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 2026-2045, until the rate reaches 14.4 percent in 2045 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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.94 | -1.49 | 217 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.64 | 12.98 | -1.67 | 200 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.88 | 13.00 | -1.88 | 183 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.11 | 13.22 | -1.90 | 165 | 0.00 | 0.09 | 0.09 | ||
| 2027 | 15.35 | 13.34 | -2.01 | 148 | -0.00 | 0.19 | 0.19 | ||
| 2028 | 15.58 | 13.47 | -2.11 | 132 | -0.00 | 0.28 | 0.28 | ||
| 2029 | 15.83 | 13.61 | -2.23 | 115 | -0.00 | 0.38 | 0.38 | ||
| 2030 | 16.02 | 13.72 | -2.30 | 100 | -0.00 | 0.47 | 0.47 | ||
| 2031 | 16.19 | 13.83 | -2.36 | 84 | -0.00 | 0.57 | 0.57 | ||
| 2032 | 16.33 | 13.93 | -2.40 | 69 | -0.00 | 0.66 | 0.67 | ||
| 2033 | 16.45 | 14.04 | -2.41 | 55 | -0.00 | 0.76 | 0.76 | ||
| 2034 | 16.55 | 14.14 | -2.41 | 41 | -0.00 | 0.85 | 0.86 | ||
| 2035 | 16.62 | 14.24 | -2.38 | 27 | -0.00 | 0.95 | 0.95 | ||
| 2036 | 16.68 | 14.34 | -2.34 | 13 | -0.00 | 1.04 | 1.05 | ||
| 2037 | 16.73 | 14.44 | -2.29 | ---- | -0.00 | 1.14 | 1.14 | ||
| 2038 | 16.78 | 14.54 | -2.24 | ---- | -0.00 | 1.23 | 1.24 | ||
| 2039 | 16.81 | 14.64 | -2.17 | ---- | -0.00 | 1.33 | 1.33 | ||
| 2040 | 16.84 | 14.74 | -2.10 | ---- | -0.01 | 1.42 | 1.43 | ||
| 2041 | 16.85 | 14.84 | -2.02 | ---- | -0.01 | 1.52 | 1.52 | ||
| 2042 | 16.85 | 14.93 | -1.92 | ---- | -0.01 | 1.61 | 1.62 | ||
| 2043 | 16.84 | 15.03 | -1.82 | ---- | -0.01 | 1.71 | 1.71 | ||
| 2044 | 16.82 | 15.12 | -1.70 | ---- | -0.01 | 1.80 | 1.81 | ||
| 2045 | 16.81 | 15.21 | -1.59 | ---- | -0.01 | 1.89 | 1.90 | ||
| 2046 | 16.79 | 15.22 | -1.57 | ---- | -0.01 | 1.90 | 1.91 | ||
| 2047 | 16.78 | 15.22 | -1.56 | ---- | -0.01 | 1.90 | 1.91 | ||
| 2048 | 16.78 | 15.22 | -1.56 | ---- | -0.01 | 1.90 | 1.91 | ||
| 2049 | 16.77 | 15.22 | -1.55 | ---- | -0.01 | 1.90 | 1.91 | ||
| 2050 | 16.77 | 15.22 | -1.55 | ---- | -0.02 | 1.90 | 1.91 | ||
| 2051 | 16.78 | 15.22 | -1.55 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2052 | 16.79 | 15.23 | -1.57 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2053 | 16.81 | 15.23 | -1.58 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2054 | 16.84 | 15.23 | -1.61 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2055 | 16.87 | 15.23 | -1.64 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2056 | 16.91 | 15.24 | -1.67 | ---- | -0.02 | 1.90 | 1.92 | ||
| 2057 | 16.95 | 15.24 | -1.71 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2058 | 17.00 | 15.25 | -1.75 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2059 | 17.06 | 15.25 | -1.80 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2060 | 17.11 | 15.26 | -1.86 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2061 | 17.17 | 15.26 | -1.91 | ---- | -0.03 | 1.90 | 1.93 | ||
| 2062 | 17.23 | 15.27 | -1.96 | ---- | -0.03 | 1.90 | 1.94 | ||
| 2063 | 17.29 | 15.27 | -2.02 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2064 | 17.35 | 15.28 | -2.08 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2065 | 17.42 | 15.28 | -2.13 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2066 | 17.48 | 15.29 | -2.19 | ---- | -0.04 | 1.90 | 1.94 | ||
| 2067 | 17.55 | 15.29 | -2.26 | ---- | -0.04 | 1.90 | 1.95 | ||
| 2068 | 17.62 | 15.30 | -2.32 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2069 | 17.69 | 15.30 | -2.38 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2070 | 17.76 | 15.31 | -2.45 | ---- | -0.05 | 1.90 | 1.95 | ||
| 2071 | 17.82 | 15.31 | -2.50 | ---- | -0.05 | 1.90 | 1.96 | ||
| 2072 | 17.88 | 15.32 | -2.56 | ---- | -0.05 | 1.90 | 1.96 | ||
| 2073 | 17.93 | 15.32 | -2.61 | ---- | -0.05 | 1.91 | 1.96 | ||
| 2074 | 17.98 | 15.33 | -2.65 | ---- | -0.06 | 1.91 | 1.96 | ||
| 2075 | 18.02 | 15.33 | -2.69 | ---- | -0.06 | 1.91 | 1.96 | ||
| 2076 | 18.06 | 15.34 | -2.72 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2077 | 18.08 | 15.34 | -2.74 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2078 | 18.09 | 15.34 | -2.75 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2079 | 18.09 | 15.34 | -2.75 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2080 | 18.07 | 15.34 | -2.73 | ---- | -0.06 | 1.91 | 1.97 | ||
| 2081 | 18.05 | 15.34 | -2.71 | ---- | -0.07 | 1.91 | 1.97 | ||
| 2082 | 18.03 | 15.34 | -2.69 | ---- | -0.07 | 1.91 | 1.97 | ||
| 2083 | 18.00 | 15.34 | -2.66 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2084 | 17.97 | 15.34 | -2.63 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2085 | 17.93 | 15.34 | -2.59 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2086 | 17.89 | 15.33 | -2.56 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2087 | 17.85 | 15.33 | -2.52 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2088 | 17.83 | 15.33 | -2.49 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2089 | 17.81 | 15.33 | -2.48 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2090 | 17.80 | 15.33 | -2.47 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2091 | 17.80 | 15.33 | -2.47 | ---- | -0.07 | 1.91 | 1.98 | ||
| 2092 | 17.81 | 15.33 | -2.48 | ---- | -0.07 | 1.91 | 1.99 | ||
| 2093 | 17.83 | 15.33 | -2.50 | ---- | -0.07 | 1.91 | 1.99 | ||
| 2094 | 17.87 | 15.34 | -2.53 | ---- | -0.07 | 1.91 | 1.99 | ||
| 2095 | 17.90 | 15.34 | -2.56 | ---- | -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 |
||
| 2020-2094 | 17.03% | 15.29% | -1.74% | 2036 | -0.03% | 1.45% | 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 2020 Trustees Report.