Detailed Single Year Tables
Description of Proposed Provision:
E1.2: Increase the payroll tax rate (currently 12.4 percent) to 16.2 percent in 2035-2064, and to 20.0 percent in years 2065 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 | 12.97 | -1.69 | 177 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 14.88 | 13.08 | -1.80 | 160 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.10 | 13.10 | -2.00 | 143 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.33 | 13.14 | -2.19 | 126 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.53 | 13.17 | -2.35 | 109 | 0.00 | 0.00 | 0.00 | ||
| 2030 | 15.72 | 13.20 | -2.52 | 91 | 0.00 | 0.00 | 0.00 | ||
| 2031 | 15.91 | 13.23 | -2.67 | 74 | 0.00 | 0.00 | 0.00 | ||
| 2032 | 16.07 | 13.25 | -2.82 | 57 | 0.00 | 0.00 | 0.00 | ||
| 2033 | 16.20 | 13.26 | -2.95 | 39 | 0.00 | 0.00 | 0.00 | ||
| 2034 | 16.32 | 13.27 | -3.06 | 21 | 0.00 | 0.00 | 0.00 | ||
| 2035 | 16.42 | 16.69 | 0.27 | 3 | 0.00 | 3.41 | 3.41 | ||
| 2036 | 16.49 | 16.87 | 0.38 | 5 | -0.01 | 3.59 | 3.60 | ||
| 2037 | 16.57 | 16.88 | 0.31 | 7 | -0.01 | 3.59 | 3.60 | ||
| 2038 | 16.63 | 16.88 | 0.25 | 9 | -0.01 | 3.59 | 3.60 | ||
| 2039 | 16.67 | 16.89 | 0.21 | 11 | -0.01 | 3.59 | 3.61 | ||
| 2040 | 16.70 | 16.89 | 0.19 | 12 | -0.02 | 3.59 | 3.61 | ||
| 2041 | 16.72 | 16.89 | 0.18 | 13 | -0.02 | 3.59 | 3.62 | ||
| 2042 | 16.74 | 16.90 | 0.16 | 15 | -0.03 | 3.59 | 3.62 | ||
| 2043 | 16.74 | 16.90 | 0.15 | 16 | -0.04 | 3.59 | 3.63 | ||
| 2044 | 16.76 | 16.90 | 0.14 | 17 | -0.05 | 3.59 | 3.64 | ||
| 2045 | 16.77 | 16.90 | 0.13 | 18 | -0.06 | 3.59 | 3.65 | ||
| 2046 | 16.77 | 16.90 | 0.13 | 19 | -0.07 | 3.59 | 3.66 | ||
| 2047 | 16.79 | 16.90 | 0.12 | 20 | -0.08 | 3.59 | 3.67 | ||
| 2048 | 16.80 | 16.91 | 0.10 | 21 | -0.09 | 3.59 | 3.68 | ||
| 2049 | 16.82 | 16.91 | 0.09 | 22 | -0.09 | 3.59 | 3.69 | ||
| 2050 | 16.84 | 16.91 | 0.06 | 23 | -0.10 | 3.59 | 3.69 | ||
| 2051 | 16.87 | 16.91 | 0.04 | 24 | -0.11 | 3.59 | 3.70 | ||
| 2052 | 16.89 | 16.91 | 0.02 | 24 | -0.12 | 3.59 | 3.71 | ||
| 2053 | 16.92 | 16.92 | -0.01 | 24 | -0.13 | 3.59 | 3.72 | ||
| 2054 | 16.96 | 16.92 | -0.04 | 25 | -0.14 | 3.59 | 3.73 | ||
| 2055 | 17.00 | 16.92 | -0.08 | 25 | -0.15 | 3.59 | 3.73 | ||
| 2056 | 17.05 | 16.93 | -0.12 | 24 | -0.15 | 3.59 | 3.74 | ||
| 2057 | 17.10 | 16.93 | -0.17 | 24 | -0.16 | 3.59 | 3.75 | ||
| 2058 | 17.16 | 16.94 | -0.22 | 23 | -0.17 | 3.59 | 3.76 | ||
| 2059 | 17.21 | 16.94 | -0.27 | 22 | -0.17 | 3.59 | 3.76 | ||
| 2060 | 17.27 | 16.95 | -0.32 | 21 | -0.18 | 3.59 | 3.77 | ||
| 2061 | 17.33 | 16.95 | -0.37 | 19 | -0.19 | 3.59 | 3.77 | ||
| 2062 | 17.38 | 16.96 | -0.42 | 17 | -0.19 | 3.59 | 3.78 | ||
| 2063 | 17.43 | 16.96 | -0.47 | 15 | -0.20 | 3.59 | 3.78 | ||
| 2064 | 17.48 | 16.97 | -0.51 | 13 | -0.20 | 3.59 | 3.79 | ||
| 2065 | 17.53 | 20.31 | 2.79 | 10 | -0.21 | 6.93 | 7.14 | ||
| 2066 | 17.57 | 20.49 | 2.92 | 26 | -0.21 | 7.11 | 7.32 | ||
| 2067 | 17.62 | 20.50 | 2.88 | 42 | -0.22 | 7.11 | 7.32 | ||
| 2068 | 17.67 | 20.50 | 2.83 | 59 | -0.22 | 7.11 | 7.33 | ||
| 2069 | 17.72 | 20.50 | 2.79 | 75 | -0.23 | 7.11 | 7.33 | ||
| 2070 | 17.77 | 20.51 | 2.74 | 91 | -0.23 | 7.11 | 7.34 | ||
| 2071 | 17.82 | 20.51 | 2.70 | 107 | -0.24 | 7.11 | 7.35 | ||
| 2072 | 17.86 | 20.52 | 2.66 | 122 | -0.25 | 7.11 | 7.36 | ||
| 2073 | 17.90 | 20.52 | 2.62 | 138 | -0.26 | 7.11 | 7.37 | ||
| 2074 | 17.94 | 20.52 | 2.58 | 153 | -0.27 | 7.11 | 7.37 | ||
| 2075 | 17.97 | 20.53 | 2.55 | 168 | -0.28 | 7.11 | 7.38 | ||
| 2076 | 18.00 | 20.53 | 2.53 | 184 | -0.29 | 7.11 | 7.39 | ||
| 2077 | 18.01 | 20.53 | 2.52 | 199 | -0.30 | 7.11 | 7.40 | ||
| 2078 | 18.01 | 20.53 | 2.52 | 214 | -0.31 | 7.11 | 7.41 | ||
| 2079 | 18.00 | 20.53 | 2.53 | 230 | -0.32 | 7.11 | 7.42 | ||
| 2080 | 17.98 | 20.53 | 2.56 | 246 | -0.32 | 7.11 | 7.43 | ||
| 2081 | 17.94 | 20.53 | 2.59 | 262 | -0.33 | 7.11 | 7.44 | ||
| 2082 | 17.91 | 20.53 | 2.63 | 279 | -0.34 | 7.11 | 7.44 | ||
| 2083 | 17.86 | 20.53 | 2.67 | 297 | -0.35 | 7.11 | 7.45 | ||
| 2084 | 17.81 | 20.53 | 2.72 | 314 | -0.35 | 7.11 | 7.46 | ||
| 2085 | 17.75 | 20.52 | 2.78 | 333 | -0.36 | 7.11 | 7.46 | ||
| 2086 | 17.68 | 20.52 | 2.84 | 352 | -0.36 | 7.11 | 7.47 | ||
| 2087 | 17.61 | 20.52 | 2.90 | 371 | -0.37 | 7.11 | 7.47 | ||
| 2088 | 17.54 | 20.51 | 2.97 | 392 | -0.37 | 7.11 | 7.48 | ||
| 2089 | 17.47 | 20.51 | 3.03 | 413 | -0.38 | 7.11 | 7.48 | ||
| 2090 | 17.41 | 20.50 | 3.09 | 434 | -0.38 | 7.11 | 7.49 | ||
| 2091 | 17.36 | 20.50 | 3.14 | 456 | -0.39 | 7.11 | 7.49 | ||
| 2092 | 17.31 | 20.50 | 3.19 | 478 | -0.39 | 7.11 | 7.50 | ||
| 2093 | 17.28 | 20.50 | 3.22 | 500 | -0.39 | 7.11 | 7.50 | ||
| 2094 | 17.26 | 20.50 | 3.24 | 522 | -0.40 | 7.11 | 7.50 | ||
| 2095 | 17.24 | 20.50 | 3.25 | 545 | -0.40 | 7.11 | 7.51 | ||
| 2096 | 17.24 | 20.50 | 3.26 | 567 | -0.40 | 7.11 | 7.51 | ||
| 2097 | 17.24 | 20.50 | 3.25 | 590 | -0.41 | 7.11 | 7.51 | ||
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 | 17.04% | 17.92% | 0.87% | N/A | -0.16% | 4.14% | 4.30% | ||
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.