Detailed Single Year Tables
Description of Proposed Provision:
E1.4: Increase the payroll tax rate (currently 12.4 percent) by 0.1 percentage point each year from 2025-2044, until the rate reaches 14.4 percent in 2044 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 |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.09 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.23 | 12.92 | -1.31 | 229 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.40 | 12.94 | -1.46 | 213 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.59 | 12.97 | -1.62 | 197 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.79 | 13.08 | -1.71 | 180 | 0.00 | 0.09 | 0.09 | ||
| 2026 | 14.99 | 13.30 | -1.69 | 164 | -0.00 | 0.19 | 0.19 | ||
| 2027 | 15.19 | 13.41 | -1.78 | 149 | -0.00 | 0.28 | 0.28 | ||
| 2028 | 15.43 | 13.55 | -1.88 | 134 | -0.00 | 0.38 | 0.38 | ||
| 2029 | 15.62 | 13.66 | -1.96 | 120 | -0.00 | 0.47 | 0.47 | ||
| 2030 | 15.80 | 13.77 | -2.03 | 106 | -0.00 | 0.57 | 0.57 | ||
| 2031 | 15.96 | 13.88 | -2.09 | 92 | -0.00 | 0.66 | 0.66 | ||
| 2032 | 16.11 | 13.99 | -2.12 | 79 | -0.00 | 0.76 | 0.76 | ||
| 2033 | 16.23 | 14.09 | -2.14 | 66 | -0.00 | 0.85 | 0.86 | ||
| 2034 | 16.32 | 14.19 | -2.13 | 54 | -0.00 | 0.95 | 0.95 | ||
| 2035 | 16.40 | 14.29 | -2.10 | 42 | -0.00 | 1.04 | 1.05 | ||
| 2036 | 16.46 | 14.39 | -2.06 | 29 | -0.00 | 1.14 | 1.14 | ||
| 2037 | 16.51 | 14.49 | -2.02 | 17 | -0.00 | 1.23 | 1.24 | ||
| 2038 | 16.56 | 14.59 | -1.97 | 6 | -0.00 | 1.33 | 1.33 | ||
| 2039 | 16.60 | 14.69 | -1.91 | ---- | -0.01 | 1.42 | 1.43 | ||
| 2040 | 16.61 | 14.79 | -1.82 | ---- | -0.01 | 1.52 | 1.52 | ||
| 2041 | 16.60 | 14.88 | -1.72 | ---- | -0.01 | 1.61 | 1.62 | ||
| 2042 | 16.58 | 14.98 | -1.60 | ---- | -0.01 | 1.70 | 1.71 | ||
| 2043 | 16.55 | 15.07 | -1.48 | ---- | -0.01 | 1.80 | 1.81 | ||
| 2044 | 16.51 | 15.16 | -1.35 | ---- | -0.01 | 1.89 | 1.90 | ||
| 2045 | 16.48 | 15.17 | -1.31 | ---- | -0.01 | 1.90 | 1.91 | ||
| 2046 | 16.44 | 15.17 | -1.27 | ---- | -0.01 | 1.90 | 1.91 | ||
| 2047 | 16.41 | 15.17 | -1.25 | ---- | -0.01 | 1.90 | 1.91 | ||
| 2048 | 16.39 | 15.17 | -1.22 | ---- | -0.01 | 1.90 | 1.91 | ||
| 2049 | 16.37 | 15.17 | -1.20 | ---- | -0.01 | 1.90 | 1.91 | ||
| 2050 | 16.35 | 15.17 | -1.18 | ---- | -0.02 | 1.90 | 1.91 | ||
| 2051 | 16.34 | 15.17 | -1.18 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2052 | 16.35 | 15.17 | -1.18 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2053 | 16.35 | 15.17 | -1.18 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2054 | 16.36 | 15.17 | -1.19 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2055 | 16.39 | 15.18 | -1.21 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2056 | 16.42 | 15.18 | -1.24 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2057 | 16.45 | 15.18 | -1.27 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2058 | 16.50 | 15.19 | -1.31 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2059 | 16.55 | 15.19 | -1.35 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2060 | 16.60 | 15.20 | -1.40 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2061 | 16.65 | 15.20 | -1.44 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2062 | 16.70 | 15.21 | -1.49 | ---- | -0.03 | 1.90 | 1.94 | ||
| 2063 | 16.75 | 15.21 | -1.54 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2064 | 16.80 | 15.21 | -1.59 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2065 | 16.86 | 15.22 | -1.64 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2066 | 16.91 | 15.22 | -1.69 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2067 | 16.97 | 15.23 | -1.74 | ---- | -0.04 | 1.90 | 1.95 | ||
| 2068 | 17.03 | 15.23 | -1.80 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2069 | 17.09 | 15.24 | -1.85 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2070 | 17.15 | 15.24 | -1.90 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2071 | 17.20 | 15.25 | -1.95 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2072 | 17.25 | 15.25 | -2.00 | ---- | -0.05 | 1.90 | 1.96 | ||
| 2073 | 17.29 | 15.25 | -2.04 | ---- | -0.05 | 1.90 | 1.96 | ||
| 2074 | 17.34 | 15.26 | -2.08 | ---- | -0.06 | 1.91 | 1.96 | ||
| 2075 | 17.37 | 15.26 | -2.11 | ---- | -0.06 | 1.91 | 1.96 | ||
| 2076 | 17.40 | 15.26 | -2.14 | ---- | -0.06 | 1.91 | 1.96 | ||
| 2077 | 17.42 | 15.27 | -2.15 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2078 | 17.42 | 15.27 | -2.15 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2079 | 17.42 | 15.27 | -2.15 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2080 | 17.40 | 15.27 | -2.13 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2081 | 17.38 | 15.27 | -2.11 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2082 | 17.36 | 15.27 | -2.09 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2083 | 17.34 | 15.27 | -2.07 | ---- | -0.07 | 1.91 | 1.97 | ||
| 2084 | 17.31 | 15.27 | -2.05 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2085 | 17.29 | 15.26 | -2.02 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2086 | 17.27 | 15.26 | -2.01 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2087 | 17.26 | 15.26 | -2.00 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2088 | 17.26 | 15.26 | -1.99 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2089 | 17.27 | 15.26 | -2.00 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2090 | 17.29 | 15.27 | -2.02 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2091 | 17.32 | 15.27 | -2.05 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2092 | 17.36 | 15.27 | -2.09 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2093 | 17.40 | 15.28 | -2.13 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2094 | 17.45 | 15.28 | -2.17 | ---- | -0.07 | 1.92 | 1.99 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2019-2093 | 16.57% | 15.25% | -1.32% | 2038 | -0.03% | 1.44% | 1.47% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2019 Trustees Report.