Detailed Single Year Tables
Description of Proposed Provision:
F5: Tax Reform for Business: Establish a value added tax (VAT) of 3.0 percent for 2023 and 6.5 percent for 2024 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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.46 | -1.97 | 214 | -0.00 | -0.46 | -0.45 | ||
| 2024 | 14.63 | 12.46 | -2.17 | 193 | -0.00 | -0.48 | -0.48 | ||
| 2025 | 14.85 | 12.48 | -2.37 | 172 | -0.00 | -0.48 | -0.47 | ||
| 2026 | 15.09 | 12.60 | -2.49 | 151 | -0.01 | -0.48 | -0.47 | ||
| 2027 | 15.34 | 12.62 | -2.72 | 130 | -0.02 | -0.48 | -0.45 | ||
| 2028 | 15.58 | 12.66 | -2.93 | 109 | -0.04 | -0.48 | -0.44 | ||
| 2029 | 15.82 | 12.69 | -3.13 | 88 | -0.06 | -0.48 | -0.42 | ||
| 2030 | 16.03 | 12.71 | -3.32 | 67 | -0.08 | -0.48 | -0.40 | ||
| 2031 | 16.18 | 12.72 | -3.45 | 46 | -0.11 | -0.48 | -0.38 | ||
| 2032 | 16.30 | 12.73 | -3.57 | 24 | -0.14 | -0.48 | -0.35 | ||
| 2033 | 16.39 | 12.74 | -3.65 | 3 | -0.17 | -0.49 | -0.32 | ||
| 2034 | 16.46 | 12.75 | -3.71 | ---- | -0.20 | -0.49 | -0.29 | ||
| 2035 | 16.51 | 12.76 | -3.75 | ---- | -0.23 | -0.49 | -0.26 | ||
| 2036 | 16.54 | 12.76 | -3.78 | ---- | -0.26 | -0.49 | -0.23 | ||
| 2037 | 16.58 | 12.77 | -3.81 | ---- | -0.28 | -0.49 | -0.21 | ||
| 2038 | 16.60 | 12.77 | -3.83 | ---- | -0.31 | -0.49 | -0.18 | ||
| 2039 | 16.61 | 12.77 | -3.84 | ---- | -0.34 | -0.49 | -0.16 | ||
| 2040 | 16.61 | 12.77 | -3.84 | ---- | -0.36 | -0.50 | -0.13 | ||
| 2041 | 16.63 | 12.78 | -3.85 | ---- | -0.39 | -0.50 | -0.11 | ||
| 2042 | 16.63 | 12.78 | -3.85 | ---- | -0.41 | -0.50 | -0.09 | ||
| 2043 | 16.61 | 12.78 | -3.83 | ---- | -0.43 | -0.50 | -0.07 | ||
| 2044 | 16.59 | 12.78 | -3.81 | ---- | -0.45 | -0.50 | -0.05 | ||
| 2045 | 16.57 | 12.78 | -3.80 | ---- | -0.47 | -0.50 | -0.03 | ||
| 2046 | 16.56 | 12.78 | -3.79 | ---- | -0.49 | -0.50 | -0.01 | ||
| 2047 | 16.56 | 12.78 | -3.79 | ---- | -0.51 | -0.50 | 0.01 | ||
| 2048 | 16.57 | 12.78 | -3.79 | ---- | -0.53 | -0.51 | 0.02 | ||
| 2049 | 16.57 | 12.78 | -3.79 | ---- | -0.55 | -0.51 | 0.04 | ||
| 2050 | 16.57 | 12.78 | -3.79 | ---- | -0.56 | -0.51 | 0.06 | ||
| 2051 | 16.58 | 12.78 | -3.80 | ---- | -0.58 | -0.51 | 0.07 | ||
| 2052 | 16.60 | 12.79 | -3.81 | ---- | -0.59 | -0.51 | 0.08 | ||
| 2053 | 16.61 | 12.79 | -3.83 | ---- | -0.61 | -0.51 | 0.10 | ||
| 2054 | 16.64 | 12.79 | -3.85 | ---- | -0.62 | -0.51 | 0.11 | ||
| 2055 | 16.67 | 12.79 | -3.87 | ---- | -0.63 | -0.51 | 0.12 | ||
| 2056 | 16.70 | 12.80 | -3.90 | ---- | -0.64 | -0.51 | 0.12 | ||
| 2057 | 16.74 | 12.80 | -3.94 | ---- | -0.64 | -0.51 | 0.13 | ||
| 2058 | 16.79 | 12.81 | -3.98 | ---- | -0.65 | -0.51 | 0.14 | ||
| 2059 | 16.83 | 12.81 | -4.02 | ---- | -0.66 | -0.51 | 0.14 | ||
| 2060 | 16.88 | 12.81 | -4.07 | ---- | -0.66 | -0.51 | 0.15 | ||
| 2061 | 16.93 | 12.82 | -4.12 | ---- | -0.67 | -0.51 | 0.15 | ||
| 2062 | 16.98 | 12.82 | -4.16 | ---- | -0.67 | -0.51 | 0.16 | ||
| 2063 | 17.03 | 12.83 | -4.20 | ---- | -0.67 | -0.51 | 0.16 | ||
| 2064 | 17.07 | 12.83 | -4.24 | ---- | -0.68 | -0.51 | 0.16 | ||
| 2065 | 17.12 | 12.83 | -4.29 | ---- | -0.68 | -0.51 | 0.17 | ||
| 2066 | 17.17 | 12.84 | -4.33 | ---- | -0.68 | -0.52 | 0.17 | ||
| 2067 | 17.22 | 12.84 | -4.38 | ---- | -0.69 | -0.52 | 0.17 | ||
| 2068 | 17.27 | 12.85 | -4.42 | ---- | -0.69 | -0.52 | 0.17 | ||
| 2069 | 17.32 | 12.85 | -4.47 | ---- | -0.69 | -0.52 | 0.18 | ||
| 2070 | 17.37 | 12.85 | -4.52 | ---- | -0.69 | -0.52 | 0.18 | ||
| 2071 | 17.43 | 12.86 | -4.57 | ---- | -0.70 | -0.52 | 0.18 | ||
| 2072 | 17.48 | 12.86 | -4.61 | ---- | -0.70 | -0.52 | 0.18 | ||
| 2073 | 17.52 | 12.87 | -4.66 | ---- | -0.70 | -0.52 | 0.18 | ||
| 2074 | 17.57 | 12.87 | -4.70 | ---- | -0.70 | -0.52 | 0.19 | ||
| 2075 | 17.61 | 12.87 | -4.74 | ---- | -0.71 | -0.52 | 0.19 | ||
| 2076 | 17.64 | 12.88 | -4.77 | ---- | -0.71 | -0.52 | 0.19 | ||
| 2077 | 17.66 | 12.88 | -4.78 | ---- | -0.71 | -0.52 | 0.19 | ||
| 2078 | 17.67 | 12.88 | -4.79 | ---- | -0.71 | -0.52 | 0.19 | ||
| 2079 | 17.66 | 12.88 | -4.78 | ---- | -0.71 | -0.52 | 0.19 | ||
| 2080 | 17.65 | 12.88 | -4.77 | ---- | -0.71 | -0.52 | 0.19 | ||
| 2081 | 17.62 | 12.88 | -4.74 | ---- | -0.71 | -0.52 | 0.19 | ||
| 2082 | 17.59 | 12.88 | -4.71 | ---- | -0.71 | -0.52 | 0.19 | ||
| 2083 | 17.55 | 12.87 | -4.67 | ---- | -0.70 | -0.52 | 0.19 | ||
| 2084 | 17.50 | 12.87 | -4.62 | ---- | -0.70 | -0.52 | 0.18 | ||
| 2085 | 17.44 | 12.87 | -4.57 | ---- | -0.70 | -0.52 | 0.18 | ||
| 2086 | 17.38 | 12.86 | -4.52 | ---- | -0.70 | -0.52 | 0.18 | ||
| 2087 | 17.31 | 12.86 | -4.45 | ---- | -0.69 | -0.52 | 0.18 | ||
| 2088 | 17.25 | 12.86 | -4.39 | ---- | -0.69 | -0.52 | 0.18 | ||
| 2089 | 17.18 | 12.85 | -4.33 | ---- | -0.69 | -0.52 | 0.17 | ||
| 2090 | 17.13 | 12.85 | -4.28 | ---- | -0.69 | -0.52 | 0.17 | ||
| 2091 | 17.08 | 12.85 | -4.24 | ---- | -0.69 | -0.52 | 0.17 | ||
| 2092 | 17.05 | 12.84 | -4.21 | ---- | -0.68 | -0.52 | 0.17 | ||
| 2093 | 17.03 | 12.84 | -4.19 | ---- | -0.68 | -0.52 | 0.17 | ||
| 2094 | 17.02 | 12.84 | -4.18 | ---- | -0.68 | -0.52 | 0.17 | ||
| 2095 | 17.02 | 12.84 | -4.18 | ---- | -0.68 | -0.52 | 0.17 | ||
| 2096 | 17.02 | 12.84 | -4.18 | ---- | -0.68 | -0.52 | 0.17 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 16.83% | 13.29% | -3.54% | 2033 | -0.48% | -0.49% | -0.01% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.