 17.36 | 16.95 | -0.41 | 21 | -0.18 | 3.58 | 3.77 | ||
| 2060 | 17.43 | 16.96 | -0.47 | 19 | -0.19 | 3.58 | 3.77 | ||
| 2061 | 17.50 | 16.96 | -0.53 | 16 | -0.19 | 3.58 | 3.78 | ||
| 2062 | 17.56 | 16.97 | -0.59 | 13 | -0.20 | 3.58 | 3.78 | ||
| 2063 | 17.62 | 16.97 | -0.65 | 10 | -0.20 | 3.58 | 3.79 | ||
| 2064 | 17.68 | 20.27 | 2.59 | 7 | -0.21 | 6.87 | 7.08 | ||
| 2065 | 17.73 | 20.50 | 2.77 | 21 | -0.21 | 7.10 | 7.31 | ||
| 2066 | 17.78 | 20.50 | 2.72 | 37 | -0.22 | 7.10 | 7.32 | ||
| 2067 | 17.83 | 20.51 | 2.67 | 52 | -0.22 | 7.10 | 7.32 | ||
| 2068 | 17.88 | 20.51 | 2.63 | 67 | -0.23 | 7.10 | 7.33 | ||
| 2069 | 17.94 | 20.52 | 2.58 | 82 | -0.24 | 7.10 | 7.34 | ||
| 2070 | 17.99 | 20.52 | 2.54 | 97 | -0.24 | 7.10 | 7.34 | ||
| 2071 | 18.03 | 20.53 | 2.50 | 112 | -0.25 | 7.10 | 7.35 | ||
| 2072 | 18.07 | 20.53 | 2.46 | 126 | -0.26 | 7.10 | 7.36 | ||
| 2073 | 18.11 | 20.53 | 2.42 | 140 | -0.27 | 7.10 | 7.37 | ||
| 2074 | 18.15 | 20.54 | 2.39 | 154 | -0.28 | 7.10 | 7.38 | ||
| 2075 | 18.17 | 20.54 | 2.37 | 169 | -0.29 | 7.10 | 7.39 | ||
| 2076 | 18.19 | 20.54 | 2.36 | 183 | -0.30 | 7.10 | 7.40 | ||
| 2077 | 18.19 | 20.54 | 2.35 | 197 | -0.31 | 7.10 | 7.41 | ||
| 2078 | 18.18 | 20.55 | 2.36 | 211 | -0.32 | 7.10 | 7.42 | ||
| 2079 | 18.16 | 20.54 | 2.38 | 226 | -0.33 | 7.10 | 7.43 | ||
| 2080 | 18.13 | 20.54 | 2.41 | 241 | -0.34 | 7.10 | 7.43 | ||
| 2081 | 18.09 | 20.54 | 2.45 | 257 | -0.34 | 7.10 | 7.44 | ||
| 2082 | 18.04 | 20.54 | 2.50 | 273 | -0.35 | 7.10 | 7.45 | ||
| 2083 | 17.99 | 20.54 | 2.55 | 289 | -0.36 | 7.10 | 7.45 | ||
| 2084 | 17.93 | 20.53 | 2.61 | 306 | -0.36 | 7.10 | 7.46 | ||
| 2085 | 17.86 | 20.53 | 2.67 | 324 | -0.37 | 7.10 | 7.47 | ||
| 2086 | 17.79 | 20.53 | 2.74 | 342 | -0.37 | 7.10 | 7.47 | ||
| 2087 | 17.71 | 20.52 | 2.81 | 361 | -0.38 | 7.10 | 7.48 | ||
| 2088 | 17.64 | 20.52 | 2.88 | 381 | -0.38 | 7.10 | 7.48 | ||
| 2089 | 17.57 | 20.51 | 2.95 | 401 | -0.39 | 7.10 | 7.48 | ||
| 2090 | 17.50 | 20.51 | 3.01 | 422 | -0.39 | 7.10 | 7.49 | ||
| 2091 | 17.45 | 20.51 | 3.06 | 443 | -0.39 | 7.10 | 7.49 | ||
| 2092 | 17.40 | 20.50 | 3.10 | 465 | -0.40 | 7.10 | 7.50 | ||
| 2093 | 17.37 | 20.50 | 3.13 | 486 | -0.40 | 7.10 | 7.50 | ||
| 2094 | 17.35 | 20.50 | 3.15 | 508 | -0.40 | 7.10 | 7.50 | ||
| 2095 | 17.34 | 20.50 | 3.17 | 530 | -0.41 | 7.10 | 7.51 | ||
| 2096 | 17.33 | 20.50 | 3.17 | 551 | -0.41 | 7.10 | 7.51 | ||
| 2097 | 17.34 | 20.50 | 3.16 | 573 | -0.41 | 7.10 | 7.51 | ||
| 2098 | 17.36 | 20.51 | 3.15 | 595 | -0.42 | 7.10 | 7.52 | ||
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 | 17.21% | 18.10% | 0.89% | N/A | -0.17% | 4.32% | 4.49% | ||
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.