Proposed Provision: E1.8. Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2024-2029, until the rate reaches 13.0 percent for 2029 and later.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2021253253
2022231231
2023214214
2024196196
2025178178
2026159161
2027141145
2028122128
2029104112
20308596
20316681
20324665
20332748
2034732
2035-1315
2036-33-2
2037-54-19
2038-76-37
2039-97-55
2040-119-73
2041-142-92
2042-165-111
2043-188-130
2044-211-150
2045-235-169
2046-258-189
2047-282-209
2048-306-229
2049-330-249
2050-354-269
2051-378-289
2052-403-310
2053-427-330
2054-452-351
2055-477-372
2056-502-393
2057-527-414
2058-552-436
2059-578-457
2060-604-479
2061-630-502
2062-657-525
2063-684-548
2064-712-571
2065-740-595
2066-768-619
2067-796-644
2068-825-669
2069-855-694
2070-884-719
2071-914-745
2072-945-772
2073-976-798
2074-1007-825
2075-1039-853
2076-1071-881
2077-1105-910
2078-1139-940
2079-1175-971
2080-1211-1002
2081-1248-1034
2082-1286-1067
2083-1324-1100
2084-1363-1133
2085-1403-1167
2086-1443-1201
2087-1483-1236
2088-1524-1271
2089-1564-1306
2090-1604-1339
2091-1643-1373
2092-1681-1405
2093-1718-1436
2094-1754-1467
2095-1789-1498
2096-1825-1528
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