Detailed Single Year Tables
Description of Proposed Provision:
E1.2: Increase the payroll tax rate (currently 12.4 percent) to 15.9 percent in 2033-2062, and to 19.4 percent in years 2063 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 | 13.12 | -1.99 | 165 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.35 | 13.15 | -2.20 | 148 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.58 | 13.19 | -2.39 | 130 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.83 | 13.23 | -2.61 | 112 | 0.00 | 0.00 | 0.00 | ||
| 2030 | 16.02 | 13.24 | -2.78 | 94 | 0.00 | 0.00 | 0.00 | ||
| 2031 | 16.19 | 13.26 | -2.93 | 76 | 0.00 | 0.00 | 0.00 | ||
| 2032 | 16.33 | 13.27 | -3.07 | 58 | 0.00 | 0.00 | 0.00 | ||
| 2033 | 16.45 | 16.46 | 0.01 | 39 | 0.00 | 3.18 | 3.18 | ||
| 2034 | 16.55 | 16.58 | 0.03 | 39 | -0.01 | 3.29 | 3.29 | ||
| 2035 | 16.62 | 16.58 | -0.04 | 40 | -0.01 | 3.29 | 3.30 | ||
| 2036 | 16.68 | 16.59 | -0.09 | 40 | -0.01 | 3.29 | 3.30 | ||
| 2037 | 16.73 | 16.60 | -0.13 | 40 | -0.01 | 3.29 | 3.30 | ||
| 2038 | 16.78 | 16.60 | -0.18 | 39 | -0.01 | 3.29 | 3.30 | ||
| 2039 | 16.81 | 16.61 | -0.20 | 39 | -0.01 | 3.29 | 3.30 | ||
| 2040 | 16.84 | 16.61 | -0.23 | 38 | -0.01 | 3.29 | 3.30 | ||
| 2041 | 16.85 | 16.61 | -0.24 | 37 | -0.01 | 3.29 | 3.30 | ||
| 2042 | 16.85 | 16.61 | -0.23 | 36 | -0.01 | 3.29 | 3.31 | ||
| 2043 | 16.83 | 16.61 | -0.22 | 35 | -0.01 | 3.29 | 3.31 | ||
| 2044 | 16.82 | 16.61 | -0.20 | 34 | -0.02 | 3.29 | 3.31 | ||
| 2045 | 16.80 | 16.61 | -0.19 | 33 | -0.02 | 3.29 | 3.31 | ||
| 2046 | 16.78 | 16.61 | -0.17 | 33 | -0.02 | 3.30 | 3.31 | ||
| 2047 | 16.77 | 16.62 | -0.15 | 32 | -0.02 | 3.30 | 3.32 | ||
| 2048 | 16.76 | 16.62 | -0.15 | 32 | -0.02 | 3.30 | 3.32 | ||
| 2049 | 16.76 | 16.62 | -0.14 | 31 | -0.03 | 3.30 | 3.32 | ||
| 2050 | 16.76 | 16.62 | -0.14 | 31 | -0.03 | 3.30 | 3.33 | ||
| 2051 | 16.76 | 16.62 | -0.14 | 30 | -0.03 | 3.30 | 3.33 | ||
| 2052 | 16.77 | 16.62 | -0.15 | 30 | -0.03 | 3.30 | 3.33 | ||
| 2053 | 16.79 | 16.63 | -0.17 | 29 | -0.04 | 3.30 | 3.34 | ||
| 2054 | 16.82 | 16.63 | -0.19 | 28 | -0.04 | 3.30 | 3.34 | ||
| 2055 | 16.85 | 16.63 | -0.22 | 28 | -0.04 | 3.30 | 3.34 | ||
| 2056 | 16.89 | 16.64 | -0.25 | 27 | -0.05 | 3.30 | 3.35 | ||
| 2057 | 16.93 | 16.64 | -0.29 | 25 | -0.05 | 3.30 | 3.35 | ||
| 2058 | 16.98 | 16.65 | -0.33 | 24 | -0.05 | 3.30 | 3.35 | ||
| 2059 | 17.03 | 16.65 | -0.38 | 22 | -0.05 | 3.30 | 3.36 | ||
| 2060 | 17.09 | 16.66 | -0.43 | 20 | -0.06 | 3.30 | 3.36 | ||
| 2061 | 17.14 | 16.66 | -0.48 | 18 | -0.06 | 3.30 | 3.36 | ||
| 2062 | 17.20 | 16.67 | -0.53 | 16 | -0.06 | 3.30 | 3.37 | ||
| 2063 | 17.26 | 19.77 | 2.51 | 13 | -0.07 | 6.40 | 6.46 | ||
| 2064 | 17.32 | 19.88 | 2.56 | 27 | -0.07 | 6.50 | 6.57 | ||
| 2065 | 17.38 | 19.88 | 2.50 | 42 | -0.08 | 6.50 | 6.58 | ||
| 2066 | 17.44 | 19.89 | 2.45 | 56 | -0.08 | 6.50 | 6.59 | ||
| 2067 | 17.51 | 19.89 | 2.39 | 71 | -0.09 | 6.50 | 6.59 | ||
| 2068 | 17.57 | 19.90 | 2.33 | 84 | -0.09 | 6.51 | 6.60 | ||
| 2069 | 17.64 | 19.91 | 2.27 | 98 | -0.10 | 6.51 | 6.60 | ||
| 2070 | 17.70 | 19.91 | 2.21 | 111 | -0.10 | 6.51 | 6.61 | ||
| 2071 | 17.77 | 19.92 | 2.16 | 124 | -0.10 | 6.51 | 6.62 | ||
| 2072 | 17.82 | 19.93 | 2.11 | 137 | -0.11 | 6.51 | 6.62 | ||
| 2073 | 17.87 | 19.93 | 2.06 | 149 | -0.11 | 6.51 | 6.63 | ||
| 2074 | 17.92 | 19.94 | 2.02 | 162 | -0.12 | 6.52 | 6.63 | ||
| 2075 | 17.96 | 19.94 | 1.99 | 174 | -0.12 | 6.52 | 6.64 | ||
| 2076 | 17.99 | 19.95 | 1.96 | 186 | -0.13 | 6.52 | 6.65 | ||
| 2077 | 18.01 | 19.95 | 1.95 | 198 | -0.13 | 6.52 | 6.65 | ||
| 2078 | 18.02 | 19.96 | 1.94 | 210 | -0.14 | 6.52 | 6.66 | ||
| 2079 | 18.01 | 19.96 | 1.95 | 223 | -0.14 | 6.53 | 6.66 | ||
| 2080 | 17.99 | 19.96 | 1.97 | 235 | -0.14 | 6.53 | 6.67 | ||
| 2081 | 17.97 | 19.96 | 1.99 | 248 | -0.15 | 6.53 | 6.68 | ||
| 2082 | 17.94 | 19.96 | 2.02 | 262 | -0.15 | 6.53 | 6.68 | ||
| 2083 | 17.91 | 19.96 | 2.05 | 275 | -0.15 | 6.53 | 6.69 | ||
| 2084 | 17.88 | 19.96 | 2.09 | 290 | -0.16 | 6.54 | 6.69 | ||
| 2085 | 17.84 | 19.96 | 2.13 | 304 | -0.16 | 6.54 | 6.70 | ||
| 2086 | 17.80 | 19.96 | 2.17 | 319 | -0.16 | 6.54 | 6.70 | ||
| 2087 | 17.76 | 19.96 | 2.21 | 334 | -0.17 | 6.54 | 6.71 | ||
| 2088 | 17.73 | 19.96 | 2.24 | 349 | -0.17 | 6.54 | 6.71 | ||
| 2089 | 17.70 | 19.97 | 2.26 | 365 | -0.17 | 6.55 | 6.72 | ||
| 2090 | 17.69 | 19.97 | 2.28 | 381 | -0.18 | 6.55 | 6.72 | ||
| 2091 | 17.69 | 19.97 | 2.28 | 397 | -0.18 | 6.55 | 6.73 | ||
| 2092 | 17.70 | 19.97 | 2.27 | 412 | -0.18 | 6.55 | 6.74 | ||
| 2093 | 17.72 | 19.98 | 2.26 | 428 | -0.18 | 6.56 | 6.74 | ||
| 2094 | 17.75 | 19.98 | 2.23 | 443 | -0.19 | 6.56 | 6.75 | ||
| 2095 | 17.78 | 19.99 | 2.20 | 458 | -0.19 | 6.56 | 6.75 | ||
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 | 17.00% | 17.65% | 0.65% | N/A | -0.06% | 3.80% | 3.86% | ||
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.