Description of Proposed Provision:
E1.2: Increase the payroll tax rate (currently 12.4 percent) to 15.5 percent in 2031-2060, and to 18.6 percent in years 2061 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
201813.8112.64-1.17
288
0.000.000.00
201913.9512.87-1.08
272
0.000.000.00
202014.1212.89-1.23
256
0.000.000.00
202114.2712.92-1.35
239
0.000.000.00
202214.4412.95-1.49
223
0.000.000.00
202314.6212.97-1.66
206
0.000.000.00
202414.8012.99-1.81
188
0.000.000.00
202514.9813.01-1.98
171
0.000.000.00
202615.1613.13-2.02
154
0.000.000.00
202715.3613.15-2.21
137
0.000.000.00
202815.5813.17-2.41
120
0.000.000.00
202915.7913.19-2.60
104
0.000.000.00
203015.9813.20-2.78
86
0.000.000.00
203116.1615.95-0.21
69
0.002.742.74
203216.3116.14-0.17
68
-0.002.922.92
203316.4516.15-0.29
67
-0.012.922.92
203416.5616.16-0.40
66
-0.012.922.92
203516.6416.17-0.47
64
-0.012.922.92
203616.7216.18-0.54
62
-0.012.922.92
203716.7816.18-0.59
59
-0.012.922.93
203816.8116.19-0.62
56
-0.012.922.93
203916.8216.19-0.63
53
-0.012.922.93
204016.8216.19-0.63
50
-0.012.922.93
204116.8016.19-0.60
47
-0.012.922.93
204216.7616.19-0.57
45
-0.012.922.93
204316.7216.19-0.53
42
-0.022.922.94
204416.6816.19-0.49
39
-0.022.922.94
204516.6416.19-0.45
37
-0.022.922.94
204616.6116.19-0.42
35
-0.022.922.94
204716.5816.19-0.39
33
-0.022.922.94
204816.5516.19-0.36
31
-0.022.922.95
204916.5316.19-0.34
30
-0.032.922.95
205016.5116.19-0.32
28
-0.032.922.95
205116.5016.19-0.31
27
-0.032.922.95
205216.5016.19-0.31
25
-0.032.922.96
205316.5116.20-0.31
24
-0.042.922.96
205416.5216.20-0.32
22
-0.042.922.96
205516.5516.20-0.35
20
-0.042.932.97
205616.5816.20-0.37
19
-0.042.932.97
205716.6216.21-0.41
17
-0.052.932.97
205816.6616.21-0.45
15
-0.052.932.98
205916.7116.22-0.49
12
-0.052.932.98
206016.7516.22-0.53
10
-0.062.932.98
206116.8018.902.10
7
-0.065.605.65
206216.8519.072.23
19
-0.065.775.84
206316.8919.082.19
32
-0.075.775.84
206416.9419.092.14
46
-0.075.775.85
206516.9919.092.10
58
-0.085.785.85
206617.0519.102.05
71
-0.085.785.86
206717.1019.102.00
84
-0.085.785.86
206817.1619.111.95
96
-0.095.785.87
206917.2119.111.90
108
-0.095.785.87
207017.2719.121.85
120
-0.095.785.88
207117.3219.121.80
132
-0.105.795.88
207217.3719.131.76
143
-0.105.795.89
207317.4119.131.73
154
-0.115.795.89
207417.4419.141.70
166
-0.115.795.90
207517.4719.141.67
177
-0.115.795.90
207617.4919.151.65
188
-0.125.795.91
207717.5019.151.65
199
-0.125.805.92
207817.5019.151.65
211
-0.125.805.92
207917.4919.161.66
223
-0.135.805.93
208017.4819.161.68
235
-0.135.805.93
208117.4619.161.70
247
-0.135.805.94
208217.4419.161.72
260
-0.145.815.94
208317.4219.161.74
273
-0.145.815.95
208417.4019.161.76
286
-0.145.815.95
208517.3919.161.78
299
-0.145.815.96
208617.3819.161.78
313
-0.155.815.96
208717.3819.171.78
326
-0.155.825.96
208817.3919.171.78
340
-0.155.825.97
208917.4119.171.76
354
-0.165.825.97
209017.4419.181.74
367
-0.165.825.98
209117.4719.181.71
380
-0.165.825.98
209217.5119.191.67
393
-0.165.835.99
209317.5619.191.63
406
-0.175.835.99


Summarized Estimates

  Proposal   Change from Current Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
2018-2092 16.64% 17.13% 0.49%
N/A
-0.05% 3.28% 3.33%

1 Under current law, the year of Trust Fund reserve depletion is 2034.
Based on Intermediate Assumptions of the 2018 Trustees Report.