Detailed Single Year Tables
Description of Proposed Provision:
F5: Tax Reform for Business: Establish a value added tax (VAT) of 3.0 percent for 2021 and 6.5 percent for 2022 and later. Assume about 75% of personal consumption expenditures is subject to the VAT.
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 | 14.08 | 12.44 | -1.64 | 245 | -0.00 | -0.45 | -0.45 | ||
| 2022 | 14.23 | 12.45 | -1.78 | 226 | -0.00 | -0.47 | -0.47 | ||
| 2023 | 14.39 | 12.46 | -1.93 | 207 | -0.00 | -0.47 | -0.47 | ||
| 2024 | 14.57 | 12.49 | -2.08 | 188 | -0.01 | -0.47 | -0.46 | ||
| 2025 | 14.76 | 12.51 | -2.25 | 169 | -0.03 | -0.47 | -0.45 | ||
| 2026 | 14.95 | 12.64 | -2.31 | 149 | -0.04 | -0.48 | -0.43 | ||
| 2027 | 15.13 | 12.66 | -2.48 | 131 | -0.06 | -0.48 | -0.42 | ||
| 2028 | 15.35 | 12.70 | -2.65 | 112 | -0.08 | -0.48 | -0.40 | ||
| 2029 | 15.52 | 12.71 | -2.80 | 93 | -0.11 | -0.48 | -0.37 | ||
| 2030 | 15.67 | 12.72 | -2.94 | 75 | -0.14 | -0.48 | -0.34 | ||
| 2031 | 15.80 | 12.73 | -3.06 | 56 | -0.17 | -0.48 | -0.31 | ||
| 2032 | 15.91 | 12.74 | -3.16 | 37 | -0.20 | -0.48 | -0.28 | ||
| 2033 | 16.00 | 12.75 | -3.25 | 18 | -0.23 | -0.49 | -0.25 | ||
| 2034 | 16.07 | 12.76 | -3.31 | ---- | -0.26 | -0.49 | -0.23 | ||
| 2035 | 16.11 | 12.76 | -3.35 | ---- | -0.29 | -0.49 | -0.20 | ||
| 2036 | 16.15 | 12.77 | -3.38 | ---- | -0.31 | -0.49 | -0.18 | ||
| 2037 | 16.18 | 12.77 | -3.41 | ---- | -0.34 | -0.49 | -0.15 | ||
| 2038 | 16.20 | 12.77 | -3.43 | ---- | -0.36 | -0.49 | -0.13 | ||
| 2039 | 16.22 | 12.78 | -3.44 | ---- | -0.39 | -0.49 | -0.11 | ||
| 2040 | 16.21 | 12.78 | -3.43 | ---- | -0.41 | -0.50 | -0.09 | ||
| 2041 | 16.18 | 12.78 | -3.40 | ---- | -0.43 | -0.50 | -0.07 | ||
| 2042 | 16.14 | 12.78 | -3.37 | ---- | -0.45 | -0.50 | -0.05 | ||
| 2043 | 16.09 | 12.77 | -3.32 | ---- | -0.46 | -0.50 | -0.03 | ||
| 2044 | 16.04 | 12.77 | -3.27 | ---- | -0.48 | -0.50 | -0.02 | ||
| 2045 | 15.99 | 12.77 | -3.22 | ---- | -0.50 | -0.50 | -0.00 | ||
| 2046 | 15.94 | 12.77 | -3.17 | ---- | -0.51 | -0.50 | 0.01 | ||
| 2047 | 15.90 | 12.77 | -3.13 | ---- | -0.53 | -0.50 | 0.02 | ||
| 2048 | 15.86 | 12.77 | -3.10 | ---- | -0.54 | -0.50 | 0.04 | ||
| 2049 | 15.83 | 12.77 | -3.07 | ---- | -0.55 | -0.50 | 0.05 | ||
| 2050 | 15.80 | 12.77 | -3.04 | ---- | -0.56 | -0.50 | 0.06 | ||
| 2051 | 15.79 | 12.77 | -3.02 | ---- | -0.57 | -0.51 | 0.07 | ||
| 2052 | 15.78 | 12.77 | -3.02 | ---- | -0.58 | -0.51 | 0.08 | ||
| 2053 | 15.78 | 12.77 | -3.01 | ---- | -0.59 | -0.51 | 0.08 | ||
| 2054 | 15.79 | 12.77 | -3.02 | ---- | -0.60 | -0.51 | 0.09 | ||
| 2055 | 15.81 | 12.77 | -3.03 | ---- | -0.60 | -0.51 | 0.10 | ||
| 2056 | 15.83 | 12.77 | -3.06 | ---- | -0.61 | -0.51 | 0.10 | ||
| 2057 | 15.87 | 12.78 | -3.09 | ---- | -0.62 | -0.51 | 0.11 | ||
| 2058 | 15.91 | 12.78 | -3.13 | ---- | -0.62 | -0.51 | 0.11 | ||
| 2059 | 15.95 | 12.78 | -3.17 | ---- | -0.62 | -0.51 | 0.12 | ||
| 2060 | 16.00 | 12.79 | -3.21 | ---- | -0.63 | -0.51 | 0.12 | ||
| 2061 | 16.05 | 12.79 | -3.26 | ---- | -0.63 | -0.51 | 0.12 | ||
| 2062 | 16.10 | 12.80 | -3.30 | ---- | -0.63 | -0.51 | 0.13 | ||
| 2063 | 16.15 | 12.80 | -3.35 | ---- | -0.64 | -0.51 | 0.13 | ||
| 2064 | 16.20 | 12.80 | -3.40 | ---- | -0.64 | -0.51 | 0.13 | ||
| 2065 | 16.25 | 12.81 | -3.45 | ---- | -0.64 | -0.51 | 0.13 | ||
| 2066 | 16.31 | 12.81 | -3.50 | ---- | -0.65 | -0.51 | 0.14 | ||
| 2067 | 16.37 | 12.82 | -3.55 | ---- | -0.65 | -0.51 | 0.14 | ||
| 2068 | 16.42 | 12.82 | -3.60 | ---- | -0.65 | -0.51 | 0.14 | ||
| 2069 | 16.48 | 12.82 | -3.66 | ---- | -0.65 | -0.51 | 0.14 | ||
| 2070 | 16.54 | 12.83 | -3.71 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2071 | 16.59 | 12.83 | -3.76 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2072 | 16.64 | 12.83 | -3.81 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2073 | 16.69 | 12.84 | -3.85 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2074 | 16.73 | 12.84 | -3.89 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2075 | 16.76 | 12.84 | -3.92 | ---- | -0.67 | -0.51 | 0.15 | ||
| 2076 | 16.79 | 12.85 | -3.94 | ---- | -0.67 | -0.51 | 0.16 | ||
| 2077 | 16.81 | 12.85 | -3.96 | ---- | -0.67 | -0.51 | 0.16 | ||
| 2078 | 16.81 | 12.85 | -3.97 | ---- | -0.67 | -0.51 | 0.16 | ||
| 2079 | 16.81 | 12.85 | -3.96 | ---- | -0.67 | -0.51 | 0.16 | ||
| 2080 | 16.80 | 12.85 | -3.95 | ---- | -0.67 | -0.51 | 0.16 | ||
| 2081 | 16.78 | 12.85 | -3.93 | ---- | -0.67 | -0.51 | 0.16 | ||
| 2082 | 16.76 | 12.85 | -3.91 | ---- | -0.67 | -0.51 | 0.15 | ||
| 2083 | 16.74 | 12.85 | -3.89 | ---- | -0.67 | -0.51 | 0.15 | ||
| 2084 | 16.71 | 12.84 | -3.87 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2085 | 16.69 | 12.84 | -3.85 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2086 | 16.67 | 12.84 | -3.83 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2087 | 16.66 | 12.84 | -3.82 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2088 | 16.66 | 12.84 | -3.82 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2089 | 16.67 | 12.84 | -3.83 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2090 | 16.69 | 12.84 | -3.85 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2091 | 16.72 | 12.84 | -3.88 | ---- | -0.67 | -0.51 | 0.15 | ||
| 2092 | 16.76 | 12.85 | -3.91 | ---- | -0.67 | -0.51 | 0.16 | ||
| 2093 | 16.81 | 12.85 | -3.96 | ---- | -0.67 | -0.51 | 0.16 | ||
| 2094 | 16.85 | 12.85 | -4.00 | ---- | -0.67 | -0.51 | 0.16 | ||
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 | 16.14% | 13.33% | -2.81% | 2033 | -0.46% | -0.49% | -0.02% | ||
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.